Editorial

Citation

Warren, C. (2012), "Editorial", Property Management, Vol. 30 No. 1. https://doi.org/10.1108/pm.2012.11330aaa.001

Editorial

Article Type: Editorial From: Property Management, Volume 30, Issue 1

This first issue of Property Management for 2012 heralds the start of another busy year for asset managers in a time of continuing economic uncertainty. The past few years have seen global financial markets experience significant market volatility and declining stock prices. The global financial crisis continues to weigh heavily, not only on the financial markets, but also on global property markets and, as a consequence, volatility in property values and rental levels means a greater focus is placed on the management of property assets. It seems that when the markets are in positive territory then the underlying property assets that support business are largely ignored as a mere factor of production but, when times get tough, it is the skills of the property manager that are in demand to ensure that our assets outperform and provide a stable financial base for corporate occupiers. In this issue I have included a Viewpoint article by Prof Pat McAllister in which he poses the question; ‘Why do research on commercial property management?’ This is a very timely article as it challenges us to consider the direction of the property management profession and where we are lacking in our understanding of the strategic management of property. The paper seeks to address the issue I have raised concerning property management in volatile markets and suggests that we lack the empirical research base on which to evaluate our performance as asset managers. I would recommend this article to you and hope that it becomes the basis for a wider discussion relating to property management research. Perhaps some of the ideas for a research agenda put forward by Pat will be taken up and result in a better understanding of the profession. Although I might be biased, it would be pleasing to see that research agenda being played out in future articles within Property Management.

The first paper in this edition picks up on the issues discussed above in that Hans Lind, has sought to address maintenance planning strategies in times of uncertainty. While uncertainty in this paper is not restricted to financial issues and the costs of maintenance, it is certainly one of the factors considered as having a major role in the strategic planning process. Based on the Swedish market, this paper provides a comprehensive evaluation of the maintenance planning process and the balance between reactive and preventative maintenance strategies.

Our second paper by Chris Eves and Lyndall Bryant focuses on the residential sector in Queensland, Australia, and considers the effects caused by recent government initiatives aimed at reducing greenhouse emissions though a policy of mandatory disclosure of the sustainability aspects of property. It investigates the effectiveness of this policy initiative by evaluating the level of industry compliance. This paper provides an interesting case study of government policy initiatives attempting to drive best practice in asset management in order to address greenhouse gas emissions, a subject which seems to be a common recurrence echoing through many jurisdictions around the world.

The third paper is also from Australia with David Parker, Tony Lockwood and Wayne Marano, presenting their research in the area of property valuation as it relates to spatially enabled taxation systems. The research reports on a survey of State Valuer Generals throughout Australia and the availability and use of spatially based property valuation data as a basis for current and future taxation regimes. This paper addresses an area of growing research, not just in Australia, but in many countries where Torrens, or plan based property title systems, are adopted and thus provide a ready basis on which to build mass appraisal systems for taxation purposes.

Then from Australia, we go to Africa for the final two papers, more specifically to Nigeria, where research is undertaken in the residential sector for the first paper, with corporate real estate management the focus for the second. It is pleasing to see that, following the success of the special African issue of Property Management last year, the number of research projects emanating from this part of the world is increasing and adding to our global understanding of property management. The first of these papers is by Gbadegesin, Job Taiwo and Ojo, Olatoye and reports on a survey of practitioners working in the residential management sector of Ibadan. Unsurprisingly, it seems that many of the issues faced by property managers dealing with poor performing tenants are common the world over, but this paper gives us an insight into some specific ones particular to this region. The second paper from Timothy Oladokun is an interesting evaluation of the practice of corporate real estate management in Nigeria and the relevant competencies of practitioners in the region. The paper proposes a skill-set for property managers which could form the basis for both university course design and for development of continuing professional development courses in the region. It is encouraging to see the development of skill sets around the world that will serve to lift the professionalism and knowledge base of corporate property managers.

I hope that you enjoy this issue of Property Management and find the research presentations stimulating. I would particularly welcome some on-going discussion on the research agenda posed by Pat McAlister and would propose that perhaps this discussion might appropriately be held on the Property Management Linked In in group. If you are not already a member of this group I would encourage you to join us by simply searching for “Property Management - Emerald Publishing Group” at www.linkedIn.com

May I take this opportunity to wish you all a healthy and prosperous 2012 – let the year begin!

Clive Warren