real estate management

Transcription

1 AR3R030 real estate management master thesis subjects 2013 master thesis subjects corporation & cities real estate & housing department transformation Delft university of technology MSc laboratory - Real Estate Management

2 RE&H Department Real Estate Management Lab Responsible Full Professor: Hans de Jonge Coordinator: Monique Arkesteijn (REM) February, 2013 Design: Flavia Curvelo Magdaniel 2 MSc laboratory - Real Estate Management

3 Positioning of the REM Lab within the RE&H MSc curriculum Focusing on the non-residential building sector, and addressing both public and private real estate on object, portfolio and area scale levels, this research proceeds from the need to identify: Frictions between the current and future supply of real estate and the current and future demand, resulting in an analysis and recommendations for the desirable supply, both quantitatively and qualitatively. The definition and elaboration of real estate performance criteria such as utility value, cultural value, cost/quality, feasibility, sustainability, future value, fit with legislation and so on. Probable, possible and desirable interventions that will create the best possible match between supply and demand. Concepts and theories to describe and explain the research domain including the impact on real estate of social, economical and technological trends, and relationships between demand and supply, taking into account the characteristics of individual users, organizations and society as a whole and characteristics of the built environment, on different scale levels. Structures for setting up and managing multi-actor decision-making processes for transforming real estate and tools to support the complex decision making processes related to it. Lab 1 30 ects Lab 2 30 ects Lab 3 30 ects Lab 4 30 ects Design & Construction Management thesis project Real Estate Management thesis project Urban Area Development thesis project Housing Policy, Management and Sustainability thesis project MSc 4 Lab 1 9 ects Lab 2 9 ects Lab 3 9 ects Lab 4 9 ects Free Electives 15 ects Design & Construction Management Real Estate Management Urban Area Development Housing Policy, Management and Sustainability Quantitative Research Methods in Design and Engineering 6 ects MSc 3 AR2R035 Re-design From Area to Building Block AR2R025 The Urban (re)development Game From Masterplan to feasibility Analysis 10 ects AR2R015 Fundamentals 2 Management, Economy, Law and Computational Design 10 ects 10 ects MSc 2 AR1R025 Real Estate Management AR1R015 Design & Construction Management 7 ects 7 ects AR1R035 Housing Policy, Management and Sustainability AR1R045 - Fundamentals 1 Management and Economics AR1R055 - Qualitative Research Methods in Design and Engineering 7 ects 6 ects 3 ects MSc 1 RE&H Curriculum MSc laboratory - Real Estate Management 3

4 Corporate and Public Real Estate Management Chair: prof. ir. Hans de jonge Key researchers: ir. M.H. Arkesteijn MBA, dr.ir. A. den Heijer, dr.ir. H.T. Remøy, ir.arch. H.J.M. Vande Putte MRE, dr. ir. D.J.M. van der Voordt, ir. J. van der Zwart, drs. Philip Koppels Corporate and public real estate management is the management of a real estate portfolio by aligning the portfolio and related services to the objectives of the organization, the needs of the real estate users and other stakeholders. Corporate real estate refers to the portfolio of private organisations such as banks, insurance companies, retailers, consulting and law firms, ICT companies, logistic firms, car assembling factories, etc. Public real estate refers to the portfolios of public institutions such as national governments, regional governments, non-profit organisations, municipalities etc. and consists of town halls, courts, education facilities, hospitals, ministeries, warehouses, etc. Real estate managers tasks include the definition of performance criteria in a brief or program of requirements, steering feasibility studies, designing and implementing strategic housing policies, selecting an office concept, searching for an appropriate building, and managing buildings in use. An optimal match between accommodation, organizational objectives, user requirements, goals and objectives of stakeholders such as shareholders and clients, and public opinion may help to increase satisfaction, labour productivity, a positive image and identity, effective and efficient ways of working, and reduction of facility costs. Professional real estate management requires scientific knowledge about the best fit between organization structures and culture, activity patterns, mission statements and company objectives on the one hand and solutions for accommodating people on the other hand, including site selection, building layout, housing concept and interior design. Criteria for a best fit include inter alia business performance, employee and client satisfaction, labour productivity and facility costs. A complicating factor is the dynamics of society and organizations, whereas buildings are rather static. It often occurs that even before a building is finished the organization and processes that have to be accommodated have changed already drastically. Clients, designers and real estate managers have to cope with many uncertainties. Scenario techniques may help to forecast on future developments. At Real Estate Management of the Department of Real Estate and Housing these issues are studied particularly in the domain of offices, higher education institutes, retail and leisure. The focus is on owners and users of private and public real estate and professionals involved in the process of planning, development and management of utility buildings. Property management from an investors point of view, aiming to get profit from investing in real estate, is studied extensively elsewhere and is no focus objective in Delft. Here the focus is on real estate as a fifth resource i.e. real estate as a facilitator of primary processes, in addition to capital, human resources, information and technology, municipalities, health care and the connection between corporations and cities. Research questions studied in this sub programme are for example: What is the impact of social and economic trends, technological innovations, and organizational changes on demand and supply of buildings? Which organizational characteristics should be considered as most important input to briefing, design and management of buildings? What is the best match between different organizational structures, cultures and working processes and different building layouts, in general and with respect to particular types of organizations? Which tools are available or should be developed in order to support complex decision-making processes to accommodate people? In this domain researchers of Real Estate & Housing often co-operate with researchers from the Center for People & Buildings. This knowledge centre is specialized in research and knowledge transfer in the field of working environments. Furthermore there are strong links with private and public organizations and with researchers from the RE&H fundamental programme Building Economics i.e. about the relation between costs and quality. 4 MSc laboratory - Real Estate Management

5 research themes and projects application area generic office higher education municipal health care themes 1 Successful real estate estrategies 1.1 Successful real estate estrategies (DAS) 1.3 Accommodation choice models 1.5 The European Campus From red to Implementability of green accommodation strategies 2 Adding value by real estate 2.1 The added 2.2 Optimizing value of real estate office accommodation 2.3 Managing the university campus 2.4 Municipal real estate management 2.5 Health care real estate management 3 Conversion of vacant buildings 3.1 Failing office markets and conversion potential of office portfolios 3.2 The lifespan of office buildings 3.3 Conversion of office buildings for new uses 3.4 Conversion of cultural heritage 4 Briefing and evaluation 4.1 Briefing and evaluation 4.2 Toolkit to evaluate office building 4.3 A university as a place to be 5 Corporations and Cities 5.1 Corporations and Cities 5.2 Campuses in Univer-Cities 6 Building economics 6.1 Value in use - Value in exchange 6.2 Office Market Dynamic: Spatial and Structural Market Segmentation Key researchers per project: 1.1 ir. M.H. Arkesteijn MBA, dr.ir. A.C. den Heijer, prof. ir. H. de Jonge and ir. arch. H.J.M. Vande Putte MRE 1.2 ir. arch. H.J.M. Vande Putte MRE., prof. ir. H. de Jonge and dr. Ir. D.J.M. van der Voordt 1.3 dr. ir. D.J.M. van der Voordt In co-operation with the Center for People and Buildings 1.4 dr. ir. D.J.M. van der Voordt In co-operation with the Center for People and Buildings 1.5 dr. ir. A.C. den Heijer 1 successful real estate strategies 2.1 dr.ir. Theo van der Voordt, ir. Monique Arkesteijn, ir. Johan van der Zwart, dr. ir. Alexandra den Heijer, drs. Philip Koppels 2.2 dr. ir. D.J.M. van der Voordt In co-operation with the Center for People and Buildings 2.3 dr.ir. A.C. den Heijer, in co-operation with campus planners of all Dutch universities 2.4 ir. M.H. Arkesteijn MBA, prof. ir. H. de Jonge 2.5 dr. ir. Theo van der Voordt, ir.j. van der Zwart (PhD candidate), prof.ir. Hans de Jonge 2 adding value by real estate 3.1 dr.h.t. Remøy, MSc. 3.2 dr.h.t. Remøy, MSc. 3.3 dr. H.T. Remøy, MSc. 3.4 dr.h.t. Remøy, MSc and ir. R. Geraedts 4.1 dr. ir. D.J.M. van der Voordt, dr. Alexander Koutamanis (BI) and dr. J. Heintz (DCM) 4.2 dr. ir. D.J.M. van der Voordt In co-operation with the Center for People and Buildings 4.3 ir. Salomé Bentinck, prof. ir. H. de Jonge and dr.ir. A.C. den Heijer 5.1 prof. ir. H. de Jonge and ir. arch. H.J.M. Vande Putte MRE 5.2 ir. Flavia Curvelo Magdaniel, MSc., prof. ir. H. de Jonge and dr.ir. A.C. den Heijer 6.1 drs. Philip Koppels and prof. ir. H. de Jonge 6.2 drs. Philip Koppels and dr.h.t. Remøy, MSc 3 conversion of vacant buildings 4 briefing and evaluation 5 corporations and cities 6 building economics MSc laboratory - Real Estate Management 5

6 1 successful real estate strategies 1.1. Designing an accommodation strategy Key researchers: ir. M.H. Arkesteijn MBA, dr.ir. A.C. den Heijer, prof. ir. H. de Jonge and ir. arch. H.J.M. Vande Putte MRE How to design an accommodation strategy and structure a strategy design process? SUPPLY SIDE MATCH DEMAND SIDE CURRENT FUTURE demand demand Determine Determine Weigh and 1 current 2 future 3 select alternative (s) match match CURRENT FUTURE supply supply 4 Step by step plan Process framework for the design of an accommodation strategy; matching the current and future supply of real estate and the current and future demand for it This research develops a process framework which integrates different existing strategy development models and instruments both from the real estate management profession as well as the organizational management in general which could be useful when designing an accommodation strategy. In education and in practice lots of strategy design tools are used. However these do not use the same definitions and focus on different moments in the strategy design process. The difficulty is to know when and where to use which tool. The objective of this research is to guide strategy designers through available knowledge and support them to apply this knowledge in their own way. The main research question is: How to design an accommodation strategy and structure a strategy design process? Sub-questions include: Why does an organization need an accommodation strategy? What strategy theories and which accommodation strategy design methods exist? What tools are available for the strategy design process? This research is based on education and consulting experience and integrates previous research of the Real Estate chair and research projects of ir. A.C. den Heijer: Managing the university campus ; ir. arch. H.J.M. Vande Putte MRE: Implement ability of accommodation strategies. The design and evaluation of a types methodology ; and dr. ir. J.C. de Vries Performance through to real estate. The results of this research are consecutive versions of the handbook: Corporate Real Estate Management, Designing an Accommodation Strategy in four steps. The final outcome of the research will be published in a handbook and a game for accommodation strategy making. Monique Arkesteijn Assistant Professor 01.west [email protected] present: all week (except Tuesday) De Jonge, H. (2006). Strategievorming in onzekerheid. Real Estate Magazine, 49, De Jonge, H., Arkesteijn, M. H., Den Heijer, A. C., Vande Putte, H. J. M., De Vries, J. C., & Van der Zwart, J. (2009). Corporate real estate management, designing a real estate strategy in four steps. Delft: TU Delft. 6 MSc laboratory - Real Estate Management

7 1 successful real estate strategies 1.2. Implementability of accommodation strategies - Design and evaluation of a methodology by types Key researchers: ir. arch. H.J.M. Vande Putte MRE. Supervisors: prof. ir. H. de Jonge and dr. Ir. D.J.M. van der Voordt How to predict the implementability of a strategy under design? This research aims at improving the implementability of organisation accommodation strategies through the use of types. This will allow to confront accommodation strategies under design with the implementation environment. The first motive to start this research is the problems accommodation managers report when implementing accommodation strategies. Preceding research points out these problems are often related to the content of the accommodation strategy which is not adapted to the specific e.g. organisational - implementation context. Secondly, empirical research into the design and implementation of accommodation strategies is scarce. The present research aims at improving academic and professional knowledge on organisation accommodation strategies, and to link this knowledge to the faculty s knowledge on typological concepts and methods in design processes. Organisations should benefit from a quick, clear and precise check of the implementability of an intended strategy within a given environment. The method that will be developed predicts conflicts and synergies between a conceived organization accommodation strategy and the implementation environment. It consists of a reflection phase inserted in the strategy-making process during which the content and the execution processes of the strategy under design and the implementation environment are generically typified and confronted. This is based on the presumption communication requires shared language. In May 2008 an international scientific conference was set up in Brussels entitled Corporations and cities: envisioning corporate real estate in the urban future to induce a debate between corporate real estate managers and urban planners which aren t used to communicate nor share established paradigms. The first and rough discourse analyses confirm the extensive use of cases and condensing schemes by both groups when communicating their visions on future corporate settlements in urban areas. Chakravarthy, B. S., & White, R. (2002). Strategy process: forming, implementing and changing strategies. In A. Pettigrew, H. Thomas & R. Whittington (Eds.), Handbook of strategy and management (pp ). London: Sage. Chan Kim, W., & Mauborgne, R. (2002). Charting your company s future. Harvard Business Review, 2002(June), Eilouti, B. H. (2009). Design knowledge recycling using precedent-based analysis and synthesis models. Design Studies, 30(4), Provoost, J. (2007). De structuur en inhoud van vastgoedstrategieen: een verkennend onderzoek onder Nederlandse organisaties. MSc thesis, Technische Universiteit Delft, Delft. Vande Putte, H. (2006). Organization accomodation strategy, strategy design, structure & content. Delft: Internal memo TU Delft. Master thesis research subjects Creative Designing new processes for strategy making How to use precedents in decision making? Reading / desk research Structure and content of accommodation strategies Structure and content of strategy design processes Talking / contacting many people Cases of strategy design in corporate accommodation Knowledge recycling using precedents Implementation issues in corporate accommodation Journalistic / survey The use of condensing schemes in the Corporations and Cities 2008 colloquium Theoretical / in depth Analogic and precedent-based reasoning in strategy-making The art of reduction Herman Vande Putte Assistant Professor [email protected] MSc laboratory - Real Estate Management 7

