Corporate owned real estate is one of the world’s largest asset classes. Yet the US market and later on the European market has come towards a trend of refining businesses and using corporate real estate as a financing alternative by performing sale and leaseback transactions. This paper aims to complement and interlink research on event studies focusing on corporate real estate sale and leaseback and studies focusing on measuring risk and performance with variations in corporate real estate holdings. The study is delimited to companies publicly traded on the Swedish stock exchange. A  quantitative survey has been conducted in which data from 23 observations has been analyzed. A positive relationship between stock performance and  corporate real estate sale and leaseback transactions has been found. It is also noted that   companies that intend to use the disengaged capital to focus on core business show an increase in systematic risk. Furthermore an increase in stock performance is found when transaction value to firm value is high. Investors and corporate managers are encouraged to evaluate possibilities for their corporate real estate holdings since the results indicate that the diversification should take place on the investment level rather than on the corporate level.

Enterprise real estate assets are one of the largest largest balance sheet assets and second largest operating expense, after only human capital. Despite being material to the capital stack and financial performance, many public and private enterprises have not historically prioritized optimizing real estate. The strategic importance of enterprise real estate has elevated dramatically with the recent COVID-19 pandemic, with operating costs, utilization, and the workplace being re-evaluated by almost every entity. This newfound materiality has created a monumental opportunity to contribute new research and theory on real estate optimization relating to financial performance, productivity, talent retention, DEI, ESG, and cultural competency. The following research proposal is designed to undertake qualitative and quantitative research through a mixed-methods protocol to develop new insights on how to better align real estate with business strategy, measure the financial impact of real estate’s contribution to enterprise value, and apply these findings to enhance workplace culture and productivity. The mixed-methods protocol consists of two related studies. Both are anchored in developing a better understanding of whether real estate optimization is being proactively executed in public and private enterprises as a driver of financial performance, shareholder value, and productivity, and how optimization is being measured in terms of real estate and human capital optimization. The proposal includes an introduction, literature review, data approach and methods, data analysis, discussion of the results from both studies, expected contribution, timeline for completion of the dissertation, and concludes with new theory and insights on an under-explored frontier in corporate strategy. In Study One, semi-structured interviews were conducted with 10 subjects producing key themes from the literature review, interview codes, and practical experience, and theoretical assertions that optimization is possible when there is: 1) a centralized real estate function; 2) alignment between real estate and business unit strategy; 3) real estate has a seat at the table for long range planning, and; 4) a financial dashboard to measure the financial and earnings impact of real estate optimization. In Study Two, a Qualtrics survey was used to gather quantitative data from 48 subjects producing results based on dependent variables of: 1) enterprise real estate function contributing earnings and shareholder value, and 2) enterprises having a dashboard to measure the financial and earnings impact of real estate optimization. The key findings from Study Two are that enterprise real estate optimization is not universally mandated, practiced, measured, or prioritized as a driver of shareholder value and earnings. The evidence from the survey in this study reports efforts to foster alignment by providing a “seat at the table” for some real estate teams in long-range planning; however, the operating frameworks necessary to achieve real estate optimization within many enterprises are not in-place, such as financial dashboards, KPI’s, and enterprise real estate team’s mission to deliver earnings and shareholder value. Examples of this factor include survey results for Question 6 (whether there is untapped potential and cost savings, earnings, and workplace productivity in the enterprise real estate portfolio), where over 85% of the respondents agreed that there was potential. However, this one survey question finding could be interpreted as there being a lack of prioritization, or enterprise barriers to facilitating optimization. This possibility is meaningful because there is no logical reason why any enterprise would not want to generate new earning and shareholder value in any area of their business, especially from their largest asset class. Study Two further highlighted this key finding of 85% agreement on the untapped potential coming from a sample population of experienced corporate real estate and senior management respondents, of whom 80% have more than 10 years of experience, with over 50% having more than 20 years, and where less than 50% have a financial dashboard and data analytics to measure real estate optimization, earnings, and shareholder value from real estate optimization. These combinations of findings are at the core of the primary research question and were significantly helpful in answering why these enterprises are not more proactive about real estate optimization. Through the combination of Studies One and Two, and the synergistic results of both, it is exciting to share new insights and contribute more robust findings and theory on enterprise real estate optimization. / Business Administration/Finance

