Is there an optimum way for the commercial property market to adjust to the changing circumstances?

IF 1.1 Q4 MANAGEMENT Property Management Pub Date : 2023-08-01 DOI:10.1108/pm-01-2023-0005
J. Banytė, C. Mulhearn
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Abstract

PurposeThis article seeks to offer an answer. It explores the criteria on which commercial property market participants can develop strategies in hugely challenging circumstances. For this purpose, a survey-based approach was developed with work conducted with property-market professional in the United Kingdom (UK), France, Germany and Sweden to produce a criteria-based tool supporting adaption to changing market circumstances.Design/methodology/approachThe data have been analyzed using statistical analysis. The data's statistical analysis included Cronbach's alpha's application to evaluate the respondents' replies' reliability. A entral tendency test was used to identify the means of relevance of the criteria. The Mann–Whitney U test was used to determine potential material differences between the UK and other countries with Bonferroni corrections applied to minimize type-I errors.FindingsThirty characteristics have been identified that impact the dynamics of the commercial property market. Their relevance to the commercial property market was determined using a survey. The literature analysis showed that the researchers paid more attention to quantitative criteria and their comparison. The survey showed that the relevance of criteria to the commercial property market dynamics is unequal. However, the survey results showed that it is most important to pay attention to emotional criteria to adapt to uncertainty changing conditions. The problem of the environment has been on the agenda for the last four decades. Therefore, the fact that the results of the study showed that the environmental criteria are the least significant is unexpected.Research limitations/implicationsThe study involved economically developed countries of Europe. Extending the study's geographical scope would be valuable in revealing whether the same differences exist in other geographical areas (such as Australia or the USA).Practical implicationsThe practical implication of the analysis may be to facilitate the decision-making process of either selecting a country for commercial property investment or selecting the most sensitive and relevant criteria for the decision-making.Originality/valueCriteria for commercial property market performance which promote successful property investment have been developed. Moreover, the criteria affecting the commercial property market have been weighted by their relevance to the market and their sequence of relevance has been established. And finally, the developed criteria have been placed into five groups that could serve as a foundation for a macro-level assessment of commercial property market dynamics.
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商业地产市场是否有最佳的方式来适应不断变化的环境?
目的本文试图提供一个答案。它探讨了商业地产市场参与者在极具挑战性的环境中制定战略的标准。为此,与英国、法国、德国和瑞典的房地产市场专业人士合作,开发了一种基于调查的方法,以产生一种基于标准的工具,支持适应不断变化的市场环境。设计/方法/方法使用统计分析对数据进行了分析。数据的统计分析包括Cronbach的alpha应用程序来评估受访者的回答的可靠性。使用熵倾向检验来确定标准的相关性。Mann–Whitney U检验用于确定英国和其他国家之间的潜在材料差异,采用Bonferroni校正来最大限度地减少I型误差。发现已经确定了影响商业地产市场动态的三十个特征。它们与商业地产市场的相关性是通过一项调查确定的。文献分析表明,研究者更注重量化标准及其比较。调查显示,标准与商业地产市场动态的相关性是不平等的。然而,调查结果表明,最重要的是要注意情绪标准,以适应不确定性变化的条件。过去四十年来,环境问题一直被提上议程。因此,研究结果表明环境标准的重要性最低,这是出乎意料的。研究局限性/含义这项研究涉及欧洲经济发达国家。扩大研究的地理范围将有助于揭示其他地理区域(如澳大利亚或美国)是否存在相同的差异。实际含义分析的实际含义可能有助于促进选择商业地产投资国家或选择最敏感和相关标准的决策过程制定了商业地产市场表现的标准,以促进房地产投资的成功。此外,影响商业地产市场的标准已根据其与市场的相关性进行了加权,并确定了其相关性序列。最后,将制定的标准分为五组,可作为商业地产市场动态宏观评估的基础。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Property Management
Property Management MANAGEMENT-
CiteScore
2.70
自引率
20.00%
发文量
36
期刊介绍: Property Management publishes: ■Refereed papers on important current trends and reserach issues ■Digests of market reports and data ■In-depth analysis of a specific area ■Legal updates on judgments in landlord and tenant law ■Regular book and internet reviews providing an overview of the growing body of property market research
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