8 1 successful real estate strategies 1.3 Accommodation choice models How can the Accommodation Choice Model being used to support workplace strategies and workplace management/ decision making? Key researchers: dr. ir. D.J.M. van der Voordt In co-operation with the Center for People and Buildings Ongoing research of the Center for People and Buildings (CfPB) Since the mid nineties a huge number of new offices have been built and many existing offices have been adapted to New Ways of Working. In order to support complex decision making processes the Center for People and Buildings developed a so-called Accommodation Choice Model. This model has been applied in different (re-)accommodation processes and to support governmental workplace management policy. It is also being discussed and reflected upon by discussing real life projects with consultants and academics. Furthermore an innovative data base has been built in order to record data and to be able to answer (Frequently Asked) Questions. Research questions How can the Accommodation Choice model being improved furthermore? What can we learn from office accommodations and decision making processes when using the four steps in the models and related tools for data collection and decision support? Are organisations willing to share data about their office accommodation and workplace decision making processes? If so, which project data could be added to the present database? Which questions can be answered by statistical analysis of the database? Theo van der Voordt Associate Professor [email protected] Ikiz-Koppejan, Y. M. D., Van der Voordt, D. J. M., & Hartjes-Gosselink, A. M. (2009). Huisvestingskeuzemodel; procesmodel voor mens- en organisatiegericht huisvesten: vier stappen, een slinger en een spil op een speelveld. Delft: Center for People and Buildings. Pullen, W., Gosselink, A. M., Cox, H., & Ikiz-Koppejan, Y. M. D. (2010). Onderzoeksrapportage kaderstelling rijkswerkplek; corporate standard rijkswerkplek Delft: Center for People and Buildings. Van der Voordt, D. J. M., Ikiz-Koppejan, Y. M. D., & Gosselink, A. (2011). An organizationcentered accommodation choice model. In W. F. Preiser, S. Mallory-Hill & J. Vischer (Eds.), Assessing building performance II. (forthcoming). 8 MSc laboratory - Real Estate Management

9 1 successful real estate strategies Key researchers: dr. ir. D.J.M. van der Voordt In co-operation with the Center for People and Buildings 1.4 From Red to Green How can work environments being improved to satisfy the end users and what are the costs and benefits for the organisation? The percentage of employees being satisfied or dissatisfied with the work environment shows to be very different in different offices. This project searches for explanations why these differences occur, which measurements could enlarge satisfaction level and decrease dissatisfaction, and what will be the costs and benefits for the organisation regarding real estate and facilities costs, image, productivity and so on. The research is being conducted by the Center for People and Buildings. The research strategy includes expert meetings with real estate and facility managers to discuss findings from WODI-evaluations case based and cross-case, reflections by specialists and site visits to different offices. Ongoing research of the Center for People and Buildings (CfPB) Research questions Why are particular office buildings appreciated so highly by the end users and other ones are much less appreciated? What measurements could increase user satisfaction? What will be the effects of these measures on other organisational goals and objectives and what will be the costs and revenues of Real Estate and FM interventions? No particular reports or papers have been published about this project so far. At the Center for People and Buildings in Delft a number of minutes, presentations and literature reviews are available of the subjects that have been discussed in expert meetings. Theo van der Voordt Associate Professor [email protected] MSc laboratory - Real Estate Management 9

10 1 successful real estate strategies 1.5 The European campus: an important asset for Europe 2020 Key researchers: dr. ir. A.C. den Heijer How do universities in different EU member states manage their campuses and what can they learn from each other? Tzovlas, G.E. (2013), Strategic Management of University Real Estate supported by BIM: An application to the real estate of the Greek University A.U.Th. (Master thesis). ongoing research subjects Den Heijer, A.C. ( ), Managing the European campus: attracting and accommodating Europe s knowledge capital. In the current European context the university campus can be perceived as a (potential) problem as well as an asset for European universities (and consequently for Europe s knowledge economy). At European universities numerous policy makers, campus directors and planners are dealing with both the problems and challenges on campus, as mentioned above. In European countries many different management models are applied: fully centralized rental models (Sweden, Austria), private company models (Finland) to decentralized ownership models (Netherlands, UK). Some countries are about to change their campus management models (like France and some new EU member states) and are most interested in the evaluation of other models. One of the goals of this research project (Managing) the European campus : to analyse campus management models and to publish about best practices to support policy makers. Students could work on country profiles : describing the state of the university campuses in various EU member states, to compare them with others. N.B. This research is connected to the vision Europe 2020 and the European innovation agenda. related projects within REM F. Curvelo (2011-current): Campuses in Universities S. Bentinck (2011-current): A university as a place to be : Alexandra den Heijer Alexandra Den Heijer Assistant Professor [email protected] present: Thursday - Friday Den Heijer, A. C. (2011). Managing the university campus. Information to support real estate decisions. Delft: Eburon Academic Publishers. Den Heijer, Alexandra and Flavia Curvelo Magdaniel (2012), The university campus as a knowledge city: exploring models and strategic choices, in International Journal of Knowledge- Based Development, Van den Berg, L., & Pol, P. M. J. (2005). European cities in the knowledge economy: the cases of Amsterdam, Dortmund, Eindhoven, Helsinki, Manchester, Munich, Mu nster, Rotterdam and Zaragoza. Rotterdam: Ashgate. 10 MSc laboratory - Real Estate Management

11 Key researchers: : dr.ir. Theo van der Voordt, ir. Monique Arkesteijn, ir. Johan van der Zwart, dr. ir. Alexandra den Heijer, drs. Philip Koppels 2 Adding value by real estate 2.1. The added value of real estate What is the impact of real estate on organisational performance and how can we manage to attaining optimal results? The objective of this research project is to enhance the understanding of how real estate interventions affect organisational performance. Aimed deliverables are 1) a conceptual model that describes and explains the relations between real estate interventions and organizational performance; 2) further exploration of the concept of Adding Value by Real Estate; 3) a list of Key Performance indicators; and 4) tools to support value adding real estate management. This research project builds on conceptual frameworks that have been developed by RE&H staff and other researchers and are based on theoretical assumptions and data from surveys and interviews. Current theories are explored further more in particular fields like higher education, health care, municipal real estate, and office buildings. The research includes both testing and extending existing models and in-depth analyses of the effect of real estate interventions on particular values such as corporate image, productivity, user satisfaction, health and safety, and sustainability. Graduation thesis e.g. van der Burg (2011), Taveerne (2010), Boelens (2009) etc. PhD research of Johan van der Zwart International research by Per Anker Jensen et al. Conclusions so far show that performance indicators currently used for productivity, profitability, and competitive advantage are mainly quantitative and need to be filled up by qualitative ones. Real estate interventions need to be tailor made to fit the organisation, the objectives and the people concerned. topics and research questions: Which definitions exist of Adding Value by Real Estate? How do CEO s and real estate managers steer on Adding Value by Real Estate? What are the main effects? De Vries, J. C. (2007). Presteren door vastgoed. Delft: Eburon. De Vries, J. C., De Jonge, H., & Van der Voordt, D. J. M. (2008). Impact of real estate interventions on organisational performance. Journal of Corporate Real Estate, 10(3), Jensen, P. A., Van der Voordt, T., & Coenen, C. (2010). The added value of FM: different research perspectives. Paper presented at the EFMC June 2010, Madrid. Van der Voordt, D. J. M., & Van der Zwart, J. (2011). Value based design and management of hospital buildings. Paper presented at the MISBE 2011, Amsterdam. Van der Voordt, T. (2009). FM meetbaar en bespreekbaar maken. Facility Management Magazine 172(Augustus 2009), Theo van der Voordt Associate Professor [email protected] MSc laboratory - Real Estate Management 11

