Course booklet

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Course booklet

  1. 1. PROPERTY UNIVERSITY OF ABERDEEN BUSINESS SCHOOL LE 5522 CORPORATE REAL ESTATE COURSE GUIDE SESSION 2002/03
  2. 2. UNIVERSITY OF ABERDEEN PROPERTY, UABS MLE COURSE DESCRIPTOR FORM 2002/03 TITLE OF COURSE LE5522 Corporate Real Estate COORDINATOR Geoff Keogh CREDITS 20 OTHER CONTRIBUTORS PRE-REQUISITES None CO-REQUISITES None AIM To introduce the concept of corporate real estate and examine real estate in relation to corporate strategy, corporate finance and management OBJECTIVES This course is intended to: 1. provide knowledge and understanding of real estate in a business environment 2. examine the contribution of real estate to business value 3. integrate financial and strategic aspects of real estate 4. relate techniques of market analysis to strategic choice in the use or holding of real estate SUMMARY OF CONTENT Modern concepts of corporate real estate. Real estate and business strategy. Integrated CRE strategies. Case studies of CRE management. METHOD OF ASSESSMENT Written Yes Number of 1 from 3 Duration 1 hour Weighting 25% examination questions Assignments Yes Number 3 Weighting 75% STUDENT WORKLOAD Contact Hours Non-Contact Hours Lectures 10 General reading 100 Seminars 12 Seminar preparation 20 Tutorials 0 Projects/assignments 40 Project/fieldwork classes 8 Revision and 10 examination Total Hours 200 ASSIGNMENT DETAILS Coursework will be in three parts: • One group project report and presentation (25%). NB This is a group exercise and a common mark will be awarded to all members of a project group. • Two individual coursework reports of no more than 1500 words based on the material covered in the course as a whole (50%).
  3. 3. PROFESSIONAL AND TRANSFERABLE SKILLS This course is intended to develop the following skills: 1. the ability to search for and extract relevant information and data 2. critical analysis and synthesis of published material 3. techniques for the strategic analysis of real estate as a corporate asset 4. report writing and verbal presentation skills through coursework preparation 5. management of individual and team-based consultancy/research exercises MAIN REFERENCES Avis M, Gibson V (1993) Property Management Performance Monitoring, Oxford Brookes University/University of Reading Avis M, Gibson V, Watts J (1989) Managing Operational Property Assets, GTI, Reading Journal of Real Estate Research (1999) vol 17, no3 (Special issue on corporate real estate) Journal of Real Estate Research (2001) vol 22, no1/2 (Special issue on corporate real estate) Weatherhead M (1997) Real Estate in Corporate Strategy, Macmillan, London
  4. 4. Department of Land Economy Master of Land Economy LE 5522: Corporate Real Estate Geoff Keogh Introduction Traditionally, the operational real estate assets of a productive organisation have been viewed in largely functional terms, ie as a space in which to undertake the core business or activity of the organisation. However, over the last twenty years or so it has become increasingly understood that property may contribute to the ‘bottom line’ in a variety of ways. As a result, the management of corporate real estate, as a strategic business or productive asset, has become a focus for research and changing practice. In an increasingly fluid international economy, flexibility and speed of response has become essential to many businesses and other organisations. Corporate real estate has a potentially important role in supporting innovation and organisational change, and new areas of professional expertise and real estate service provision have been developed to underpin the management of operational real estate. Module objectives The objectives of this course are to: • provide knowledge and understanding of real estate in a business environment • examine the contribution of real estate to the value of business or other organisations • integrate financial and strategic aspects of real estate • relate techniques of market analysis to strategic choice in the use or holding of real estate At the end of this course, you should be able to: • comment critically on competing approaches to the management of corporate real estate • advise on the development of integrated corporate and real estate strategy • design and undertake appropriate research on corporate real estate problems Professional and transferable skills The course is intended to develop the following transferable skills: • the ability to search for and extract relevant information and data • critical analysis and synthesis of published material • techniques for the strategic analysis of real estate as a corporate asset • report writing and verbal presentation skills through coursework preparation • management of individual and team-based consultancy/research exercises Values and attitudes The module explores the problem of corporate real estate management in a variety of economic, business and organisational contexts, having regard to individual, corporate and social objectives.
