Andreas Pfnür

Responsibility for and performance of corporate real estate functions

Purpose – The purpose of this paper is to identify different organizational models concerning both the functions and responsibilities assigned to corporate real estate (CRE) professionals in European and North American companies, as well as to determine the factors that influence the occurrence of these different management models.Design/methodology/approach – An empirical survey between 74 major European and 38 North American companies from the banking, energy, telecommunication, and transportation and logistics industries is conducted.Findings – Five typical models describing the allocation of responsibility of real estate functions within a company and the performance of those responsibilities are identified. Only weak statistical associations are found between these models and certain contextual factors that may influence the choice for a specific model, as well as between the models and certain achievements in CRE. From this, the paper infers that there does not exist one “best practice” CRE manageme...

Institutionalisierung des betrieblichen Immobilienmanagements

SummaryReal estate resources are part of most of the company’s production process. Although there is a high financial meaning of real estate resources, in the German literature the Management of Corporate Real Estate is widely ignored. The first part of the paper systemises the problems of institutionalising a Corporate Real Estate Management and shows the existing solutions. The results of an empirical survey in Germany are, that the present ways of managing Corporate Real Estate foil the integration of real estate decisions into the companies planing system.

Aligning corporate real estate to real estate investment functions: improved decision making using a real options approach

Regarding the immense real estate divestitures that have taken place over the last couple of years, some stakeholders have begun to wonder if these short‐term activities may affect the long‐term competitive advantage of a company. While it appears reasonable that property divestitures enhance the financial situation of a company from a so‐called owner perspective, there is no equivalent quantitative evaluation for the loss in space utilisation and flexibility from a user perspective. Consequently, real estate decision making is based upon an insufficient information basis and is dominated by the investment perspective. In order to better align corporate real estate and real estate investment functions better, this paper introduces a formal decision model which describes the situation of corporate real estate decision makers. They have to trade off entrepreneurial flexibility gained by real estate holdings against the financial opportunity cost of freeing up capital. Making use of a prototype decision situ...

Risikomanagement bei Public Private Partnerships

Das vorliegende Buch beschaftigt sich mit dem Management von Risiken bei offentlichen Infrastrukturinvestitionen , insbesondere bei offentlich-privaten Partnerschaften (Public Private Partnerships/PPPs). Bestehende Verfahren werden auf den Prufstand gestellt und konkrete praktische Beispiele fur Verfahrensinnovationen gegeben. Dem Leser wird die Fahigkeit vermittelt, mittels eines ganzen Bundels alternativer Verfahren die Risikoidentifikation und -bewertung und das Risikomanagement im Investitionsprozess durchzufuhren. Neu sind dabei die Betrachtung des gesamten Lebenszyklus der Investition, die intensive Auseinandersetzung mit dem Verfahren der simulativen Risikoanalyse sowie die Auslotung der Moglichkeiten und Grenzen des Handels mit Projektrisiken am Kapitalmarkt. Die Autoren legen grosen Wert auf die hohe Verstandlichkeit und den Anwendungsnutzen in konkreten Projektsituationen. Das Buch richtet sich vornehmlich an Entscheidungstrager in Politik und Verwaltung sowie an Projektmanager im PPP-Geschaft.

Evaluating corporate real estate with real options

A selection of papers presented at the Operations Research 2000 conference, held at the Dresden University of Technology, in Germany, September 9-12, 2000. Includes, for the first time, a section on didactics of operations research, which finds a great echo and is covered in four papers in this text.

Best practise, best model, best fit. Strategic configurations for the institutionalization of corporate real estate management in Europe

Purpose – The purpose of this study is to team broadly accepted general management frameworks with the specific situation of corporate real estate and suggest a holistic configurations framework for CREM that takes into account the highly diverse context parameters. Design/methodology/approach – Based on general management frameworks and research on CREM issues, a CRE management framework – the “CREM map” – is suggested that guides a study on which parameters drive CREM and how they are integrated. A qualitative approach is used that collects data from large European corporates. The analyses are performed through computer-assisted qualitative data analysis. Findings – Multiple parameters form heterogeneous context constellations that make it necessary to individually configure a CREM system. While some “general principles” regarding CREM targets, strategy, organization, and controlling systems and their relationships can be identified as “best practices”, the key finding is that a holistic concept for CRE...

