the evolving european real estate research agenda – a seventeen year retrospective Éamonn...
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The Evolving European Real Estate Research Agenda –
A Seventeen Year Retrospective
Éamonn D’ArcySchool of Real Estate and Planning, University of Reading
Paloma Taltavull de La PazUniversity of Alicante
Introduction This papers examines the evolving European real estate
research agenda over the past seventeen years Analysis based on over two thousand eight hundred
individual conference contributions made at the annual conferences of the European Real Estate Society over the period 1993-2010
Objectives: To assess the extent to which the evolving research agenda
reflects the process of structural change which has taken place in the European Real Estate Sector in the same time period
To provide a benchmark of how the European research agenda has evolved overtime and to use this as a means of comparing the European experience with that in other regions
Market Contexts
Internationalisation of European Real Estate Markets Shifting Geographic Orientation, Activity Internationalisation, Economic and
Monetary Integration
Changing Sophistication of Real Estate Asset Markets the fundamental characteristics of non-residential real estate investment markets
in Europe have undergone significant changes expanded range of actors and menu of product choices shift from direct to indirect modes revolution in performance information unparallel growth in investment volumes shift from domestic towards cross-border strategies evolution of debt markets
Impacts of the Information Economy Changing Place and Space Strategies
Market Contexts
Real Estate and Public Policy Urban regeneration Sustainability Housing Policy
Significant Expansion in the Provision of Real Estate Education in Europe
Many new Requirements for Real Estate Research and Analysis
Data Data set constructed from The ERES Annual
Conference Programmes and Books of Abstracts 1994-2009
Data also includes the ERES pre-conference held in Reading in 1993
Data also includes no-shows Papers Subject Classification based on
combination of Title, Abstract and Session Presented
7 Primary and 28 Secondary Subject Classifications made
Table 1: Primary and Secondary Classification of Research Topics
Housing
HOUSING POLICY
HOUSING MARKET
HOUSING FINANCE
MORTGAGE MARKETS
HOUSING PRICE INDEX/ REAL ESTATE PRICE INDEX
Valuation
Investment and Finance
FINANCE AND INVESTMENT
INVESTMENT TRUST - REITS
PERFORMANCE & RISK MEASUREMENT
Economics, Markets and Analysis
INTERNATIONAL MARKETS
MARKET ANALYSIS
REAL ESTATE MARKETS
QUANTITATIVE ANALYSIS OF REAL ESTATE
LAND ECONOMICS
EMERGING MARKET
Table 1(Contd): Primary and Secondary Classification of Research Topics
Urban Planning, Development Law and Sustainability
ENVIRONMENT AND BUILDINGS
PLANNING, REGENERATION
REAL ESTATE & SOCIETY
REAL ESTATE DEVELOPMENT
PROPERTY RIGHTS / LEGAL REGULATIONS
Education-Professional Development
EDUCATION AND RESEARCH
REAL ESTATE EXPERTS/PROFESSIONALS
ETHICS
CRE-Property and Management
IT AND REAL ESTATE
CRE/USE AND OCCUPATION
REAL ESTATE & MANAGEMENT
CORPORATE REAL ESTATE
REAL ESTATE MARKETING
Table 2: Research Contributions by Year and Category
Contribution Category Total
Doctoral Paper
Research Paper Panel Keynote Plenary
1993 READING, UK 0 24 0 0 0 24
1994 AMSTERDAM, The Netherlands 0 41 0 0 2 43
1995 STOCKHOLM, Sweden 0 98 6 0 0 104
1996 BELFAST, UK 0 68 2 0 0 70
1997 BERLIN, Germany 0 96 1 3 0 100
1998 MAASTRICHT, The Netherland 0 105 2 0 1 108
1999 ATHENS, Greece 7 101 8 2 1 119
2000 BORDEAUX, France 0 124 0 0 4 128
2001 ALICANTE, Spain 9 191 7 2 2 211
2002 GLASGOW, UK 0 144 3 0 0 147
2003 HELSINKI, Finland 8 190 3 1 3 205
2004 MILAN, Italy 13 208 0 0 5 226
2005 DUBLIN, Ireland 19 272 1 0 1 293
2006 WEIMAR, Germany 7 227 11 0 2 247
2007 LONDON, UK 19 295 3 0 0 317
2008 KRAKOW, Poland 17 207 5 0 0 229
2009 STOCKHOLM, Sweden 31 269 6 0 0 306
130 2660 58 8 21 2877
ERES RESEARCH PAPERS BY CATEGORY
0
10
20
30
40