12 2 Adding value by real estate 2.2. Optimizing office accommodation Which office concepts and accommodation characteristics fit best with particular organizational strategies and users needs? Key researchers: dr. ir. D.J.M. van der Voordt In co-operation with the Center for People and Buildings Sophie van Akkeren, Herhuisvesting Bouwkunde, Linkedin group: Het Nieuwe Werken netwerk This project aims to improve our understanding of the impact of different office lay-outs and facilities on experience and use of the working environment, including new work settings with shared use of a variety of work locations and settings throughout the building, based on their work tasks ( New Ways of Working ). Organizations are introducing new offices with a view to improving overall organizational performance. Expectations are high. Openness and transparency will support easy communication and the rapid exchange of knowledge and skills, with a consequent increase in labour productivity. Beautiful architecture, ergonomically sound furniture and modern technology will compensate for the loss of a personal desk, so that workplace innovation will not reduce labour satisfaction. Desk-sharing will reduce facility costs. Key words are effectiveness and efficiency. But there are also dissenting voices. People do not like open-plan offices that do not afford privacy. The distractions involve a loss of productivity, while the excessive stimulation means that people can become fatigued or overburdened. People are not machines but creatures of habit that like to work in the same place. The need to change place all the time is highly disturbing. With the long run-lines and difficulty in locating documents, central and digital archiving results in a loss of time. Some employees are unable to cope with the pace of change. So what s true? Do organizational goals and values go hand in hand with user needs and preferences, functionally and psychologically? What are the risks? Theo van der Voordt Associate Professor [email protected] Van Akkeren, S., Van der Voordt, T., & Gorgievski, M. (2010). Flexwerken in een academische omgeving. In W. Kooyman (Ed.), Facility management jaarboek 2010 (pp ). Nieuwegein: Arko Uitgeverij BV. Van der Voordt, D. J. M. (2004). Costs and benefits of innovative workplace design. Delft: Center for People and Buildings Van der Voordt, T., & De Been, I. (2010). Werkomgeving : breinbreker of tevredenheidsgenerator? In I. Bakker (Ed.), De breinwerker (pp ). Naarden: Uitgeverij FMN. Van der Voordt, T., Ikiz-Koppejan, Y., & Hartjes-Gosselink, A. (2008). Organisatiegericht huisvesten. In P. A. M. Van Scheijndel & F. Horsten (Eds.), Succesvolle kantoorhuisvesting (pp ). Den Haag: Sdu Uitgevers. 12 MSc laboratory - Real Estate Management

13 Key researchers: dr. ir. A.C. den Heijer, in co-operation with campus planners of all Dutch universities How can universities improve strategic campus management, adding value to the university s performance, conducting which management tasks and using what information and tools? 2 Adding value by real estate 2.3. Managing the university campus CREM-model of stakeholders and their focus in managing the university campus focus on institution focus on real estate strategic strategic goals to support, quality ambitions financial costs, benefits, value campus management operational users, satisfaction, function mix functional m2, condition. location, quality physical This research project provides universities with a conceptual model and tools to improve campus management, for both strategic and operational questions, connecting orientations of different stakeholders policy makers, users, controllers and technical managers and creating shared responsibility for campus planning, at the same time generating universitywide support for campus decisions. Stakeholders involved in university real estate make higher demands upon the added value of the campus for the performance of the institution. In this dynamic context, campus management is complicated by the fact that different stakeholders with different expertise, backgrounds and interests rarely oversee all considerations that have to be made by campus managers. They either represent the strategic goals, user demands, resources or the physical aspects of the campus. A successful management requires more focus on creating a sense of shared responsibility. However, present methods and tools are insufficient to support an integrated approach to accommodating the campus of the future. Curvelo Magdaniel, F. (2010). Management of public university campus as real estate object. The case of the university city of Bogota, Colombia. MSc thesis, Delft University of Technology, Delft. The PhD research of Den Heijer described the current campus and developments that influence the campus of the future (for dissertation, see key publications). By using theories of corporate real estate management and by collecting data on Dutch practice and the international context, it resulted in a conceptual model for campus management and tools that connect all four stakeholders concerned with campus management. Contract research for and with campus planners of all Dutch universities is focusing on designing, testing and re-designing tools. One of the deliverables is a database for new university buildings that will ultimately generate management information on for instance current cost standards per space type and space use standards, both for new buildings and as an input for strategic decisions on portfolio level. Den Heijer, A. C. (2008). Managing the university campus in an urban perspective: theory, challenges and lessons from dutch practice. Paper presented at the Corporations and cities: envisioning corporate real estate in the urban future 2008, Brussels. Den Heijer, A. C. (2011). Managing the university campus. Information to support real estate decisions. Delft: Eburon Academic Publishers. Van den Berg, L., & Pol, P. M. J. (2005). European cities in the knowledge economy: the cases of Amsterdam, Dortmund, Eindhoven, Helsinki, Manchester, Munich, Mu nster, Rotterdam and Zaragoza. Rotterdam: Ashgate. Van den Berg, L., & Russo, A. (2004). The student city; strategic planning for student communities in EU cities. Rotterdam: Ashgate. Wiewel, W., & Perry, D. C. (2008). Global universities and urban development, case studies and analysis. New York: Lincoln Institute of Land Policy. Alexandra Den Heijer Assistant Professor [email protected] present: Thursday - Friday MSc laboratory - Real Estate Management 13

14 2 Adding value by real estate 2.4. Municipal real estate decision making Key researchers: ir. M.H. Arkesteijn MBA, prof. ir. H. de Jonge How do municipalities decide about their real estate portfolio? current demand future demand current match future match select alternative current supply step by step future supply Van de Schootbrugge (2010) Steering to align a public real estate portfolio: A systematic approach for process and product at strategic level Van de Noort (2011) Het besluitvormingsproces over gemeentelijk vastgoed More and more municipalities have opted to establish a more centralized real estate management. In percent of large municipalities (> 75,000 inhabitants) have a centrally organized real estate management (Tazelaar & Schonau 2010). This should lead to a more efficient and effective real estate decision making, resulting in more strategic opportunities for a real estate contribution to the spatial developments and social policies in the city. In this research, we have developed and (experimentally) used a prototype municipal real estate decision support system (PRE-system) with Rotterdams development Board OBR to enhance their effectiveness and efficiency. The prototype is based on three assumptions. The first is the DAS framework for designing accommodation strategies (Jonge De et al., 2009). The second assumption is the four stakeholder perspectives in CREM (Heijer, den A.C. & J.C. de Vries, 2004). The third assumption comes from the multi-actor goal oriented systems approach (Loon, P.P. van, 1998). The prototype PRE-system is ready and tested in two districts in Rotterdam and is in progress for the municipality of Den Bosch. How do municipalities decide about their real estate portfolio? What real estate portfolio strategies do municipalities have? How to align municipal goals into real estate objectives? How can a PRE systeem enhance real estate decision making? Monique Arkesteijn Assistant Professor 01.west [email protected] present: all week (except Tuesday) Arkesteijn, M.H., Schootbrugge, S. van de en Loon, P.P. van (2011) Decision making municipal real estate, Presentation Eres 2011 conference. Arkesteijn, M.H., Schootbrugge, S. van de en Bankers, B. (2010) Centralisatie vastgoedbeheer alleen leidt niet tot stratetgisch handelen, Real Estate Magazine. Jonge, H. de, Arkesteijn, M.H., Heijer, A.C.den, Vande Putte, H.J.M., Vries, J.C. de, Zwart, J. van der (2009), Corporate Real Estate Management Designing an Accommodation Strategy (DAS Frame), Delft: Department of Real Estate & Housing. 14 MSc laboratory - Real Estate Management

