Guest editorial

DOIhttps://doi.org/10.1108/JPIF-03-2021-171
Published date18 February 2021
Date18 February 2021
Pages45-46
Subject MatterProperty management & built environment,Real estate & property,Property valuation & finance
AuthorLarry Wofford,David Wyman,Elaine M. Worzala
Guest editorial
PropTech and entrepreneurship in commercial real estate
Almost 50 years ago, Pyhrr (1973) described the commercial real estate (CRE) environment as
complex, dynamic and uncertain. Today, the CRE business environment is described as
volatile, uncertain, complex and ambiguous (VUCA). While clock time has remained the same,
that is, an hour is still an hour, dynamism or event time, the number of events per unit of time
continues to accelerate. Complexity and uncertainty have also increased in part because of
the growth in the number and interaction of complex adaptive systems in every aspect of
CRE. Technology innovation is an important factor affecting the rate of volatility,
uncertainty, complexity and ambiguity in CRE. Never has CRE had a clearer mandate to
understand techof all kinds and its implications for CRE and its business environment.
It never has been more important for CRE firms and professionals to have visions,
missions and organizational designs oriented to CRE of the future, not the past or present.
Constantly, catching up is not a useful strategy because possible disruptors often are
difficult to identify. Looking ahead and developing approaches for managing andcreating
change provides a smoother business path. CRE professionals must pay attention to
change internal and external to the CRE industry. In fact, the notion of a CRE industry
may be much too narrow for effective strategy development. On the academic side,
equipping students with theories, frameworks, mindsets and tools suitable for the future,
not just the present, is critical. Academic research also must focus on being relevant for
the future, not just the past or present. In a VUCA environment, academic teaching and
research activities dealing with strategic foresight with relevance and rigor will be
valuable for CRE.
This second special issue on proptech and entrepreneurship-innovation in CRE
contributes to this effort. As with the first special issue, the papers in this edition are
exploratory in nature in that they raise potential opportunities and issues and begin the
important work of framing appropriate questions. But, as with the papers in the earlier issue,
work in this issue often goes beyond simply framing, as the authors initiate the difficult and
intense process of identifying the edges between what is known and what is unknown.
Specifically, they begin the work of identifying the relevant elements of a research
framework: intellectual antecedents, pre-theoretical ideas, subject matter, analogies, concepts
and language and methodology relevant to the topics at hand (Lachman et al., 1979). These
papers represent reasoned and useful efforts to understand the connection between
technology and the innovation needed for CRE to create value for individuals, organizations
and society.
Implicit in this issue is the need for curiosity and a mindset capable of learning from where
that curiosity leads. Such learning requires an exploration mindset capable of holding two
opposing ideas in mind at the same time an existing paradigm and the possibility of a new
paradigm. Flexibility and adaptability will be hallmarks of successfully surviving and
thriving in VUCA environments. These papers also highlight the need to consider how
humans interact with technology and how the complexity of these interactions creates
emergent properties. These emergent properties can create significant consequences for CRE.
For example, telemedicine, telework and other teleactivities have emerged or significantly
increased during the recent pandemic. How these activities may affect CRE in the future are
cogent and interesting questions.
Enjoy this collection of articles. The topics are wide-ranging and, hopefully, spur your
thinking about the interaction between technology and CRE.
Guest editorial
45
Journal of Property Investment &
Finance
Vol. 39 No. 2, 2021
pp. 45-46
© Emerald Publishing Limited
1463-578X
DOI 10.1108/JPIF-03-2021-171

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT