The performance of corporate real estate asset management in New Zealand

Abstract

The management of real estate assets in organizations whose primary area of activity is not related to property has only recently become the focus of academic research. This thesis presents the results of a mail survey of 457 property owning organizations in New Zealand in which corporate real estate asset management (CREAM) issues were examined. The results were compared with the only previous study of CREAM in New Zealand, that of Teoh in 1992. In addition, a process was developed whereby multiple factors of CREAM performance identified in previous research by Veale and Pittman and Parker were combined using factor analysis into a single measure of CREAM performance. This performance measure was then used to test for associations between CREAM performance and corporate stage of development as identified by Joroff. M, Louargand, Lambert.S, and Becker.F. Finally, associations between a range of organizational factors and CREAM performance were examined. The findings include details on a wide range of current CREAM practices in a cross section of New Zealand organizations. These generally reflect prior research from the UK and USA. There has been progress since the research of Teoh, particularly in respect of property management information systems and management attitude towards corporate real estate. A relationship between CREAM performance and corporate real estate stage of development was found, as were associations between a number of organizational factors and high levels of CREAM performance. These included; organizational and portfolio size, qualifications of management, strategic planning, organizational structure, communication, advanced management information systems and decision-making techniques and having an outsourcing strategy.