15 2 Adding value by real estate 2.4. Strategic management of care & cure real estate Key researchers: dr. ir. Theo van der Voordt, ir.j. van der Zwart (PhD candidate), prof. ir. Hans de Jonge How can health care organisations improve real estate management in a changing context? Due to a less strictly steering of real estate by the government and new finance systems, health care organisations become more and more responsible for their real estate themselves, resulting in new opportunities but also higher risks. The aim of the present project is to explore theories, tools and best practices of strategic real estate management in the domain of care and cure, in search for empirical evidence and a better understanding of the relationship between real estate performance and organizational performance, from a point of view of different stakeholders. Together with students knowledge is being explored and tested by literature study, interviews with stakeholders, analysis of documents such as strategic accommodation plans, and case studies. This research is linked to a current PhD project by Johan van der Zwart into the impact of more market and less government on design and management of hospital buildings. Graduation thesis of Michiel Boelens, Dirk van der Burg, Freek Taverne, Jane Pawiworedjo, Chris Meijling e.a. Research questions (How) do hospital managers steer on adding value by real estate, what are their priorities, and why? What is the impact of real estate interventions on organisational performance from the perspective of different stakeholders? Durmisevic, S., Van der Voordt, D. J. M., & Wagenaar, C. (2009). Performance based design and management of healthcare facilities. Paper presented at the 3TU research day Innovation in design and management of healthcare facilities and healthy environments 2009, Rotterdam Hoepel, H., Visser, S., De Vries, J., Van der Voordt, T., & Van der Zwart, J. (2008). Zorgvastgoedmonitor Amersfoort: Twynstra Gudde. Van der Voordt, D. J. M., & Van der Zwart, J. (2011). Value based design and management of hospital buildings. Paper presented at the MISBE 2011, Amsterdam. Van der Zwart, J., & Van der Voordt, D. J. M. (2009). Ways to study corporate real estate management in healthcare: an analytical framework. Paper presented at the HaCIRIC 2009, Brighton. Theo van der Voordt Associate Professor [email protected] MSc laboratory - Real Estate Management 15

16 3 Conversion of vacant buildings 3.1. Failing office markets and conversion potential of office portfolios Key researchers: dr. H.T. Remøy, MSc How can public and private interventions in the office market influence mismatches, and what will be the effect of interventions? R. Muller, 2008: De Amsterdamse Transformatiemarkt Van de Schootbrugge, 2010: Steering to align a public real estate portfolio ongoing research subjects B. Djajadiningrat, 2013: Conversion for the highest and best use J. Van Velzen, 2013: de transformatiemeter voor locaties Building conversion is a way of activating and reusing redundant office buildings. Conversion of office buildings can reduce the vacancy level in the office market but can also be an interesting tool for investors and owners of large portfolios to reduce the vacancy and enhance returns of their investments. Former research has shown possibilities for conversion through theory and practise, and has delivered several instruments for determining the transformation potential of vacant offices. Using these tools, the conversion potential of specific buildings can be defined and buildings can be compared to each other. On location scale and portfolio scale, such comparisons are useful for defining new investment and development strategies. Possible research questions: Under which conditions are office conversions financially feasible, and what is the best new use? Which buildings could do better by conversions, which could better be kept as they are or renovated, and which buildings would only improve a portfolio by the use of explosives? Could conversion be part of the organisations investment or development strategies, or should vacant buildings be disposed of? Possible research methods: case studies of portfolios or locations, interviews, Focus group or Delphi surveys. related projects within REM Municipal real estate decision making, Arkestein. study of conversion potential for portfolio/locations of governmental real estate, REM 2012/2013. : Hilde Remøy Hilde Remøy Assistant Professor [email protected] Remøy, H Out of office, a study of the cause of office vacancy and transformation as a means to cope and prevent. Amsterdam, IOS. Wilkinson, Sara J., and Hilde Remøy Sustainability and within use office building adaptations: A comparison of Dutch and Australian practices. In Pacific Rim Real Estate Society, edited by K. Anderson. Gold Coast: Bond University. 16 MSc laboratory - Real Estate Management

17 3 Conversion of vacant buildings 3.2. The lifespan of office buildings Key researchers: dr. H.T. Remøy, MSc What is the lifespan of office buildings, and can it be prolonged? Which effect does a longer life span have on the sustainability (people, planet, profit) of office buildings? The Dutch office market has a vacancy rate of 15%, and still new buildings are added to the stock. Using several arguments, investors and office users all want new buildings: for instance, sustainability is becoming an increasingly important issue. The Rijksgebouwendienst (governmental building agency) will only rent buildings with an energy-label C or higher, while many existing office have lower labels. Lack of flexibility and new way of working are also mentioned as reasons to move to new offices. Likewise, new offices centrally located in city centres are seen as good investments, with an irr of 8%. Instead of adding new buildings, existing office buildings could be adapted and upgraded to fit the needs of new office users, considering issues like energy efficiency and new ways of working. However, office users move and contribute to accelerating building obsolescence and depreciation, and relatively shorter building life spans. Possible research questions: What are the location and building characteristics of office buildings with a long life span? Are these characteristics related to functional, technical or financial issues? To which extent can the life span of buildings be planned, and is a prolonged lifespan of buildings interesting for investors? S. Jansz, 2012: The effect of the estimated service life on the sustainability of vacancy strategies R. Arkenbout, 2012: Het kantoor binnenste buiten T. Hendrikx, 2012: Blijven of verhuizen W. Schenk, 2009: Investeren in mogelijkheden related projects within REM Optimizing office accommodation (Van der Voordt) : Hilde Remøy Remøy H. and T. Van der Voordt Redesign upgrading the building stock to meet (new) user demands. In MISBE 2011 Conference Proceedings. Amsterdam, Delft University of Technology. Wilkinson, Sara J., and Hilde Remøy Sustainability and within use office building adaptations: A comparison of Dutch and Australian practices. In Pacific Rim Real Estate Society, edited by K. Anderson. Gold Coast: Bond University. Remøy, H., P. De Jong and W. Schenk Adaptable Office Buildings. Property Management, 29, 5 Hilde Remøy Assistant Professor [email protected] MSc laboratory - Real Estate Management 17