Real estate investments are more frequently crossing borders. The national cultural differences, which are influencing investment preferences and decision processes, are challenging Real Estate Companies, whereas not only capital, but also individuals are moving more frequently across country borders. Real Estate Companies’ risk profile concerning uncertainty avoidance, regarding real  estate investments haven’t  been studied before, thus a gap in the literature is identified. This study aims to identify risks, risk management tools, uncertainty avoidance in Real Estate Companies with different national cultural background, helping to develop a deeper understanding of the differences in their risk profiles. I have found that the Israeli respondents are highly uncertainty avoiding and risk loving, but only regarding familiar risks, while concerning unfamiliar risks, they are rather risk averse. The Swedish respondents are weakly uncertainty avoiding and risk neutral, no matter known or unknown ris

Purpose – The authors want to give an actual overview of the CREM in Sweden and investigate how certain issues, such as business alignment and strategy of CREM are handled in Sweden.Importance – Scant published research in the academic field of corporate real estate management is covering the Swedish market, hence this paper tries to close this gap. Design/methodology/approach – The paper examines current literature on the topic of CREM and analyses market data gained by a survey and interviews to illustrate the status of CREM in Sweden to dayLimitation – The participation rate in the survey prevents the authors from drawing conclusions significant for the whole market, a wider ranged survey including unlisted companies would certainly help enhancing this research and identify more patterns in the marketKeywords – Corporate Real Estate Management, strategy, business alignment, performance, benchmarking, flexibility, outsourcing, Sweden

Les espaces de coworking sont des espaces de travail partagés par des individus de plusieurs organisations au sein d’un espace ouvert. Cette thèse analyse le développement d’un marché du coworking en Ile-de-France au regard des modalités de réalisation du travail dans ces espaces. Le rôle de la proximité physique dans le développement de pratiques collaboratives y est observé dans un espace de coworking parisien. L’étude des croisements entre échanges marchands et non-marchands permet de montrer que les effets de réciprocité contribuent à renforcer les liens entre coworkers. Les espaces peuvent faciliter les projets entrepreneuriaux par un apprentissage entre pairs et l’accès à des ressources communes au sein de l’espace. Cela nécessite cependant que les gestionnaires de coworking organisent la collaboration et la rendent visible. Ils font du coworking une nouvelle forme de service immobilier qui articule espace physique et service informel de mise en relation des travailleurs. La valeur des espaces de coworking est alors coproduite par les utilisateurs. Cette thèse resitue également le développement du coworking en Ile-de-France par rapport à un ensemble de politiques publiques. Les collectivités territoriales ont contribué à structurer le marché avant que des promoteurs immobiliers n’opèrent un changement d’échelle dans la notion-même de coworking. L’opérateur de coworking devient un intermédiaire permettant de mutualiser la demande de bureaux des petites entreprises en zone métropolitaine, et est amené à prendre une place au sein de la chaîne de valeur de l’immobilier / Coworking spaces are flexible workspaces shared by individuals from different organizations in an open-plan space. This thesis analyses the development of a coworking market in the Greater Paris region in light of the working arrangements in those spaces. The role of proximity in collaboration is observed in a Parisian coworking space. The overlap between commercial and non-commercial exchanges shows that reciprocity contributes to reinforcing ties between coworkers. Coworking spaces can encourage entrepreneurial projects through peer learning and the access to resources in the space. However, this requires the work of coworking managers who are key in organizing collaboration and making it visible. They are thus creating a new form of real estate service that ties physical space to an informal networking service between coworkers. The value in coworking spaces is therefore coproduced by its users. This research also shows that the development of coworking in Greater Paris was first structured by local public policies, and that real estate developers are now scaling up the idea of coworking. Coworking space operators are becoming intermediaries enabling small companies to share their offices in metropolitan regions, thus positioning themselves in the corporate real estate value chain

