Academic journal article The Journal of Real Estate Research

Lessons from the Past and Future Directions for Corporate Real Estate Research

Academic journal article The Journal of Real Estate Research

Lessons from the Past and Future Directions for Corporate Real Estate Research

Article excerpt

Abstract

This study seeks to answer several questions about corporate real estate research. The first, Where should corporate real estate research be focused in the future? is addressed by a proposed alternative corporate real estate research framework that differs from what has been followed in the past. A second question that follows from the first is then addressed: Given such an alternative research framework, what types of corporate real estate issues merit research consideration? Finally, a third closely related question is then examined: Which research methodologies, databases and statistical tools are likely to prove useful to academic researchers seeking promotion and tenure, as well as corporate executives and others interested in better understanding the impacts of corporate real estate decisions?

Introduction

Academic real estate researchers have an implied responsibility to provide thought leadership for their subject area in order to further the state of knowledge in their field. Given the nature and level of academic corporate real estate research from 1989 to 1999 (Manning and Roulac, 1999), there appears to be a need for corporate real estate researchers within the academy to reassess their priorities. More specifically, these researchers may wish to consider providing more prescriptive thought leadership as part of their future research plans. Diaz (1993) labels the creation of real estate knowledge as science, contrasted with the prescriptive, useful, application of knowledge as engineering. He further indicates that both are necessary aspects of an applied discipline such as real estate. He states that "in the long run, the needs of the served constituency shape an applied discipline, such as real estate, and no applied discipline can long ignore its constituents and survive. The engineering dimension to the real estate discipline is thus crucial," Diaz (1993:192).

The evolution of marketing as a discipline offers additional guidance for the direction of future corporate real estate research. Hunt (1991:13) acknowledges Kottler for bringing some order to modern marketing theory in 1972, when Kottler proposed his eight cell modern marketing paradigm, which among other things, distinguished positive (what actually is being done) from normative (what should be done) marketing research.

Manning and Roulac (1999) suggested that the following questions need to be asked within the academy: "Is there another corporate real estate research perspective (i.e., research framework), other than the historically narrow one largely drawn from the finance discipline, which may better serve the interests of corporate real property executives and professionals, as well as college of business faculties?" Another question: "Given such an alternative research framework, what corporate real estate issues merit research consideration?" further implies a third question: "Given the issues which merit research consideration, which research methodologies, databases, and statistical tools are most likely to prove useful?"

This study addresses all three of the above questions by first proposing a broader alternative corporate real property management perspective, which is intended to simultaneously serve the interests of senior management, corporate real property management professionals and university faculty interested in doing research in this area. Following this, a number of research issues that corporate real property executives and other corporate real property experts have expressed an interest in being researched, are explored. In addition, the prior corporate real estate research published in real estate and finance academic journals as defined by Webb and Albert (1995) from Fall, 1989 to 2001, is reviewed in terms of (1) the broader corporate real estate management perspective and (2) the research methodologies, databases and statistical tools used. Lastly, alternative research methodologies that are most likely to advance the corporate real estate discipline, and thus better serve the interests of both managers and academic researchers in the future, are discussed. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.