Corporate real estate in Ireland. A current perspective on corporate strategic decision making
| Pages | 31-44 |
| Date | 01 February 2003 |
| Published date | 01 February 2003 |
| DOI | https://doi.org/10.1108/14635780310468293 |
| Author | Stephen Roulac,Alastair Adair,Stanley McGreal,Jim Berry,Louise Brown,George Heaney |
| Subject Matter | Property management & built environment |
Academic papers:
Corporate real
estate in Ireland
31
Journal of Property Investment &
Finance
Vol. 21 No. 1, 2003
pp. 31-44
#MCB UP Limited
1463-578X
DOI 10.1108/14635780310468293
ACADEMIC PAPERS
Corporate real estate in
Ireland
A current perspective on corporate
strategic decision making
Stephen Roulac
The Roulac Group and the University of Ulster, Newtownabbey,
County Antrim, Northern Ireland, and
Alastair Adair, Stanley McGreal, Jim Berry, Louise Brown
and George Heaney
Centre for Research on Property and Planning, School of the Built
Environment, University of Ulster, Newtownabbey, County Antrim,
Northern Ireland
Keywords Real estate, Business strategy, Investment, Employment, Ireland
Abstract Corporate activity in Ireland has experienced a significant growth as the economy has
benefited from extensive inward investment. The purpose of this paper is to analyse the role of
real estate in corporate decision making within Ireland. Corporate real estate issues are initially
discussed as the contextual anchoring for a survey of corporate occupiers within both the Republic
of Ireland and Northern Ireland. Findings indicate a high level of professional and practical
experience in relation to real estate but this has not been fully exploited by companies in
developing a proactive corporate strategy. Real estate plays a largely traditional role within
organisations although it appears that differences exist between indigenous and externally
parented companies. Comparisons are drawn with other similar surveys at an international level.
Introduction
Global competition, technological innovation, business knowledge and the
restructuring of local economies are some of the reasons compelling corporate
organisations world-wide to transform their real estate portfolios in order to
maintain competitive positions, increase market share and enhance
shareholder value. Corporate real estate (CRE) value is created by aligning
property and business strategies, using capital efficiently, minimising time-to-
market cycles and reducing the entry and exit cost for business initiatives
(Chirgwin, 2000). Changes in corporate real estate strategy may therefore
necessitate the downsizing of organisations, the outsourcing of non-core
functions and aggressive investment in information technology. Effective
corporate real estate support depends on assisting property managers within
organisations to make location and facility management decisions aimed at
maximising long-term cash flow as well as reducing costs. In this regard
property needs to become not only more physically flexible but also more
functionally and financially flexible (Gibson, 2000).
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