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Towards value-creating corporate real estate assets management in emerging economies

Timothy Tunde Oladokun
Department of Estate Management, Obafemi Awolowo University, Ile Ife, Nigeria
Abstract
Purpose This paper aims to increase the awareness of developing countries corporations and academics concerning the signicant importance of CRE holdings in corporate asset portfolios. It seeks to demonstrate how corporate real estate management can be employed by organisations in developing countries to add value to overall business value by adopting quantitative evaluation measures to determine space utilisation and occupation of organisations. Design/methodology/approach The methodology involved the review and analysis of previous related papers in respect of the subject in advanced countries as a guide to practitioners in developing countries. The paper identied the various concepts and attributes of real estate that make it a unique value-adding product to a business organisation. The paper outlines performance measures that are in common practice in advanced countries for use in developing countries. Findings The practice of corporate real estate management is still relatively new to African countries like Nigeria. The implication is not beneting from value contribution that real estate could make to business organisations. Understanding real estate performance measures is a major pathway to tapping the benets of real estate. Originality/value The paper is a useful guide to corporate real estate managers in developing countries towards employing real estate holdings to increase the overall value of their companies. Keywords Investments, Property, Real estate, Performance measures, Developing countries Paper type General review

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Received February 2010 Accepted May 2010

Journal of Property Investment & Finance Vol. 28 No. 5, 2010 pp. 354-364 q Emerald Group Publishing Limited 1463-578X DOI 10.1108/14635781011069963

1. Introduction At various phases in their growth and consolidation, companies need new buildings. Sometimes these are straightforward, off-the-shelf product like ofce warehouse facility. Sometimes they are products that are almost always necessary custom-tted laboratories, R&D, high-tech/bio tech factories. Occasionally they go beyond the custom-tted facility to be high prole statements deriving as much from top management motivations from the space needs of the company (Brown, 2001). In any case, and at every stage of growth and development, space requirements is part of the decision taking of an organisation; at least for housing/accommodating the organisations business, and/or human requirement. Corporations do not exist without business real estate (CRE), the acquisition of which is a major cost to the organisation. Capital commitment to corporate real estate is generally high. It is the largest non-cost in most organisations (Laws, 2007). As an essential factor of production (Hwa, 2003), real estate assets of companies is in many cases more than 50 per cent of the total assets and its costs represent the largest cost of factor after the personnel expenses

with 5 to 10 per cent of the total turnover (Breitensten et al., 1998). Bouris (2005) regarded it as the second or third largest expenses on the balance sheets of organisations. More recent studies of Loukko (2004) and Ilsjan (2006) found that on average real estate constituted around 30 to 35 per cent in the UK and the gure might be even a bit higher in the western Europe. It is often regarded as the fth resource of an organisations beside capital, people, technology and information. Corporate real estate assets (CREA) are not accorded the required attention by business managers relative to the concentration on other aspects of the business. Little attention is given to property which takes so much money to acquire by corporate executives. Notwithstanding the fact that real estate represent a signicant portion of a corporations asset, real estate is often not actively managed from or in conjunction with overall corporate strategy (Nourse, 1994; Rodriguez and Sirman, 1996; Seiler et al., 2001). The result according to RICS (2002) cited in Laws (2007) in the UK business was found to often throw away $18 billion a year through inefcient use of property. According to the author, cutting this out would improve trading prots by up to 13 per cent. Consequently, CRE was traditionally a valueless asset which require little or no training to manage. As against the historic reputation of considering CRE as an avoidable cost of production, the current environment of increasing corporate governance, regulation and nancial transparency, necessitated a shift in paradigm shift. CRE is now receiving a strategies focus and is becoming rmly embedded into corporate decision making (Laws, 2007). According to the author, there is real evidence of an increased focus on property and related services, demonstrated by an increasing interest (and representation) at corporate and market innovation around delivering real value from this specialist asset. CRE executives are challenged currently with articulating how real estate can have a positive nancial impact and contribute measurable values to the organisations, beyond the traditional real-view metrics that are commonly adopted (Bouris, 2005). There is a shift from perceiving CRE as a purely tangible asset to one that may also provide benets of an intangible asset (Lindholm and Gibler, 2005). McDonagh (2008) identied the role and contribution of real estate in an organisation in terms of monetary values as two-fold: rst as an asset that will increase a rms equity and second, as a cost that will reduce the rms protability. The former is based on the argument that real estate is a resource that will bring benet to the business entity. Then (2000) remarks that the principal goal of corporate real estate asset management is to support the core business of the organisation it is serving. While the potential advantages of corporate real estate to contributing to shareholders value is acknowledged in developed economies, the traditional and non strategic approach to CREA still dominate the practice in developing countries like Nigeria. The paper will therefore explore the attributes of corporate real estate products that are value-adding to overall business objectives of organisations. From this, a formalised real estate performance measure is outlined for adoption by African practitioners. Understanding such performance indicators allows CREM managers of organisations in African countries like Nigeria to re-align their operations to be able to substantially contribute to the value of the organisations. It will also make the CREM unit to be more relevant at the board level where strategic decision that affect the