  5. 5. LE 5522 Corporate Real Estate Geoff Keogh Teaching mode Lectures and seminars. The course will comprise 5 two-hour lectures with supporting seminars, workshops and project meetings. Self-directed learning. The emphasis of the course is on guided reading and private study. Lectures will provide appropriate guidance, seminar discussions will test understanding and support the sharing of information, and coursework will require critical discussion of key themes. The references provided in lectures and seminars should be regarded as a starting point for investigation. You should undertake the necessary library and on-line searches required to explore those aspects of each topic that particularly interest you. Project work. One element of coursework will be a group project, responding to a consultancy brief concerning corporate real estate and making a ‘client’ presentation. Teaching materials Lecture notes, seminar briefings and references can be downloaded from the CRE website (URL: http://www.abdn.ac.uk/~pty010/le5522.hti). Additional material and links to other web- based information will be posted as the course progresses. Assessment Assessment will be in three parts: • a group project report and presentation (25%). A project brief will be circulated at the beginning of the course. NB This is a group project and a common mark will be awarded to all members of each project group. • two individual coursework reports of no more than 1500 words based on the material covered in the course as a whole (2 x 25%). A brief for each assignment will be distributed at a later date. • one examination question (from a choice of three) drawn from the course as a whole (25%) Submission of coursework All coursework should be deposited in Geoff Keogh’s assignment box (located outside the Land Economy office) no later than 0900 on the hand-in date. NB the standard penalties for lateness apply, and any extensions must be approved by the MLE programme director (see Student Handbook: ‘Assessment and Examinations: Assignments’). Attendance You are expected to attend all classes (lectures, seminars, workshops, etc) and complete all assigned work (see Student Handbook: ‘Attendance and Class Certificates’). There will be one seminar group, which may subdivide for certain purposes. However, smaller project teams will be formed for the group assessment and you will be expected to attend project meetings with your designated team. 2
  6. 6. LE 5522 Corporate Real Estate Geoff Keogh Time and place Lectures and seminars will normally take place on Wednesdays between 0900 and 1100 in St Mary’s room 119, but check the detailed programme below for a full listing. Additional sessions have been allocated for group and project work. If any changes have to be made to the teaching schedule they will be notified by email, so please check regularly. Teaching staff This course is taught by Geoff Keogh. Please check official office hours with the Property secretary, Diane Alves (x2204 or email d.alves@abdn.ac.uk) or make an appointment outside those times. Geoff is in Edward Wright EW/S54. Email enquiries should be directed to g.keogh@abdn.ac.uk. 3
  7. 7. LE 5522 Corporate Real Estate Geoff Keogh Lecture, seminar and workshop programme Date Topic All teaching in St Mary’s SM/119 Lecturer: Geoff Keogh 5/2/03 Lecture 1: Introduction to corporate real estate (0900-1100) 7/2/03 Workshop: group project meeting (1100-1300) 12/2/03 Seminar 1: Reviewing the research and practice agendas in corporate (0900-1100) real estate 19/2/03 Lecture 2: Corporate real estate and corporate strategy (0900-1100) 21/2/03 Workshop: group project progress meeting (1100-1300) 26/2/03 Assignment 1 deadline (group project) (0900) 26/2/03 Seminar 2: Corporate real estate and corporate strategy (0900-1100) 28/2/03 Workshop: group project presentations (1100-1300) 5/3/03 Lecture 3: Corporate real estate and corporate finance (0900-1100) 7/3/03 Workshop (reserve) (1100-1300) 12/3/03 Seminar 3: Corporate real estate and corporate finance (0900-1100) 16-23/3/03 Barcelona fieldtrip 26/3/03 Lecture 4: Sector studies 1 (0900-1100) 28/3/03 Workshop (reserve) (1100-1300) 29/3-20/4/02 Easter vacation 23/4/03 Assignment 2 deadline (0900) 23/4/03 Seminar 4: Sector studies 1 (0900-1100) 30/4/03 Lecture 5: Sector studies 2 (0900-1100) 7/5/03 Seminar 5: Sector studies 2 (0900-1100) 14/5/03 Seminar 6: Overview and revision (0900-1100) 16/5/03 Assignment 3 deadline (0900) 4
  8. 8. LE 5522 Corporate Real Estate Geoff Keogh General References The general references below, and the references which accompany specific lectures, only provide a starting point for the examination of corporate real estate. Refer to the bibliographies provided in these sources and search the academic journals (eg Journal of Corporate Real Estate, Journal of Property Research, Journal of Property Valuation and Investment, Property Management, Journal of Real Estate Research, etc), professional journals (eg Estates Gazette, EuroProperty, Property Week, etc) and the quality press (esp Financial Times) for further information on aspects of corporate real estate that interest you. Note that Estates Gazette, Europroperty and many of the main academic journals are now available online. Gibson V A (2000) ‘The cost of choice: how corporate real estate managers evaluate business space options’, Paper presented at the American Real Estate Society Annual Meeting, Santa Barbara Ca. Gibson V A, Barkham R (2001) ‘Corporate real estate management in the retail sector: investigation of current strategy and structure’, Journal of Real Estate Research, 22, 1/2, 107-127 Gibson V A, Lizieri C (2001) ‘Friction and inertia: business change, corporate real estate portfolios and the UK office market’, Journal of Real Estate Research, 22, 1/2, 59-79 Manning C, Roulac S E (1999) ‘Corporate real estate research within the academy’, Journal of Real Estate Research, 17, 3, 265-279 Manning C, Roulac S E (2001) ‘Lessons from the past and future directions for corporate real estate research’, Journal of Real Estate Research, 22, 1/2, 7-57 Nourse H O, Roulac S E (1993) ‘Linking real estate decisions to corporate strategy’, Journal of Real Estate Research, 8, 4, 475-495. Roulac S E (1999) ‘Real estate value chain connections: tangible and transparent’ Journal of Real Estate Research, 17, 3, 387-404 Roulac S E (2001) ‘Corporate property strategy is integral to corporate business strategy’, Journal of Real Estate Research, 22, 1/2, 129-152 Roulac S E, Manning C (1999) ‘Introduction: corporate real estate research thought leadership’, Journal of Real Estate Research, 17, 3, 259-263 Weatherhead M (1997) Real Estate in Corporate Strategy, Macmillan, London 5

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