Alastair Adair

An analysis of valuation variation in the UK commercial property market: Hager and Lord revisited

Addresses the issue of valuation variation. The fundamental research question is to establish the range of valuations which a group of qualified valuers operating in the same market and using the same basic assumptions would produce in their estimation of price. It significantly extends the approach adopted by Hager and Lord and draws conclusions about different market sectors, locations and size of firms. The results of the survey show a wide variation in value across both rack rented and reversionary interests. In terms of the former over 80 per cent of all valuations produced a variation from the mean of less than 20 per cent with a corresponding figure of over 90 per cent for the reversionary investments. These levels of accuracy fall short of the contention that valuers can value to within 5‐10 per cent of market value.

European Real Estate Society Research Agenda: Looking Back and Projecting Forward

Now in its 20th anniversary year the European Real Estate Society (ERES) has actively promoted quality-led research by creating a structured and permanent network involving real estate academics and professionals across Europe. The organisational structure within ERES supports the Society’s mission which is dedicated to facilitating and advancing the discipline of real estate by raising the quality, status and reach of real estate research and education. The Society aims to fulfil its mission by providing different forums for constructive engagement by academics, private sector stakeholders and public sector organisations within the real estate discipline.Adopting a truly European perspective to the rapid internationalisation of real estate markets has increased in importance over the past two decades of the Society’s history. Engagement in and co-operation with other national research communities as well as our international sister societies links ERES to an extensive network within the wider international real estate research community. In accordance with the vision of the founding members of the Society, ERES remains committed to creating added value for our membership, stakeholders and sponsors. With a current membership of 700 members (2014), ERES is dedicated to engaging with and continuing to support the development, application and out-reach of high quality research across Europe.This paper will consider the 20 year historical perspective in the development of the research profile of the European Real Estate Society including change and progression over time in the themes, topics and quality of real estate research. Specifically the paper will consider the new emerging research focus and how the objectives of the Society have helped facilitate its members in the production of quality research. The paper will also project forward to determine the potential in promoting a forum for the discussion and dissemination of real estate research.