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organisations are being taken and provide corporate real estate managers with needed tools to quantify their contributions to wealth creation within an organisation. First, it is pertinent to examine the question, why is real estate an important asset of an organisation? 2. Real estate as a product Traditionally, property (land) is seen as the fourth factor of production after labour, capital, and entrepreneur. It is a tool or medium of investment that generates return (income) in response to capital layout (Oladokun forthcoming). Overtime, however, the contemporary concept of property views it as a product. Studies such as Nourse and Rolac (1993) and Brown (2001) emphasised the need to consider real estate as a product that requires decisions that are integral to the realisation of overall business objective. As typical of other products, the driving force of the rm shows clearly what inuences its production process. Peculiar to real estate, as Nourse and Roulac (1993) indicate however, is that there is no single driving force that could have several generalised approaches as against a strategy-specic approach. In addition, the corporate real estate unit is unavoidably in the real estate business and is therefore offering a product. This is corporate real estate driving force (Nourse and Rolac, 1993; Brown, 2001). The interrelated attributes of real estate products proposed by Lindholm et al. (2006) in line with the submissions of Nourse and Rolac (1993) requires corporate real estate to be used to minimise cost of occupancy, maximise exibility in real estate decision making, prompt human resources objectives, promote marketing image, promote sales processes, facilitate production processes, facilitate management and knowledge ows and capture the created real estate value. As a product, real estate have a variety of attributes such as location, size, image, ownership, risk management and control. These attributes are important areas of corporate real estate operations decision (Nourse and Rolac, 1993). Many real estate decisions are critical to the operations of the rm. Notable areas of strategic real estate decisions, according to the authors includes: decisions on location of facility whether regional, local and site, quality of space requirement, duration of tenancy, corporate identity, proportion of facility occupied major/minor tenants, amenities in and near facility, visual character of surroundings, ownership right and nancing mechanism. Real estate is contemporarily a product of many inter related factors and activities. This is because real estate now functions and serves beyond mere provision of space. The utilisation of real estate as a means of brand identity and means of competitive advantage requires CRE managers to embrace the concept of seeing real estate as a product that are demanded not for its use per see, but for its signicant contribution to organisationss objectives. 3. Value contribution attributes of real estate Organisations are established and set up with anticipated protability. The main goal is primarily to maximise the return to the shareholders, as measured by the sum of capital gains and dividends for a giving level of risk or reduce the risk with the same level of income (Lindholm and Gibler, 2005). Organisations either own or lease space