O avanço da economia brasileira e o amadurecimento dos mercados induzem a crescente competitividade nos diferentes setores. Com isso, as corporações buscam por maneiras de investir com maior produtividade de modo a direcionar recursos nas suas atividades fins para desenvolvimento e expansão do negocio principal. Os ativos imobiliários são um dos recursos mais onerosos para muitas empresas, que ainda imobilizam recursos nesses ativos de longo prazo de maturação. É incipiente a percepção das empresas brasileiras em relação às perdas de oportunidade de ganho com os investimentos que são internados nas suas bases instaladas. Nesse contexto, a tese trata da configuração de um método para analise da oportunidade de imobilização e desmobilização em imóveis corporativos sob a ótica das corporações usuárias, por meio da identificação de critérios qualitativos e quantitativos (econômico-financeiros) relevantes a analise, considerando (i) os mecanismos diretos e indiretos atualmente empregados no Brasil, (ii) a sustentação legal, (iii) as praticas tributarias e contábeis, e (iv) as praticas prevalentes de mercado. Os critérios de decisão do método são priorizados pelos administradores das corporações com auxilio de uma ferramenta para analise hierárquica de decisão (Analytic Hierarchy Process - AHP), que indica a alternativa mais adequada entre as opções de imobilização ou não no real estate para cada situação. O método desenvolvido nesta tese pode ser uma importante ferramenta de apoio para as diretrizes de governança corporativa no que tange as decisões em relação ao portfolio de real estate das corporações, podendo ser utilizado por empresas com atuação nos diferentes setores da economia, tais como: manufatura, serviços, varejo, entre outros, inclusive no setor publico. / The development of the Brazilian economy and the maturity of the markets have prompted growing competition within different sectors. In this context corporations tend to find ways to invest more productively by focusing on their main activities in an effort to enhance their core business. Real estate assets are generally one of the companies\' greatest expenses; even so, companies still invest in these long-term maturity assets. It is still incipient the perception of Brazilian companies as regards the opportunity costs incurred by them as a result of investing in real estate assets. In view of the foregoing, the thesis sets forth an analysis method to guide the decision whether to invest or not in real estate assets from the perspective of corporate users. The analysis is based on qualitative and quantitative attributes by taking in account (i) both direct and indirect procedures currently used in Brazil, (ii) the legal framework, (iii) the tax and accounting practices, and (iv) the prevalent market practices. The method\'s decision criteria are prioritized by the corporations` officers through the AHP tool (Analytic Hierarchy Process), which indicates the most appropriate decision in each situation. The method herein developed may work as an important corporate governance guideline in the extent real estate portfolio decisions are taken by corporations, and it can be used by companies of different sectors, such as manufacturing, service, retail, among others, including the public sector.

There are many reasons for companies to hold real estate, including for operating business, production, sales, and providing services. Previous researches show that corporate real estate (CRE) is an important part of company assets, and it will affect stock returns and risk of company. The main object of this study is to investigate the impact of changes in CRE on stock returns and risk of company in Taiwan. Moreover, this study analyzes how CRE affect toward different industry during each business cycle period. Then, we provide some suggestions to stockholders and managers. The data set from 1992 through 2011 in Taiwan stock market, the relationship between CRE and stock returns and risk are analyzed using two stage least squares regression model. The empirical results show that, on average, higher CRE appears to be associated with higher abnormal return performance and higher total risk. On the other hand, CRE show negative impact on business operation such as lower adjusted return on assets and higher risk of bankruptcy. Furthermore, CRE factor is associated with higher abnormal return performance and higher firm value when company with small asset size, high P/E ratio or newly establish characters. Results also indicate that the impact of CRE on firm¡¦s stock price and risk depend on industries, business cycle period, and firm characters. CRE show negative impact on Textile, Tourism, and Trading and Consumers' Goods Industry. In Food Industry, higher CRE factor is associated with lower system risk and positive impact on business operation.

