The impact of structural changes on corporate real estate ownership: evidence from Germany
Although real estate resources represent a high percentage of the corporate assets of non-property companies, their future role is unclear. Longevity and difficulty in revising property-related decisions clash under dynamically changing environmental conditions. This makes it necessary to consider t...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Vilnius Gediminas Technical University
2021-01-01
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| Series: | International Journal of Strategic Property Management |
| Subjects: | |
| Online Access: | https://journals.vgtu.lt/index.php/IJSPM/article/view/13776 |
| _version_ | 1819119022926462976 |
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| author | Julian Seger Andreas Pfnür |
| author_facet | Julian Seger Andreas Pfnür |
| author_sort | Julian Seger |
| collection | DOAJ |
| description | Although real estate resources represent a high percentage of the corporate assets of non-property companies, their future role is unclear. Longevity and difficulty in revising property-related decisions clash under dynamically changing environmental conditions. This makes it necessary to consider the ownership strategy and its altering role in order to avoid inefficiencies and not to hinder companies in mastering structural change successfully. In a first step, data from a telephone company survey (CATI) among 69 corporate real estate managers of German companies are grouped by performing a two-step cluster analysis according to the degree to which they are affected by structural change. The resulting clusters are then tested regarding differences in their ownership strategy. The empirical analysis shows that firms highly affected by structural change exhibit a higher willingness to decrease the proportion of ownership. The decline in real estate assets is particularly evident in the office segment and in increased acceptance of sale-and-rent-back solutions. First hints show that structural change and associated new business requirements change the relevance of CRE ownership. To avoid competitive disadvantages, especially European firms should scrutinize their high ownership ratios.
First published online 09 November 2020 |
| first_indexed | 2024-12-22T05:58:10Z |
| format | Article |
| id | doaj.art-7bfbe075688347c7b1b369f196faa35f |
| institution | Directory Open Access Journal |
| issn | 1648-715X 1648-9179 |
| language | English |
| last_indexed | 2024-12-22T05:58:10Z |
| publishDate | 2021-01-01 |
| publisher | Vilnius Gediminas Technical University |
| record_format | Article |
| series | International Journal of Strategic Property Management |
| spelling | doaj.art-7bfbe075688347c7b1b369f196faa35f2022-12-21T18:36:39ZengVilnius Gediminas Technical UniversityInternational Journal of Strategic Property Management1648-715X1648-91792021-01-0125111610.3846/ijspm.2020.1377613776The impact of structural changes on corporate real estate ownership: evidence from GermanyJulian Seger0Andreas Pfnür1Department of Real Estate and Construction Management, Technical University Darmstadt, Darmstadt, GermanyDepartment of Real Estate and Construction Management, Technical University Darmstadt, Darmstadt, GermanyAlthough real estate resources represent a high percentage of the corporate assets of non-property companies, their future role is unclear. Longevity and difficulty in revising property-related decisions clash under dynamically changing environmental conditions. This makes it necessary to consider the ownership strategy and its altering role in order to avoid inefficiencies and not to hinder companies in mastering structural change successfully. In a first step, data from a telephone company survey (CATI) among 69 corporate real estate managers of German companies are grouped by performing a two-step cluster analysis according to the degree to which they are affected by structural change. The resulting clusters are then tested regarding differences in their ownership strategy. The empirical analysis shows that firms highly affected by structural change exhibit a higher willingness to decrease the proportion of ownership. The decline in real estate assets is particularly evident in the office segment and in increased acceptance of sale-and-rent-back solutions. First hints show that structural change and associated new business requirements change the relevance of CRE ownership. To avoid competitive disadvantages, especially European firms should scrutinize their high ownership ratios. First published online 09 November 2020https://journals.vgtu.lt/index.php/IJSPM/article/view/13776structural changecorporate real estate ownershipfirm performancecorporate real estate finance |
| spellingShingle | Julian Seger Andreas Pfnür The impact of structural changes on corporate real estate ownership: evidence from Germany International Journal of Strategic Property Management structural change corporate real estate ownership firm performance corporate real estate finance |
| title | The impact of structural changes on corporate real estate ownership: evidence from Germany |
| title_full | The impact of structural changes on corporate real estate ownership: evidence from Germany |
| title_fullStr | The impact of structural changes on corporate real estate ownership: evidence from Germany |
| title_full_unstemmed | The impact of structural changes on corporate real estate ownership: evidence from Germany |
| title_short | The impact of structural changes on corporate real estate ownership: evidence from Germany |
| title_sort | impact of structural changes on corporate real estate ownership evidence from germany |
| topic | structural change corporate real estate ownership firm performance corporate real estate finance |
| url | https://journals.vgtu.lt/index.php/IJSPM/article/view/13776 |
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