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(real estate) for its business activities as well as housing its employees. Researchers have submitted that ownership of real estate are benecial to corporate organisations. Liow and Ingrid (2008) listed common benets of real estate that are common among corporate real estate managers. First, they enable the rms to be efcient and make prots as well as increase in value over time. Second, CRE is a gure on the annual balance sheets that reects organisation growth. Third, CRE is a necessity for achieving the rms operational mission. Fourth, CRE is a source of cash in bad time. Fifth, CRE ownership provides a source of capital growth, investment income, and disposal and development prots and lastly that CRE is capable of improving the rms stock market performance. CRE functions may contribute to increasing nancial performance and enhance decision making (Bouris, 2005). This can be achieved only by linking the CRE activities with specic nancial statement drivers. Measuring the values of CRE decisions has, however been found to be more difcult than calculating the nancial return on traditional investment real estate for the corporate organisation as a whole (McDonagh, 2008; Lindholm and Gibler, 2005). Literature has structured these around key nancial and non nancial key components such as revenue growth, operating margin, assets efciency and expectation (governance, execution capability and external factors) (Bouris, 2005). Other researchers (Kaplan and Norton, 1996, 2000, 2004) advocated two basic approaches of a rm towards increasing the shareholders value: revenue growth and protability. The former is based on a premise that rst, building the franchise into revenue from new market, new products and new customers;. and increased value to existing customers by deepening relationships with them through expanded sales. It is a major challenge of CRE managers to manage the CRE assets of the organisation to enhance the achievement of the overall business objectives CRE enhances and contributes to the shareholders value. Bouris (2005) submission corroborated this assertion. The author identied two main areas where CRE plays a signicant role in creating value. First, in operating margin in which case its activities affects the organisations. Income statement through its contributions to the categories of selling, general and administrative costs (SG&A). Second, CRE inuences assets efciency through driving the costs related to property, plants and Equipment (PP&E) on the balance sheets. The role of CRE in an organisation is thus a vital one. If CRE is effectively utilised, it contributes to increasing the nancial status of organisations and enhances the achievement of the overall business objectives. The various elements of added value of real estate proposed by Lindholm and Levainen (2006) to reect its strategic role and contribution to the overall objective of the organisation includes viz: increasing productivity, cost reduction, risk control, increase of value, Increase of exibility, changing the culture, PR and marketing. Organisations in developing countries must recognise and strive towards achieving these elements. CRE executives should manage real estate to contribute to the protability of the business as well as ensuring cost reduction. In the same way, it behoves them to eliminate or at best control real estate risk while guaranteeing space exibility at all phases of the organisations life. The recognition of their responsibilities beyond mere space provider is a necessity. They should initiate space needs of the organisations in line with the changing business culture as well as maintaining the image and brand identities of organisations in the discharge of their duties.

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Nevertheless, the contribution of CRE to the organisation is a function of the adopted strategy. The choice of strategy for creating shareholder value is however likely to be closely tied to the nature of the organisation. This is because every strategy is fashioned out in line with the requirements of a business organisation. CRE strategy is an integral part of the overall business strategy. Decisions about CRE are often taken in line with the organisations vision and mission. This suggests the possibility of different strategies for different organisations depending on the nature and business objectives of such organisation. Seven alternatives real estate decisions in support of alternative real estate strategies are identied from the literature. Lindholm et al. (2006) Identied them as follows: . Increasing the value of assets. . Promoting, marketing and sales. . Increasing innovation. . Increasing employee satisfaction. . Increasing productivity. . Increasing exibility. . Reducing cost. These objectives guide management, at the board level, in taking strategic and real estate decisions. Organisations in developing countries are open to a variety of strategies depending on their types and expectation. Alternative real estate strategies in use in developed economies are summarised by Nourse and Rolac (1993), quoted in Lindholm et al. (2006) as occupancy cost minimisation, exibility, promote human resources objectives, promote marketing message, promote sales and selling process, facilitate and control production, operations, service delivery, facilitate managerial process and knowledge work and capture the real estate value creation of business. To this end, for organisations in developing countries to benet from the added value of real estate, they need to develop strategies for its management in line with their objectives. This will help them to incorporate it into the overall business strategy for effective utilisation. An organisation whose objective is to maximise cost will be driven by such objective and will be cost conscious and aims at getting the lowest cost for ownership and occupation of space. On the other hand, a corporations goal could be to achieve exibility and human resource satisfaction. Such organisations real estate will then be managed to accommodate changing organisational space requirements and provide efcient environment to enhance productivity. Circumstance could make organisations to focus capturing the real estate value creation of business or facilitate managerial process and knowledge work. In any case, the responsibility of corporate real estate executives in developing countries is to be disposed to understanding the primary business of the organisations they work, the process of the business and its environment requirements and the overall business strategy of the organisation. From this, a real estate strategy that goes along with the overall strategy is developed for the company as a means to manage the real estate assets of the organisation to add value to the organisation.