O avanço da economia brasileira e o amadurecimento dos mercados induzem a crescente competitividade nos diferentes setores. Com isso, as corporações buscam por maneiras de investir com maior produtividade de modo a direcionar recursos nas suas atividades fins para desenvolvimento e expansão do negocio principal. Os ativos imobiliários são um dos recursos mais onerosos para muitas empresas, que ainda imobilizam recursos nesses ativos de longo prazo de maturação. É incipiente a percepção das empresas brasileiras em relação às perdas de oportunidade de ganho com os investimentos que são internados nas suas bases instaladas. Nesse contexto, a tese trata da configuração de um método para analise da oportunidade de imobilização e desmobilização em imóveis corporativos sob a ótica das corporações usuárias, por meio da identificação de critérios qualitativos e quantitativos (econômico-financeiros) relevantes a analise, considerando (i) os mecanismos diretos e indiretos atualmente empregados no Brasil, (ii) a sustentação legal, (iii) as praticas tributarias e contábeis, e (iv) as praticas prevalentes de mercado. Os critérios de decisão do método são priorizados pelos administradores das corporações com auxilio de uma ferramenta para analise hierárquica de decisão (Analytic Hierarchy Process - AHP), que indica a alternativa mais adequada entre as opções de imobilização ou não no real estate para cada situação. O método desenvolvido nesta tese pode ser uma importante ferramenta de apoio para as diretrizes de governança corporativa no que tange as decisões em relação ao portfolio de real estate das corporações, podendo ser utilizado por empresas com atuação nos diferentes setores da economia, tais como: manufatura, serviços, varejo, entre outros, inclusive no setor publico. / The development of the Brazilian economy and the maturity of the markets have prompted growing competition within different sectors. In this context corporations tend to find ways to invest more productively by focusing on their main activities in an effort to enhance their core business. Real estate assets are generally one of the companies\' greatest expenses; even so, companies still invest in these long-term maturity assets. It is still incipient the perception of Brazilian companies as regards the opportunity costs incurred by them as a result of investing in real estate assets. In view of the foregoing, the thesis sets forth an analysis method to guide the decision whether to invest or not in real estate assets from the perspective of corporate users. The analysis is based on qualitative and quantitative attributes by taking in account (i) both direct and indirect procedures currently used in Brazil, (ii) the legal framework, (iii) the tax and accounting practices, and (iv) the prevalent market practices. The method\'s decision criteria are prioritized by the corporations` officers through the AHP tool (Analytic Hierarchy Process), which indicates the most appropriate decision in each situation. The method herein developed may work as an important corporate governance guideline in the extent real estate portfolio decisions are taken by corporations, and it can be used by companies of different sectors, such as manufacturing, service, retail, among others, including the public sector.

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Corporate Real Estate (CRE) investors are often confronted with a need for flexibility in buildings. They often embark on costly renovations to accommodate changing use requirements. When new needs arise, landlords and tenants often risk loss due to inability to easily switch to configurations that can meet those needs. The main cause for this problem is lack of a planning model that can allow buildings to easily evolve over time allowing decision-makers to hedge investment positions against risk due to uncertainty. The emergence of Real Options (RO) theory in the 1970's has led to debates in search of a better planning model for real projects. The success of RO application in building construction (BC) hinges on the development of models that can be used to assess economic performance of flexible design options (FDO) in building systems. For building interior spaces, there is currently no model that can value flexibility of partition systems. The purpose of this study is to present a model that can be used to value flexibility in mutually exclusive partition systems over a project's life span. The proposed model uses decision tree representation, stochastic forecasting and random sampling of decision-path scenarios to generate cumulative risk profiles of partition systems' life cycle costs with expected median value, standard deviation and variance to inform decision making under uncertainty. The research processes include: assumptions, decision-making structure for identification of uncertain variable, model representation, spreadsheet programming, Monte Carlo simulation, and validation. The model will enable application of RO "in" BC projects.