Corporate Property Management

Aligning Real Estate With Business Strategy

Victoria Edwards, Louise Ellison

• Publisher: Wiley-Blackwell
• Year: 2009
• Print ISBN: 9780632060511
• eBook ISBN: 9781405147842
• Edition: 1
• Topic: Business
• Subtopic: Real Estate
• Index: Business

Corporate property is routinely identified as the second biggest cost within a business organization after staff. Effective management of such a major asset requires a fundamental understanding of both the operation of the property markets and the operational requirements of the business occupier.

This primer on strategic property management focuses on how property held as a corporate asset can be used to add value to the primary business activity of an organization. Rather than separate the needs of the business form the management of the business estate, the aim of Corporate Property Management is to enable the reader to directly support the primary business function through strategic management of corporate property, thereby adding value to the business as a whole.

The book introduces a generic framework designed to assist in the analysis of any corporate property portfolio, working as a practical aid to decision making. The book is structured around this framework, providing a detailed review of its application and uses. This is then developed further through extensive use of five in-depth case studies that covers a wide variety of property types and property users – Borders bookshops; Cancer Research high street shops; The Youth Hostel Association; Clifford Chance's move to Canary Wharf and the Ardtornish Rural Estate in Scotland.

Table of contents

• Preface
• Acknowledgements
• Section I: Strategic Corporate Property Management - an analytical framework
• 1 Introduction to Strategic Property Management
• Introduction
• The importance of strategic property management
• Property as an investment asset
• Corporate property
• Conclusion
• References
• Further reading
• 2 Formulation of Strategy - Adopting an Analytical Approach
• Introduction
• A common framework of analysis
• Use of the framework
• References
• 3 Property Performance Evaluation
• Introduction
• The role of property within business
• Performance evaluation: property held as an investment asset
• Performance evaluation: property held as an operational asset
• Benchmarking
• Cost centre v. profit centre
• Conclusion
• References
• Further reading
• 4 Understanding Property Characteristics - Information Requirements
• Introduction
• Good record keeping
• Physical appraisal of the property
• Proprietary features
• Financial appraisal
• Evaluation
• Conclusion
• References
• 5 Understanding Property Users' Characteristics
• Introduction
• Who do we mean by 'property users'?
• Society and stakeholder relationships
• Management relationships with stakeholders
• Management relationships with the wider user community
• Conclusion
• References
• Further reading
• 6 Organisational Objectives in Relation to Corporate Property
• Introduction
• Organisational objectives
• Strategy
• Porter's theory of competitive advantage
• Property as part of competitive strategy
• References
• Further reading
• 7 Understanding Property Markets - an Institutional Approach
• Introduction
• Institutions
• Institutional arrangements
• Markets
• The operation of the market
• Transaction costs
• Uncertainty and institutional arrangements
• The need for institutions to evolve and change
• Analysing institutions when managing property
• Conclusion
• References
• 8 An Institutional Approach to Understanding Property Markets - Legal and Financial Institutions
• Legal institutions
• Financial institutions
• References
• Further reading
• 9 An Institutional Approach to Understanding Property Markets - Administrative Institutions
• Introduction
• Constitutional level
• Organisational level
• Operational level
• References
• 10 Formulating Strategies for Property Management
• Introduction
• The application of institutional analysis
• The application of management strategy
• The role of property within the organisation
• References
• Further reading
• Section II: Case Studies
• Case Study 1: Borders UK
• Introduction
• Background
• Property user characteristics
• Property characteristics
• Organisational objectives in relation to real estate
• The institutional arrangement of the property market
• The external world
• Evaluation
• Conclusions
• References
• Case Study 2: Clifford Chance
• Introduction
• Property user characteristics
• Property characteristics
• Organisational objectives in relation to real estate
• Strategy selection and implementation
• The institutional arrangement of the property market
• The external world
• Evaluation
• Conclusions
• Reference
• Case Study 3: The Youth Hostels Association of England and Wales
• Introduction
• Background
• Property user characteristics
• Property characteristics
• Organisational objectives in relation to real estate
• The institutional arrangement of the property market
• The external world
• Evaluation
• Conclusions
• References
• Case Study 4: Cancer Research UK
• Introduction
• Background
• Property user characteristics
• Property characteristics
• Organisational objectives in relation to real estate
• The institutional arrangement of the property market
• The external world
• Evaluation
• Conclusions
• References
• Case Study 5: Ardtornish Estate, Morvern, Scotland
• Introduction
• Background
• Property user characteristics
• Property characteristics
• Organisational objectives in relation to real estate
• The institutional arrangement of the property market
• The external world
• Evaluation
• Conclusions
• References
• Bibliography
• Index