Thesis (M.U.D.)--University of Hong Kong, 1992. / Includes bibliographical references.

Thesis (M.U.D.)--University of Hong Kong, 1992. / Includes bibliographical references. Also available in print.

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

Globalization of real estate investments have revealed an increased desire by investors to operate outside their domestic markets. The removal of barriers to international capital movement and liberalisation of financial markets have made cross-border property investments an attractive alternative for investors, as they take advantage of its diversification potential thus spreading their risks. However, international real estate investment entails venturing into the unknown, where there are unfamiliar political and economic environments. Each property market has its rules, business culture and networks, while experience in one market may not translate well to another. This is because the institutions of a market impinge on market outcomes and behaviour by generating transaction costs which weigh against the returns on investment assets, while these costs may affect domestic versus foreign investors differently. Also, the peculiar nature of real estate, for example heterogeneity and asymmetric information makes it a particularly illiquid asset class. The time element of illiquidity represents an important risk to investors because it exposes them to an extended period of uncertainty. Illiquidity in turn makes real estate an asset specific investment as it calls for the input of intermediaries who utilize their extensive knowledge of the market to facilitate transactions. This makes intermediation an essential requirement for successful investment, as intermediaries introduce asset specific knowledge to the investor to promote liquidity and attenuate risk. However, intermediation imposes an additional transaction cost on investors as it is the price paid for immediacy of the transaction. It is therefore argued that the institutional environment of a real estate market not only underpins market structures and behaviour, but also the inherent characteristic of the asset which calls for the need for intermediation further informs the structures of the market through which commercial real estate is traded. Therefore, an understanding of the wider institutional environment of a real estate market is not only important, but also an understanding of the intermediation structure and associated costs which informs market processes is expedient for successful international real estate investment. This study investigates the institutions through which the commercial real estate investment market in Lagos, Nigeria operates. It offers a new and holistic framework for understanding how the institutions of a market influence its operation in terms of the associated transaction costs, particularly in the context of an emerging real estate market. The study adopts a combined Northian and Williamsonian Transaction Cost Economics theoretical framework and employs a qualitative research approach to achieve the objectives of the study. This involves semi-structured interviews with key market players and a process of thematic analyses of the interviews. Findings show that the Land Use Act of 1978 and the indigenous landholding system form the major formal and informal institutions governing the operation of the market respectively. Findings further reveal that transaction costs associated with the formal institution of the market at 15% of assessed property value and additional intermediation cost of between 2.5% and 5% of the property price, are high when compared to the developed market of the UK, for example. Also, while the formal institutions of the market do not affect foreign and domestic investors differently, findings show that the informal institutions and specifically the associated transaction costs do. An implication of the poor enforcement of the formal rule of the market is the increasing informality in the market and consequent difficulty of securing debt financing and high interest rate due to poor evidence of title. The study recommends a review of the key formal institution of the market to remove its ambiguities and eliminate the omo-onile phenomenon which is a negative transformation of the indigenous landholding system, and of which the perpetrators behave opportunistically, exploiting loopholes in poorly written formal law, thus generating transaction costs embedded in informal institutions of land rights.

Thesis (M. Sc.)--University of Hong Kong, 1996. / Includes bibliographical references (leaves 105-107).

Thesis (M. Sc.)--University of Hong Kong, 1996. / Includes bibliographical references.

Thesis (M. Hous. M.)--University of Hong Kong, 2008. / Includes bibliographical references (leaf 161-170)

Thesis (M. Hous. M.)--University of Hong Kong, 2006.

Thesis (M. Hous. M.)--University of Hong Kong, 2006.

Thesis (M.S.)--University of Montana, 2006. / Mode of access: Internet. Title from title screen. Description based on contents viewed Feb. 9, 2007. Includes bibliographical references (p. 61).