Competition, Growth Strategies, and the Globalization of Services: Real Estate Advisory Services in Japan, Europe, and the United States

Competition, Growth Strategies, and the Globalization of Services: Real Estate Advisory Services in Japan, Europe, and the United States

Competition, Growth Strategies, and the Globalization of Services: Real Estate Advisory Services in Japan, Europe, and the United States

Competition, Growth Strategies, and the Globalization of Services: Real Estate Advisory Services in Japan, Europe, and the United States

Synopsis

This book examines the international growth and diversification of real estate advisory services in the US. the UK. Germany and Japan since 1960, looking at successful strategies.

Excerpt

Dr Ian MacMillan

Terrence LaPier’s book is based on a carefully assembled and painstakingly detailed analysis of the globalization of real estate advisory service firms that spans both decades and continents. Thus no serious real estate professional who is concerned with international real estate business can afford to ignore this monumental and unique undertaking.

The fundamental insight that is the foundation for the book is the observation that, despite the globalization of this industry, real estate is ultimately a localized industry requiring expert knowledge of local property and investment markets, and that the firms’ ultimate success in each competitive market depended on the combination of their local expertise, reputation and professional relationships. The dilemma for firms engaged in globalization is that the unit of real estate is illiquid and has unique properties largely dependent on local economic and property market conditions. Thus localization of the real estate advisory services was a necessary, but not sufficient condition for global success—there arose a need for a multinational organizational structure in response to the growth of international real estate service needs, primarily driven by the demands of clients who were multinational corporations making substantial cross-border direct investments in real estate as their multinational expansion took on global characteristics.

Thus LaPier shows us how globalization of real estate advisory services flowed from two major macro processes: first, from the development and opening of formerly national real estate markets and second, the subsequent pattern by which firm development marched to the cadence of cross border direct investment. The opening of national markets was accompanied by, and also pressured by, migration of real estate investments, investors and professional advisors, which then drove an expanding demand for advisory service products. Thus expanding rates of cross-border investment by and among global investors in globalizing financial markets (led by investments from corporations, financial institutions, securities and investment banks, pension and insurance funds) paved the way for real

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