18 3 Conversion of vacant buildings 3.3. Conversion of office buildings for new uses Key researchers: dr. H.T. Remøy, MSc Which market, location and building characteristics contribute to the success of building conversions? W. Schenk, 2009: Investeren in mogelijkheden R. Muller, 2008: De Amsterdamse Transformatiemarkt R. Schmidt, 2012; R. Mackay, 2007: Bouwkosten van transormatieprojecten ongoing research subjects B. Djajadiningrat, 2013: Conversion for the highest and best use Building conversion is a way of activating and reusing redundant office buildings. Conversion of office buildings can reduce the vacancy level in the office market. Former research has shown possibilities for conversion through theory and practise, and has delivered several instruments for determining the transformation potential of vacant offices. Still, building conversion is not taking place on a large scale. There are several explanations; high (book) value of offices, unsuited locations, segmented real estate markets, high conversion costs, and, following the financial crisis: high financing costs and market uncertainty for possible new functions. Conversion of offices into new uses is financially viable when the costs and benefits of the new function are higher than of the existing office. Real estate investors and developers will pursue the highest return combined with low investment costs; high yields and low risks. Possible research questions: Under which conditions are office conversions financially feasible, and what is the best new use? What characterises best practices? Possible research methods: case studies of completed building conversions, interviews, Focus group or Delphi surveys. Hilde Remøy Assistant Professor [email protected] Remøy, H Out of office, a study of the cause of office vacancy and transformation as a means to cope and prevent. Amsterdam, IOS. Remøy, H. and T. Van der Voordt Conversion of office buildings; a cross-case analysis. BSA 2007, Tokyo, Tokyo Metropolitan University. Van der Voordt, D.J.M., R.P. Geraedts, H.T. Remøy, C. Oudijk, Eds Transformatie van kantoorgebouwen thema s, actoren, instrumenten en projecten. Rotterdam, Uitgeverij MSc laboratory - Real Estate Management

19 3 Conversion of vacant buildings Key researchers: dr. H.T. Remøy, MSc. and ir. Rob Geraedts 3.4. Conversion of cultural heritage Which characteristics of heritage influence its value and its conversion viability? Conversion is a way of activating and reusing real estate that has lost its use. Former research has shown possibilities for conversion of cultural heritage through theory and practise, and has delivered instruments for determining the conversion potential of buildings. Still, a large part of our cultural heritage is left vacant. In the Netherlands and worldwide, former brownfield locations that were once developed on the city fringes are now located near city centres. Often, these locations and buildings have a rich and long history and a specific image, important indicators for the value of heritage. Possible research questions: what different values may be defined and related to cultural heritage? To which extent are these values such as recreation, bequest and housing comfort values measurable? How can conversion contribute to preserving and enhancing the value of cultural heritage? Possible research methods: Literature review and case studies should be part of the research. Additionally, studies of urban regenerations will add to the understanding of area development. Possible strategies for redevelopment should be defined and tested for value development. I. Lusardi, 2011: Torre Velasca, determining the highest and best use of a modern monument T. Schunselaar, 2009: Transformatie van beschermde monumenten A. Scheltens, 2009: Sleutels voor succesvolle transformaties van verouderde industriele gebouwen D. Bouwer, 2008: Een maatpak of toch confectie? related projects within REM H.T.Remøy, 2010: Out of Office, a study of the cause of office vacancy and transformation as a means to cope and prevent Van der Voordt et al, 2007: Transformatie van kantoorgebouwen, thema s actoren, instrumenten en projecten Remøy, H Out of office, a study of the cause of office vacancy and transformation as a means to cope and prevent. Amsterdam, IOS. Remøy, H. and T. Van der Voordt Conversion of office buildings; a cross-case analysis. BSA 2007, Tokyo, Tokyo Metropolitan University. Van der Voordt, D.J.M., R.P. Geraedts, H.T. Remøy, C. Oudijk, Eds Transformatie van kantoorgebouwen thema s, actoren, instrumenten en projecten. Rotterdam, Uitgeverij 010. Hilde Remøy Assistant Professor [email protected] MSc laboratory - Real Estate Management 19

20 4 Briefing and evaluation 4.1. Briefing and evaluation Who is and should be involved in briefing? Which stakeholders and disciplines are and should be involved in evaluation research? Key researchers: dr. ir. D.J.M. van der Voordt, dr. Alexander Koutamanis (BI) and dr. J. Heintz (DCM) This research project aims to improve our understanding of briefing processes and the use and implementability of data from buildings-in-use studies in briefing and pre-design research. Originally a brief is a static list of spatial and technical requirements that is delivered by the client to inform the designer(s) about what kind of building they want. During the design process possible inadequacies in the brief are dealt with in a direct dialog between the client and the architect. However, building processes change due to the turbulent real estate market. More and more shareholders and stakeholders are involved. A huge variety of aspects need attention, such as flexible and multifunctional use, sustainability issues and lifecycle costs. Overall the building process gets more complex. In order to manage the complexity and to be able to control the building costs and quality, a brief can no longer be a static list or a one to one dialog. It has to be a dynamic and transparent document for all parties involved. As a result the form and function of the brief is gradually changing. Briefing and designing go more and more hand in hand, leading to different types of briefs, e.g. an urban brief, strategic brief, project brief, fit-out brief and furniture brief. Technological developments in ICT and multimedia give new opportunities to support briefing by 2D and 3D schemes and computer animations and allow changes that can be traced by different stakeholders. An important input for the briefing process is both pre-design research (e.g. analysis of organisation characteristics, user preferences and working processes) and results from Post-Occupancy evaluations. Up until now insufficient use is made of lessons learned by experience and use of buildings-in-use, user surveys, and experience from real estate managers and facility managers. The aim of this research project is the inventory and further development of ideas, data on user preferences and experience and use of actual buildings, research methods and decision support tools. Theo van der Voordt Associate Professor [email protected] Bogers, T., Meel, J. J., & Van der Voordt, D. J. M. (2008). Architectenvisie op het programma van eisen. Facility Managament Magazine Jaarboek, 2008, 2-7. Bogers, T., Meel, J. J., & Van der Voordt, D. J. M. (2008). Architects about briefing. Facilities, 26(3/4), Van den Berg, S., Van der Voordt, T., & Van Doorn, A. (2010). Maak uw programma van eisen flexibeler en meer toekomstgericht. ZM Magazine, 2010(najaar). Van der Voordt, D. J. M. (2009). Quality of design and usability: a Vitruvian twin. Ambiento Construido, 9(2), Van der Voordt, D. J. M., & Van Wegen, H. (2005). Architecture in use; an introduction to the programming, design and evaluation of buildings. Oxford: Elsevier, Architectural Press. Wijk, M. (2004). Bouwstenen; gids bij het maken van een programma van eisen. Rotterdam: Stichting Bouwresearch. 20 MSc laboratory - Real Estate Management

