This study updates and expands upon the existing work on the accuracy of the IPF’s Consensus Forecasts. The paper evaluates the extent to which the consensus forecasts were able to predict the relative performance. It also assesses the accuracy of implied yield forecasts and concludes that failure in yield forecasting is the main source of failure in forecasts of capital growth and total returns. A high level of agreement between the actual and forecasted sector rankings was found. Evidence of a pessimism bias was identified. Yield forecasts are consistently found to perform worst using a range of forecast performance metrics.

This paper provides a preliminary evaluation of staged introduction of the Minimum Energy Efficiency Standards in England and Wales in the period after announcement but before policy implementation. A process evaluation of the specific policy design focussing on potential sources of policy failure is provided. Drawing upon a database of all EPCs registered for offices in London, preliminary empirical evidence is presented on policy outcomes post-announcement and pre-implementation period. The extent to which EPC G and F rated office buildings in London have improved their EPC rating in anticipation of the introduction of the policy between 2011 until 2017 is analysed. It is found that a maximum of 0.65% of the properties affected by the introduction of minimum standards had modifications that could have been triggered by the policy intervention in the period prior to policy implementation.

This paper investigates the impact of vertical location and tenant sorting on commercial office rents within the tall office towers of Amsterdam. In economic geography and urban economics’ approach to productivity tall buildings constitute an important, density-increasing typology that fosters agglomeration. Through econometric modelling of 627 office rent transactions in 33 tall office buildings in Amsterdam rented during the period 2000–2016, this paper provides empirical evidence to the growing body of knowledge on the economics of height. This paper is the first to decompose the vertical rent premium whereby 27% is related to view, 3% to industry-level differences and the remaining 70% to firm-level signalling and other factors. The results indicate positive rent premiums for higher floor locations consistent across a wide range of specifications, strong premiums associated with the top output-per-job industry sectors and a weak presence of vertical sorting. Additional sorting evidence shows clear differences among industry sectors for height preference (law firms and consultancy & management practices), or lack of it despite high productivity (ICT sector). Relative price differentials for view and status were consistent across the various industry sectors with the exception of insurance carriers who seem to prefer status over the view aspect of height. The good performance of the OLS model with submarket fixed effects indicates the strong delineation of office submarkets in Amsterdam.

Purpose: The purpose of this paper is to investigate how strategic corporate real estate (CRE) management varies across different types of organizational culture. Additionally, the authors examine how a set of well-established strategies is categorized by CRE executives and investigate whether there have been any changes in priorities of managers’ rating in importance of these strategies compared to a post-GFC study. Design/methodology/approach: A wide-scale survey of CRE managers was undertaken in summer 2016. Two key components of the survey are namely importance scoring of CRE strategies after the framework of Gibler and Lindholm (2012) and organizational culture assessment based on the competing values framework of Cameron and Quinn (2006). Analysis of CRE strategy importance is undertaken based on the average score comparison per each cultural family, and additional features are reported based on the industry sector, firm size and CRE department size. Principal component analysis is used to provide statistical evidence on the grouping of CRE strategies by practitioners. Findings: Empirical evidence points toward a clear division on the organizational culture dimension that differentiates effectiveness criteria of flexibility and discretion from stability and control. More specifically, clan and adhocracy cultural types prioritize employee-centric CRE strategies, whereas hierarchy and market cultures consider “Reducing real estate cost” as their single most influential strategy. Research limitations/implications: The competing values framework has been adapted from the original ipsative scoring process to reflect the fact that only one respondent per firm assesses their organization’s culture. Practical implications: The findings of this study are useful to CRE managers striving for maximum strategic fit within their firms as they unveil clear patterns of CRE strategy prioritization among different organizational culture types. Originality/value: To the authors’ best knowledge, this is the first study that analyzes the inter-relationships among CRE strategies and organizational culture variations. Additionally, the paper provides a categorization of CRE strategies through statistical methods that follow a clear pattern based on the scope of each strategy.

Transition from a centralized to a market economy yielded different responses from the former Eastern Bloc countries with economic performance directly affecting spatial composition of the cities. Post-socialist urban transformations across Central and Eastern Europe exhibit main, common features but always preserve singularities, characteristic of individual states. This paper, by using comparative methods and urban planning analyses, emphasizes differences in the degree of change for inner city areas under same transition conditions. Drawing on empirical evidence from Tirana, the paper stresses the fact that besides the obvious general change in the communism-inherited urban fabric, the degree of this change is predicated on the area's centrality and its pretransitional urban pattern. It is pointed out that this spatial change follows a mutually interactive, parallel path with the socio-economic composition of the city. The peculiarity of Tirana stands in the fact that post-socialist socio-spatial transformations are better defined by Balkanization (implying individuality and hostility) rather than segregation (which implies clustering).