published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Housing Management / Master / Master of Housing Management

Thesis is submitted in partial fulfilment for the degree of Master of Science in Building (Property Development and Management), to the Faculty of Engineering and the Built Environment, School of Architecture and Planning at the University of the Witwatersrand, Johannesburg, 2017 / The purpose of this study is to fill specific gaps in the existing body of knowledge of South African corporate real estate management by investigating the determinants influencing the lease versus buy decision; the methods and financing sources of corporate real estate acquisition; and the criteria used in deciding on the financing technique for corporate real estate acquisition. The research followed a similar methodology to that of Redman and Tanner (1991) in their study “The Financing of Corporate Real Estate: A Survey”. However, it specifically focused on the South African corporate real estate environment. The data collection instrument was an online survey and the survey produced quantitative descriptions of certain aspects of the population. The population for the research was corporate real estate decision makers of leading South African companies. The data captured was presented through the aid of tables, charts and graphs. The data was further analysed through cross tabulations and hypothesis testing using the Chi Squared test of independence to determine significance of results. South African firms use some form of leasing (mainly long term leasing) in acquiring their corporate real estate. However, ownership is also a common form of real estate acquisition through the use of mortgages secured by the acquired property, mortgage backed securities and sale of unsecured bonds. The decision criteria for acquisition includes both financial and non-financial determinants. Financial analysis is also an important factor in analysing the lease versus buy decision. This is mainly done by comparing the undiscounted cash flow of leasing versus buying. Where a discounting approach of evaluation is used, the most favoured discount rates include the weighted average cost of capital and rate of return on new investments. Mostly outscored professional services are used when making the lease versus buy decision. The benefit of this study was to understand the factors influencing the corporate real estate decision making process and to provide a corporate real estate decision makers with a decisional framework when determining the form or real estate tenure. Future studies should attempt to secure better response rate to allow for robustness of results and other methodologies of analysis. / XL2018

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.

Nesta tese, examina-se como se dá a gestão do acesso ao conhecimento externo em duas administradoras de carteira de investimentos imobiliários: a gerência de investimentos imobiliários de um fundo de pensão (a Fundação CESP) e a divisão de locação e administração de imóveis de um grupo imobiliário (o grupo Lello). A base de conhecimentos externos dessas unidades é dispersa e privada, características típicas do mercado imobiliário que dificultam o acesso ao conhecimento externo e, por conseguinte, a sua gestão. Para apoiar o estudo, foi realizada uma revisão bibliográfica nos campos teóricos da gestão do conhecimento, da gestão de carteira de investimentos imobiliários e das competências organizacionais e individuais. O método de pesquisa utilizado foi o estudo de casos. As unidades estudadas foram escolhidas intencionalmente, levando-se em conta seus formatos de negócio distintos, que permitiram ampliar o conhecimento sobre administradoras de carteira imobiliária. Os dados primários foram coletados através de entrevistas semi-estruturadas, cujos roteiros foram testados previamente em duas outras empresas imobiliárias. Baseado na revisão bibliográfica, foi elaborado um modelo conceitual e gráfico da gestão do conhecimento com foco no acesso ao conhecimento externo. Um dos processos incluídos no modelo foi o armazenamento externo de conhecimentos. Sem menção explícita na literatura pesquisada, tal processo foi observado nos casos estudados. Os \"armazéns\" externos caracterizados nos casos - importantes fontes de conhecimentos atuais ou potenciais - são as redes de contatos devidamente mapeadas, as parcerias estáveis e as comunidades de prática que extrapolam as fronteiras organizacionais. Em ambas as unidades, os conhecimentos críticos do negócio não são identificados explicitamente, fazendo com que parte desses conhecimentos acabem sendo gerenciados mais precariamente. A pesquisa mostrou que os relacionamentos informais - por exemplo, no caso da Gerência Imobiliária da Fundação CESP, com lojistas de shopping centers nos quais a fundação é cotista ou, no caso da divisão de locação e administração da Lello, com gestores imobiliários do mercado - são canais privilegiados de acesso ao conhecimento externo. Foram identificadas, nos casos estudados, boas práticas individuais e organizacionais associadas à manutenção e desenvolvimento desses canais. As principais conclusões da pesquisa são: (i) a gestão do acesso ao conhecimento externo nos casos estudados está associada de modo principal aos canais informais; (ii) há uma oportunidade de aumentar a qualidade e quantidade dos conhecimentos adquiridos através desses canais - \"potencializá-los\" - pela adoção de práticas estruturadas de gestão, em particular o mapeamento dos contatos relevantes da unidade, com a identificação dos conhecimentos críticos e suas fontes; (iii) a idéia de \"armazenamento externo de conhecimentos\" se ajusta aos casos estudados. / In this thesis we examine how management of external knowledge access takes place in two real estate portfolio management units: one pension fund\'s department of real estate investment (CESP Foundation), and the leasing and management division of a real estate group (Lello group). These units\' external knowledge base is private and dispersed, a typical characteristic of the real estate market that makes access to external knowledge, and, therefore, its management, harder. To support our study, we produced a literature review of the fields of knowledge management, real estate portfolio management, and both individual and organizational competences. Our method of choice was the case study. Researched units were intentionally chosen according to their different business formats, thus allowing a broadening of our knowledge about real estate portfolio management units. Primary data were collected through semi-structured interviews, with a script that was previously tested in two real estate firms. Based on our literature review, we developed a graphic and conceptual model of knowledge management, focus on the access to external knowledge. One of the processes included in this model was the external storing of knowledge. While never explicitly mentioned in the reviewed literature, this process was observed in the researched cases. The indentified external \"storehouses\" - important sources of present or potential knowledge - are the carefully mapped contact networks, the stable partnerships and the communities of practice that run across organizational frontiers. In both units, business-critical knowledge is not explicitly identified, leading to a part of this knowledge being managed in a more precarious manner. Our research shows that informal relationships - for instance, in the case of Foundation CESP\'s real estate management department, relationships with shop owners in shopping malls in which the Foundation is a shareholder, or, in the case of the leasing and management division of Lello, with real estate managers in the market - are crucial channels for external knowledge. In both cases, good individual and organizational practices related to the retaining and development of such channels were identified. Our research\'s main conclusions are: (i) management of external knowledge access in the analyzed cases is associated mainly to informal channels; (ii) it should be possible to increase both the quantity and the quality of knowledge obtained through these channels - enhance them - by adopting structured management practices, particularly the mapping of contacts relevant to the unit, the identification of critical knowledge and its sources; (iii) the idea of external storing of knowledge applies to the cases in question.

This thesis takes a phenomenological approach to the examination of the organizational need for shared office space. Questions are developed in a reflexive narrative that introduces challenges to the assumption that space is a given in organizations. The narrative also uses the process of questioning this basis assumption to develop a new understanding of the role of space in organizations in supporting the development of common language needed for the creation of organizational knowledge. Key ideas from systems theory, autopoiesis, organizational theory, semiotics, and psychology are utilized as resources developing the ideas.

published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Real Estate and Construction / Master / Master of Science in Real Estate and Construction

published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Housing Management / Master / Master of Housing Management