21 4 Briefing and evaluation 4.2. Toolkit for a diagnostic evaluation of office buildings Key researchers: dr. ir. D.J.M. van der Voordt In co-operation with the Center for People and Buildings How can building performance - i.e. employee satisfaction - being measured in a reliable and valid way? The physical environment, i.e. real estate and other facilities, is perceived as an important means to support employee satisfaction and labour productivity. Yet how will a client or a designer know if the environment has achieved these goals? In order to be able to evaluate the effects of (new) offices on organizational goals and user needs, the Centre for People and Buildings in Delft in collaboration with the Department of Real Estate & Housing developed an instrument for a diagnostic pre-occupancy or post-occupancy evaluation, the working environment diagnostic WODI toolkit. The tool has been based on an extensive literature review and has been applied in a number of case studies. The tool provides protocols for interviews with key persons, web-based questionnaires to ask employees about their experiences, observation methods to list the actual use of the environment and a framework to check the overall costs and benefits. Ongoing research of the Center for People and Buildings (CfPB) Research questions: What can be learned from WODI-based evaluations of (new) office accommodations, case-based and cross-case, practically and regarding workplace theory and testing hypotheses? How can differences in employee satisfaction and perceived productivity being explained by physical characteristics? Brunia, S., Maarleveld, M., De Been, I., & Beijer, M. (2011). De CfPB indicator 2011; de beleving in kaart gebracht. Facility Management Magazine, februari Maarleveld, M., Volkert, L., & Van der Voordt, D. J. M. (2009). Measuring employee satisfaction in new offices the WODI toolkit. Journal of Facilities Management 7(3), Volker, L., & Van der Voordt, D. J. M. (2005). An integral tool for the diagnostic evaluation of non-territorial offices. In B. Martens & A. G. Keul (Eds.), Designing social innovation; planning, building, evaluating. (pp ). Göttingen: Hogrefe & Huber Publishers. Volker, L., & Van der Voordt, D. J. M. (2005). Werkomgevingsdiagnose-instrument. Delft: Center for People and Buildings. Theo van der Voordt Associate Professor [email protected] MSc laboratory - Real Estate Management 21

22 4 Briefing and evaluation 4.3. A university as a place to be Creating a sense of belonging to a campus environment, the importance of a good place Key researchers: ir. S. Bentinck in cooperation with the University of Amsterdam How do we ensure that people like to come to the university? What makes the university an irresistible place? How to attach people to land and buildings? related projects within REM A. Den Heijer, 2011: Managing the University Campus F. Curvelo (2011-current): Campuses in Universities A.Den Heijer ( ): The European campus campus.nl Why should students and staff bother to come to the university building when on line studying and working at home has become so easy? These possibilities will change the universities. The question is how to respond to this future trend. However large the computer mediated communication possibilities, there is evidence that faceto-face contact stays significant. Therefor it is important for universities to be attractive to staff and students and to make sure that attendance at the institution is felt as an added value. In other words, how will the university building and the campus stay or become a place to be? When we experience a positive emotion at a place, we might afterwards associate this feeling with this specific spot and get attached to the physical location. What features must have a place to get attached to it? What is this so called place attachment? And what role has social media therein? On-going case study How students and academic staff experience their faculty building. Study by interviews, survey and analysing data. Amsterdam University College Amsterdam University of Applied Sciences, Domain Society and Law University of Amsterdam, Faculty of Social Sciences, Faculty of Law Salomé Bentinck Researcher [email protected] Den Heijer, A. C. (2011). Managing the university campus. Information to support real estate decisions. Delft: Eburon Academic Publishers. Kraut, R. E., Fish, R. S., Root, R. W., & Chalfonte, B. L. (1990). Informal communication in organizations: Form, function, and technology Lewicka, Maria. (2011). Place attachment: How far have we come in the last 40 years? Journal of Environmental Psychology, 31(3), doi: /j.jenvp Voordt, T. v. d., & Wegen, H. v. (2009). Architectuur en Gebruikswaarde: programmeren, ontwerpen en evalueren van gebouwen 22 MSc laboratory - Real Estate Management

23 Key researchers: prof. ir. H. de Jonge and ir. arch. H.J.M. Vande Putte MRE 5 Corporations and Cities 5.1 Corporations and cities What is the relation between corporate accommodation and urban development? Master thesis research subjects Historical How did corporate settlements development in a city? What types of buildings did/do corporations use? What has been their life cycle? Creative Development of a Monopoly game for corporate real estate in urban areas What is the usability of solids and hybrids for larger firms? Corporations and Cities researches the relation between the accommodation of large scale organisations and urban development. The way organisations such as multinationals, governmental institutions and educational facilities fulfil their accommodation needs, influences the structure and liveability of cities. Vice versa, the vision and policies of urban planners have an important impact on large corporations. Little has been researched or written so far about this obvious interaction. City planners and corporate real estate managers do not meet on a regular basis. This explains why cities continue to propagate the urban mix and corporations still prefer fenced business clusters, isolation and control. The aim of Corporations and Cities is to productively discuss the cultural, economic and technological determinants needed to realise innovative corporate real estate and urban strategies. The problematic relations between the large-scale premises of the European headquarters and the historical urban fabric in Brussels, led the Berlage Institute to organise in 2007 the exhibition entitled A Vision for Brussels. The Corporations and Cities project aims at broadening the reflection on this and at continuing envision future strategies. It intends to contrast the logic of corporate managers and city developers and create a common language in the search for matching strategies. The first international scientific Corporations and Cities colloquium took place in Brussels in It was conceived and organised by TU Delft. The second colloquium is under preparation and scheduled for The Corporations and Cities research is conducted through historical and contemporary case studies and theoretical analyses, organized around five themes: Organizational strategies and urban planning goals History and future Agglomeration strategies and location choices Image, branding and representation Managing symbiosis Bissumbhar, K. (2011). Location strategies of audiovisual companies compelled by the network society. MSc thesis, Delft University of Technology, Delft. Singh, R. (2010). Organisations location choices. The demand drivers for clustering and dispersal of functions across geographical area. MSc thesis, Delft University of Technology, Delft. Van Beek, B. (2005). The sell-or-redevelop decision: disposal strategies for redundant industrial real esate. MSc thesis, Delft University of Technology, Delft. Vande Putte, H. ( ). Corporations and cities (11 articles). Real Estate Magazine, Vande Putte, H., & de Jonge, H. (Eds.). (2008). Corporations and cities. Envisioning corporate real estate in the urban future. Delft: Publikatiebureau Bouwkunde. Reading / desk research Critical appraisal of the regulations related to corporate accommodation Schools in CRE research: the approaches of Delft, Reading, Sydney, Oslo, MIT, Critical appraisal of 25 years of CRE research reported in journals. Talking / contacting many people Description of the development of major corporations accommodation in urban areas. Facts and figures about the cost of corporate accommodation Resetting ground positions to develop a sustainable European quarter in Brussels. Journalistic / survey History, impact and future of large corporations in urban centres Recycling redundant corporate real estate in the urban realm Corporate accommodation strategies used in Eastern European cities after die Wende to accommodate corporations? Theoretical / in depth Theoretical model of the evolution from a mixed to a segregated urban fabric. Theoretical frame for the Corporations and Cities 2013 colloquium Reporting and critical appraisal of the 2008 Corporations and Cities colloquium; continuation of the cases Conference reporting and appraisal (e.g. Corenet 2011 Paris, Nationaal Bedrijventerreinencongres 2011, ) Herman Vande Putte Assistant Professor [email protected] MSc laboratory - Real Estate Management 23