4. Measuring corporate real estate value contribution Over time, there has been continuous and growing interest in discovering the value contribution of CRE to an organisation and its business activities. Not only is this as a result of continuous domination of the balance sheets of organisations by CRE but also in line with the business environment. Consequently, CRE performance has been a key area of focus for many corporate real estate research (e.g. Veale, 1989; Nourse, 1994; Brounen and Eichholtz, 2005; Tay and Liow, 2006; McDonagh, 2008; Lindholm and Gibler, 2005). Studies into the impact of real estate on organisations performance are confronted with three major barriers. These according to De Vries et al. (2008) include: rst, the absence of standard denition of organisational performance, that covers all relevant aspects of organisational performance. Secondly, the difculty of quantifying the effect of real estate intervention, and lastly, the difculty of isolating the impact of real estate from the impact of other variables such as technology, human resources or ICT, and from the external context. Regardless of these seeming limitations, researchers and corporate real estate managers are on the quest for discovering factors and or measures for measuring the performance of their CREA to the organisation. Neeley et al. (1995), as quoted in Lindholm and Gibler (2005), described performance measurement as the process of quantifying action, where measurement is the process of quantication and action correlates with performance. The author argued that performance should be dened as the efciency and effectiveness of action. Performance at a glance is a qualitative and quantitative measure of effectiveness of a pre-determined success criterium. The means of determining the status of a success is referred to as performance measure (Lindholm and Gibler, 2005). They are otherwise called key performance indicators (KPIs). These are factors that have been identied to contribute to enhanced level of CRE performance. Inspite of the growing interest in understanding the contribution effective CREM can make to an organisation, identifying good performance in real estate situations is much more difcult than the traditional investment real estate or for corporate organisations as a whole (McDonagh, 2008). Nevertheless, corporate real estate literature documents a number of identied factors that have empirically been established to contribute to CRE performance. These are: centralised real estate authority, a comprehensive computerised real estate inventory, senior reporting level, having a prot centre structure, communication with CRE regarding overall corporate goals, having a formal real estate plan, and real estate staff size relative to real estate assets (McDonagh, 2008). The degree to which the management of organisations in developing countries adopts these factors and give priority to them serves as yardstick for quantifying their contribution to the enterprise value. Therefore, the need to measure the contribution of real estate asset, different from other inputs, to the organisations has led to the development of measures that are acceptable in the industries for measuring the added value of corporate real estate. 5. Real estate performance measures For many of the empirical studies on CRE performance, the theoretical proposition, according to Tay and Liow (2006) are often based on pioneering studies such as those of Zeckhauser and Silverman (1983) and Veale (1983). These studies established the basis for classifying and structuring organisations for effective measuring of their

