期刊名称：International Journal of Strategic Property Management
印刷版ISSN：1648-715X
电子版ISSN：1648-9179
出版年度：2021
卷号：25
期号：1
页码：1-16
DOI：10.3846/ijspm.2020.13776
语种：English
出版社：Vilnius Gedinimas Technical University
摘要：Although real estate resources represent a high percentage of the corporate assets of non-property companies, their future role is unclear. Longevity and difculty in revising property-related decisions clash under dynamically changing environmental conditions. Tis makes it necessary to consider the ownership strategy and its altering role in order to avoid inefciencies and not to hinder companies in mastering structural change successfully. In a frst step, data from a telephone company survey (CATI) among 69 corporate real estate managers of German companies are grouped by performing a two-step cluster analysis according to the degree to which they are affected by structural change. Te resulting clusters are then tested regarding differences in their ownership strategy. Te empirical analysis shows that frms highly affected by structural change exhibit a higher willingness to decrease the proportion of ownership. Te decline in real estate assets is particularly evident in the ofce segment and in increased acceptance of sale-and-rent-back solutions. First hints show that structural change and associated new business requirements change the relevance of CRE ownership. To avoid competitive disadvantages, especially European frms should scrutinize their high ownership ratios.
关键词：structural change;corporate real estate ownership;frm performance;corporate real estate fnance