Integration of stakeholder interests in housing companies’ strategic management: A process model for more sustainable value creation

Purpose – In addition to financial returns, German housing companies are expected to achieve social and ecological outcomes. This achievement is challenging for management, as expectations from different stakeholders are only partly apparent and often conflicting. The paper aims to discuss these issues. Design/methodology/approach – This paper presents a process model that supports the management of housing companies to systematically explore, evaluate, and integrate stakeholders’ interests into the company’s strategic targets. Findings – The integrated process model improves sustainable value creation, as stakeholders’ interests are transparent and can thus be better satisfied. Research limitations/implications – Due to the action research design, further research cycles and empirical testing with other companies are needed before findings can be generalised. Practical implications – The process enables housing companies to focus on value-generating activities, to react timely to changing needs, and to i...

Möglichkeiten und Grenzen der Risikoallokation zur Effizienzsteigerung von PPP-Projekten

Public Private Partnerships (PPP) werden in Theorie und Praxis vor allem als Finanzierungsvariante oder, in der weit geringeren Zahl der Falle, als Realisierungsvariante angesehen. Dabei wird haufig ubersehen, dass ein erhebliches, wenn nicht sogar das groste, systemimmanente Potenzial von PPPs in der richtigen Allokation von Projektrisiken zwischen den Partnern liegt. Vergleicht man die derzeitigen Bemuhungen um das Risikomanagement des offentlichen Sektors mit denen der Privatwirtschaft, so wird schnell klar, dass der offentliche Sektor den privaten Unternehmen deutlich unterlegen ist. Im folgenden Beitrag wird untersucht, wie mit Hilfe von PPPs der Entwicklungsfortschritt des privaten gegenuber dem offentlichen Risikomanagement zur Steigerung der Effizienz offentlicher Investitionen gesteigert werden kann. Die Ausfuhrungen bedienen sich dabei insbesondere eines Beispiels aus dem offentlichen Immobilienmanagement, sind aber grundsatzlich auf jedes Anwendungsfeld von PPPs ubertragbar.

Großveranstaltungen als Elemente des Stadtmarketings

Ob es um die Bewerbung deutscher Grosstadte fur die Olympischen Spiele ging oder Christos Verhullung des Berliner Reichstages, immer wurde die Wirtschaftlichkeit von Grosveranstaltungen in jungerer Zeit angesichts allgemein angespannter Haushaltssituationen offentlich kontrovers diskutiert. Die Effizienz von Grosveranstaltungen als Instrument des Stadtmarketings wird in diesem Aufsatz am Beispiel des Hamburger Kirchentages 1995 untersucht. Zur Prufung der Wirtschaftlichkeit des Kirchentages wurde das in der offentlichen Betriebswirtschaft gangige Verfahren der Kosten-Nutzen-Analyse herangezogen. Gegenstand der Arbeit sind sowohl die Darstellung der empirischen Ergebnisse uber die Wirtschaftlichkeit der Grosveranstaltung als auch ein Erfahrungsbericht uber die Leistungsfahigkeit der Kosten-Nutzen-Analyse.

The effectiveness of physical office environments for employee outcomes: An interdisciplinary perspective of research efforts

Purpose This study aims at understanding academic practice in the field of physical office environment research and providing recommendations for further enhancement of the field. It shows which effects of the physical office environment on employee outcomes are studied by which disciplines, and which methodologies are used by whom and on which variables. Existing gaps in research that are confirmed by these analyses are discussed and “assigned” to obvious, best suited combinations of future multi-disciplinary research projects to call for studies that would help practice in better decision-making. Design/methodology/approach After a systematic search and selection of studies, an exploratory analysis of 134 empirical studies from 50 different journals (and other sources) was performed. The selected studies were entered into a database with information on the empirical parameters of the study, the methodology and author information. From this database, cross-tables were built and tested with Canonical Correspondence analyses. Findings Results of the analyses showed that each discipline has its preferred topics and methods of research. In general, questionnaires are preferred over hard data from physical and physiological recordings. Still many important gaps exist in fully clarifying workplace effectiveness. This paper suggests which disciplines would be capable of taking up which challenges in future studies through interdisciplinary cooperation to further advance the field and corporate real estate management/FM in practice. Originality/value The Correspondence analyses not only confirmed important gaps for future research but also identified which disciplines would be best suited to take up these challenges.