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impacts and organisations. It became a reference point for decision taking about organisation requirements and needs of different organisations, as McDonagh (2001) put it, requires different things from their real estate assets. Key cost management metrics, such as cost/income or cost per employee, are decisions taking at the management level. This identied with an earlier study of Gibson (1995) which postulated that CRE performance focused on input to, and process of CRE decision making. Being inuenced by this, extant literature exist to identify and categorise key performance factors. Veale (1989) put forward and tested seven factors that enhance CREM performance. These include: The presence of formal, organised real estate unit; the use of management information system for real estate operations; the use of property accounting methods; the frequency of reporting real estate information to senior management; the exposure of real estate executives to overall corporate strategy and planning; the estate performance and use; the performance of real estate assets relative to overall corporate assets. Studies in general suggest four types of factors that affect CRE performance. Tay and Liow (2006) list them as follows: . Corporate related factors such as size of rm and existence of real estate unit. This position was rst established by Veale (1989) that size of rms have little bearing on CRE performance. A more recent studies by Schaefers (1999) based on studies of German companies revealed that rms with greater revenue and employ more staff adopt a more proactive approach to CRE. On the other hand, the study reveals that small rms with small and limited management size do not allocate the real estate the necessary attention. While the impact of size of rm on CRE performance is inconclusive, the effect of the existence of a real estate unit on CRE performance had been more consistence (Tay and Liow, 2006). According to them, both Pittman and Parket (1989) as well as Schaefers (1999), found that having a centralised real estate authority is an important factor in determining CRE performance. . Business environment related factors concentrate on the impact of economic situation in which companies operate on the status of operational property management. The view initially established by Schaefers (1999) with a conclusion that organisation take property matter more seriously and therefore actively when they are under severe economic pressure in their main building. . Portfolio related factors including size and geographical distribution of real estate portfolio and existence of property database. In a recent study, Boer et al. (2005) postulated that rms with a high level of geographical focus had better stock performances. In regards to maintaining a property database, extant literature suggest that many organisations had poor or non-existent property information systems (Tay and Liow, 2006). While there is broad consensus among CRE researchers on the importance of a property database on enhanced CRE performance, the result from the various studies on the effect of size and geographical distribution of real estate portfolio on CRE performance had been rather mixed (Op cit). . Management related factors such as management attitude, preference to lease/own and corporate real estate planning.

Organisations in developing countries should begin to be conscious of the contribution of real estate to their shareholders value. There is the need to embrace the need to measure the performance of their real estate, separately from, and in addition to, the overall performance of the organisation. An array of corporate real estate management performance measures are found in the literature. Authors at different places and times have, overtime, identied them as acceptable means of measuring real estate management performance. These range from cost, space efciency, satisfaction, CRE unit efciency, portfolio efciency, nancial performance, employee satisfaction, marketing and sales, strategic involvement and productivity. These conventional measures allow the corporate real estate managers to compare their performance with the industry norm; they do not make clear whether the organisation is spending the right amount for its needs or whether it is maximising its results from the core business point of view (Lindholm and Gibler, 2005). It is a means at measuring an organisations stand and position within the industry. Embracing the culture of measuring the added value of corporate real estate management to organisations performance will assist corporations in developing countries benet from the yet-untapped gains of CREM. It behoves every organisation to develop appropriate measures to measure the added value of the management of its organisation in line with the organisations objective. In addition to the measures and indicators most common in literature, some additional innovative measures were discovered by (Lindholm and Gibler, 2005) arising from an interview with corporate real estate managers of organisations in the USA, UK, Finland and The Netherlands. They can be grouped into: . cost; . CRE unit efciency quality; . exibility; . productivity; . innovation; . marketing and sales; . portfolio return; . risk management; . strategic involvement; . strategy implementation; and . corporate social responsibility. These are measures often employed as tools by corporate real estate executives to add value to the organisations they belong to. Proper understanding and utilisation of these measures will make real estate assets of organisations effective value contributing resources of the organisation. 6. Conclusion An important prerequisite for making real estate contribute to the overall business value in emerging economies is the re-alignment of CREM practice in line with the practice in advanced countries. That in turn cannot be done without sound and