50
60
70
80
90
100
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
1.Housing
2.Valuation
3.Investmentand Finance
4.Economics,MarketsandAnalysis
5.Urban Planning, Development Law andSustainability
6.Education Professional Development
7.CRE Property and Management
(Number of papers)
Source: ERES
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
BROAD TRENDS ACROSS TIME BY AGGREGATED CATEGORY
7.CRE Property andManagement
6.Education ProfessionalDevelopment
5.Urban Planning, DevelopmentLaw and Sustainability
4.Economics,Markets andAnalysis
3.Investmentand Finance
2.Valuation
1.Housing
0%
20%
40%
60%
80%
100%
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
ERES HOUSING PAPERS MAIN GROUP NUM 1
HOUSING PRICE INDEX/ REAL ESTATE PRICE INDEX
MORTGAGE MARKETS
HOUSING FINANCE
HOUSING MARKET
HOUSING POLICY
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
ERES INVESTMENT AND FINANCE PAPERS
PERFORMANCE & RISK MEASUREMENT
INVESTMENT TRUST - REITS
FINANCE AND INVESTMENT
0%
20%
40%
60%
80%
100%
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
ERES ECONOMICS, MARKET AND ANALYSIS PAPERS
EMERGING MARKET
LAND ECONOMICS
QUANTITATIVE ANALYSIS OF REAL ESTATE
REAL ESTATE MARKETS
MARKET ANALYSIS
INTERNATIONAL MARKETS
0%
20%
40%
60%
80%
100%
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
ERES Urban Planning, Development, Law and Sustainability PAPERS
ENVIRONMENT AND BUILDINGS PLANNING, REGENERATION
REAL ESTATE & SOCIETY REAL ESTATE DEVELOPMENT /URBAN ECONOMICS
PROPERTY RIGHTS / LAW REGULATIONS
Table 3: Ranking of Research Papers by Country of Origin of First Author - Top Twelve
Year 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 Total
UK 18 14 22 27 31 26 39 40 46 57 62 50 81 37 74 45 52 721
GERMANY 1 0 2 2 29 2 3 2 12 8 17 22 32 68 37 38 36 311
THE NETHERLANDS 2 0 2 4 2 9 5 7 10 6 10 11 20 0 26 22 25 161
USA 2 4 10 3 4 24 3 4 9 10 11 14 18 11 15 7 9 158
AUSTRALIA 0 0 5 4 2 4 11 11 6 9 8 10 11 8 18 17 18 142
SPAIN 0 0 0 1 3 4 8 5 36 7 6 11 7 4 4 6 4 106
ITALY 0 1 0 0 0 0 2 3 6 2 3 30 9 2 7 9 9 83
POLAND 0 2 1 2 3 2 1 2 3 4 5 7 8 8 11 14 10 83
SINGAPORE 0 0 1 0 1 5 4 6 5 8 10 8 16 6 6 0 6 82
FRANCE 0 0 0 0 0 0 1 17 7 4 6 8 6 4 8 4 8 73
FINLAND 0 1 6 0 1 0 2 3 10 6 11 5 4 3 6 3 7 68
SWEDEN 0 0 12 1 1 1 1 1 2 1 13 4 5 1 1 1 18 63
TOP TWELVE ORIGIN COUNTRIES OF ERES PAPERS' FIRST AUTHOR
0
10
20
30
40
50
60
70
80
90
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
UK
GERMANY
THE NETHERLANDS
USA
AUSTRALIA
SPAIN
ITALY
POLAND
SINGAPORE
FRANCE
FINLAND
SWEDEN
Table 4: Research Leadership – The Top Twelve Institutions by papers presented (First Author) Over Time
Rank Institution 1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009 Total
1The University of Reading 7 3 3 4 9 7 10 5 8 6 11 13 16 12 11 8 8 141
2National University of Singapore 0 0 1 0 0 5 4 6 5 8 9 8 16 6 6 0 5 79
3Oxford Brookes University 0 2 4 2 0 0 1 1 1 4 4 5 6 4 6 7 1 48
4Delft University of Technology 0 1 0 0 0 0 1 1 4 3 1 0 8 8 5 8 4 44
5University of Aberdeen 0 0 1 4 5 4 3 3 2 3 4 2 3 0 4 1 3 42
6Royal Institute of Technology 0 0 8 0 1 1 1 0 0 1 10 3 1 0 1 1 13 41
7 University of Ulster 0 1 1 2 2 1 2 7 2 4 2 2 2 3 2 2 4 39
8European Business School 0 0 0 1 0 1 1 0 2 1 2 6 14 3 2 2 2 37
9University of Western Sydney 0 0 2 1 0 0 2 3 2 2 3 3 3 4 4 4 4 37
10University of Regensburg 0 0 0 0 0 0 0 1 0 0 0 0 4 4 12 9 6 36
11 University of Alicante 0 0 0 1 1 1 6 1 5 2 2 3 4 2 2 2 2 34
12University of Glasgow 0 0 2 0 1 2 5 2 1 2 3 3 4 0 4 2 2 33
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
RESEARCH COOPERATION OVER TIME. ERES RESEARCH PAPERS BY NUMBER OF AUTHORS
3 or more
2
1
Concluding Remarks
Changes in research contributions overtime broadly reflect the process of structural change in European Real Estate Markets
Significant Growth in Contributions from Continental Europe
Growth in European Doctoral Community Research Leadership still relatively confined to a
small number of institutions Growth in Research Cooperation – fostering
well networked research community