24 5 Corporations and Cities 5.2. Campuses in Univer-Cities A study on the physical interventions shaping the clustering strategies of knowledge regions Key researchers: prof. ir. H. de Jonge, dr.ir. A. Den Heijer and ir. F. Curvelo Magdaniel Which characteristics of the campus and the city successfully support the development and growth of regional clusters? Which type of information is needed to support the planning, design and management of campuses? related projects within REM A. Den Heijer, 2011: Managing the University Campus S. Bentinck [Ongoing]: A university as a place to be A.Den Heijer [Ongoing]: The European campus campus.nl Large scale developments of real estate have been built in designated urban areas, well known as campuses or parks, as means to support the growth and development of regional clusters. The complexity of these physical interventions is that on the one hand, they are fixed solutions involving large investments and the use of large pieces of land in cities, while on the other, they are tied to a flexible demand driven first, by political decisions that tend to change according to priorities in regional agendas and second, by the preferences of users, who are increasingly mobile. Thus, there is a lot of risk involved in the development of campuses in cities and the limited research on built environment characteristics does not provide knowledge regions with the appropriate tools to successfully support real estate decision-making. This research aims to achieve insight into the role of the built environment supporting knowledge regional goals in general, and clusters strategies in particular. For instance, its primary goal is to assess the capacity of a campus to shape the collaborative environment in which clusters are supposed to growth and develop. The hypothesis of this research is that a successful campus is assessed for its capacity to properly shape the collaborative environment in which clusters are supposed to develop and growth which is determined by three conditions given by the city/region as inmediate context: a shared vision, a shared use and the flexibility to adapt the dynamic demand of the knowledge economy. The expected outcome of this assessment is the identification of information that might support real estate decisions at different stages of campus development: planning, design and management. Empirical research focuses on international cases studies of business and/or university campuses in developed knowledge regions. In the Dutch context High-Tech Campus Eindhoven and Eindhoven region are used as pilot case study to test the main hypothesis. Flavia Curvelo Magdaniel PhD Candidate [email protected] Den Heijer, A. C. (2011). Managing the university campus. Information to support real estate decisions. Delft: Eburon Academic Publishers. Den Heijer, A. C., & Curvelo Magdaniel, F. T. J. (2012). The university campus as a knowledge city: exploring models and strategic choices. International Journal of Knowledge-Based Development, 3(3), MSc laboratory - Real Estate Management

25 Key researchers: drs. P.W.Koppels and prof. ir. H. de Jonge 6 Building economics 6.1. Value in exchange - Value in use What are the main features of the office building that determine the willingness to pay, what is their relative weight and how do these features relate to the building costs? In all markets quality and revenues are considered to be connected. In the field of real estate the quality of the location is considered an important determining factor for the realised rent level and asset price. However, the characteristics of office property that relate to the office building have received less scientific interest. It is reasonable to assume that not only the quality of the location matters, but also the features and the associated quality level of the office building itself. The object of this research project is to determine the influence of office building features on the willingness to pay of the office user. The current sellers market condition, whereby office space supply exceeds office space demand, has highlighted the significance of office building features. Market reports about outdated office buildings, due to the location or the office building, have further increased the awareness for the importance of office building features. An office building can become obsolete, and remain vacant, because its features do not meet current occupiers requirements. In less extreme cases, occupiers derive less utility from the office building and are willing to pay less. However, what are the main features of the office building that determine the willingness to pay, what is their relative weight and how do these features relate to the building costs? In January 2005 a PhD-research project has started to answer the previous questions. The individual features of office buildings are not traded independently on the market. Two principal methodologies exist for determining the willingness to pay for products (or integral product features) that are not traded on the market; the revealed preference approach and the stated preference approach. Hedonic price models, a revealed preference method, have been widely utilised to determine the price of individual office features. Various stated preference methods have also been applied to the real estate market. Stated and revealed preference methods have their advantages and disadvantages; a combination of both methods is applied during this research project. Insight in the preferences of office space users regarding the office building features and the price they are willing to pay for these features is beneficial for developers, investors (landlords), governments and for the users of office space. First, it enables developers to establish a relationship between design decisions and the financial performance of office property. This enables developers to relate investments in the quality of the office building to the financial performance of the property. Second, it increases the transparency of the real estate market for office space users. Consequently, it provides qualitative asset selection criteria for the investment portfolio of investors. To conclude, it enables assessment of the quality of the existing office stock and facilitates office stock policy that fully utilizes the potential of existing office stock, which is beneficial for spatial planning. Koppels, P., & Soeter, J. P. (2006). The marginal value of office property features in a metropolitan market. Paper presented at the The Sixth International Postgraduate Research Conference in the Built and Human environment, Delft. Koppels, P., & Soeter, J. P. (2006). The market value of office features. Paper presented at the 13th annual European Real Estate Society Conference, Weimar. Philip Koppels Assistant Professor [email protected] MSc laboratory - Real Estate Management 25

26 6 Building economics 6.2. Office Market Dynamic: Spatial and Structural Market Segmentation How can intra-urban office submarkets, spatial and structural, be identified and delineated? Man, R. de (2008), Ontwikkeling van submarkten bij kantoorvastgoed Onderzoek naar de verwachte ontwikkelingen op de Amsterdamse kantorenmarkt door data analyse met GIS technieken (MSc thesis) There is a sound theoretical base and intuitive expectation that urban office markets are too segmented to be accurately described by unitary market models. Nevertheless, previous studies of office market dynamics tend to concentrate on either national or metropolitan markets and assume a unitary market in equilibrium. In spite of the fact that the value of office property attributes may vary across urban submarkets. Office submarkets can be understood as comprising offices that, although not exactly alike in their combination of characteristics, are considered a reasonable substitute for each other. In general, two types of segmentation can be distinguished; spatial segmentation and structural segmentation. Spatial segmentation refers to geographical delineated submarkets due to dissimilar location features. Structural segmentation relates to market segmentation due to building dissimilarities such as building size, building quality and year of development. The study examines the spatial and structural segmentation of the Amsterdam office market. Philip Koppels Assistant Professor [email protected] Dunse, N., C. Leishman and C. Watkins (2002). Testing for the Existence of Office Sub-markets: A Comparison of Evidence from Two Cities. Urban Studies 39: Stevenson, S. (2007). Exploring the Intra-Metropolitan Dynamics of the London Office Market. Journal of Real Estate Portfolio Management 13(2): MSc laboratory - Real Estate Management

27 Legenda scale of project Object level Portfolio level Area level RE&H Department Real Estate Management Lab Responsible Full Professor: Hans de Jonge Coordinator: Theo van der Voordt (C/P REM) September, 2011 Design: flavia curvelo magdaniel MSc laboratory - Real Estate Management 27

28 2013 master thesis subjects corporation & cities real estate & housing department transformation Delft university of technology