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sustainable CREM performance measures. Currently in developing countries like Nigeria, real estate has been ineffectively and inefciently contributing to the overall shareholders value of organisations, a trend that needs to be urgently reversed. Managing CREA towards effective value contribution is a function of the CRE strategies that a rm adopts. Such strategies should be closely linked with the overall business strategy of the organisation. These require that real estate practitioners and CREM executive should properly understand the attributes of real estate as a product that add value to organisations overall objectives, if efciently managed. Adopting appropriate performance measures requires the understanding of the various key performance indicators (KPIs) that are already acceptable for use in the practice.
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Lindholm, A.-L., Gibler, K.M. and Levainen, K. (2006), Modeling the value adding attributes of real estate to the wealth maximization of the rm, Journal of Real Estate Research, Vol. 28 No. 4, pp. 445-75. Liow, K.H. and Ingrid, N.-C. (2008), A combined perspective of corporate real estate, Journal of Corporate Real Estate, Vol. 10 No. 1, pp. 54-67. Loukko, A. (2004), Competitive advantage from operational corporate real estate disposal, International Journal of Strategic Property Management, Vol. 8 No. 1, pp. 11-24. McDonagh, J. (2001), The performance of corporate real estate assets in New Zealand, MCM thesis, Lincoln University, Lincoln. McDonagh, J. (2008), The development of corporate real estate asset management in New Zealand, Proceedings of the 14th Annual Conference of the Pacic Rim Real Estate Society Istana Hotel, Kuala Lumpur, Malaysia, January 20-23, 2008, available at: www.prres.net/ Proceedings/2008proceedings.asp (accessed 27 October 2009). Neeley, A., Gregory, M. and Platts, K. (1995), Performance measurement system designs: a literature review and research agenda, International Journal of Operations & Production Management, Vol. 15 No. 4, pp. 80-160. Nourse, H.O. (1994), Measuring business real property performance, Journal of Real Estate Research, Fall, pp. 431-44. Nourse, H. and Rolac, E. (1993), Linking real estate decision to corporate strategy, Journal of Real Estate Research, Vol. 8 No. 4, pp. 475-94. Pittman, R.H. and Parker, J.R. (1989), A survey of corporate real estate executives on factors inuencing corporate real estate performance, Journal of Real Estate Research, Vol. 4 No. 3, pp. 107-19. Rodriguez, M. and Sirman, C.F. (1996), Managing corporate real estate: evidence from the capital market, Journal of Real estate Literature, pp. 13-36. Schaefers, W. (1999), Corporate real estate management: evidence from Germany companies, Journal of Real Estate Research, Vol. 17 No. 3, pp. 301-20. Seiler, M.J., Chatrath, A. and Webb, R.J. (2001), Real asset ownership and the risk and return to shareholders, Journal of Real Estate Research, Vol. 22 Nos 1/2. Tay, L. and Liow, K.-H. (2006), Corporate real estate management in Singapore, International Journal of Strategic Property Management, Vol. 10, pp. 93-111. Veale, P. (1989), Managing corporate real estate: current executive attitude and prospects for emergent management discipline, Journal of Real Estate Research, Vol. 4 No. 3, pp. 1-21. Zeckhauser, S. and Silverman, R. (1983), Rediscover your companys real estate, Harvard Business Review, January/February, pp. 111-7. Further reading Ali, Z., McGreal, S., Adair, A. and Webb, J.R. (2008), Corporate real estate strategy: a conceptual overview, Journal of Real Estate Literature, Vol. 16 No. 1, pp. 1-22. De Jonge, H. (1996), Toegevoegde Waarde Van Concernhuisvesting, paper presented at NSC Conference, October 15. Gibson, A.V. and Lizieri, M.C. (1998), Friction and inertial: business change, corporate real estate portfolios and the UK ofce market, Conference Proceedings, available at: www.reading. ac.uk/LM/LM/fulltxt/0398.pdf (accessed 27 October 2009). Krumm, P.J.M.M. (1999), Corporate Real Estate Management in Multinational Corporations, ARKO Publishers, Nieuwegeing.

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Lindholm, A.-L. and Nenonen, S. (2006), A conceptual framework of CREM performance measurement tools, Journal of Corporate Real Estate, Vol. 8 No. 3, pp. 108-19. McCarty, T.D., Hunt, R. and Truhan, J.E. (2006), Transforming CRE value through relationship management, Journal of Corporate Real Estate, Vol. 8 No. 1, pp. 4-18. Scheffer, J.J.L., Singer, B.P. and Van Meerwijk, M.C.C. (2006), Enhancing the contribution of corporate real estate to corporate strategy, Journal of Corporate Real Estate, Vol. 8 No. 4, pp. 188-97. Corresponding author Timothy Tunde Oladokun can be contacted at: tundeoladokun@yahoo.com

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