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Real Estate and the New Economy: The Impact of Information and Communications Technology

ISBN: 978-1-4051-4369-1
440 pages
April 2008, Wiley-Blackwell
Real Estate and the New Economy: The Impact of Information and Communications Technology (140514369X) cover image
Private sector commercial property represents some £400 bn, or 34% of total UK business assets and is a vital fabric for housing commercial enterprise. Yet social and economic forces for change, linked with new technology, are making owners and occupiers question the very nature and purpose of property and real estate.



Printing, steam power; canals and railroads; mass media and, more recently, information and communications technology (ICT) have brought about major changes in both organisational and economic structures over the centuries. On the one hand, there has been much hype about the role that ICT would play in eliminating the need for physical real estate space; and on the other, some have suggested that institutional factors and fixed costs mitigate against transformative change in real estate.


Building on the authors' own research and a growing body of new, international findings in the field, the book provides a balanced view between these two positions. It will demonstrate how ICT affects the shape and form of real estate in our towns and cities, with other forces in the new economy.


The book:


  • examines how ICT and organisational change, combined with social, political and economic factors, affects real estate space demand
  • analyses how real estate strategies are changing to reflect these trends
  • shows how technology affects the geography and space of real estate and infrastructure in our towns and cities
  • investigates future urban shape and form.


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The Authors.

Foreword by Paul McNamara, Prudential Property.

Investment Managers.

Preface.

Table of Responsibilities.

Introduction.

1.1 Background.

1.2 Aim and objectives.

1.3 Definitions.

1.4 Technological change; alternative perspectives.

1.5 Summary – an overview.

1.6 An integrative socio-technical framework for ICT and real estate.

1.7 Examples of the socio-technical approach.

1.8 Key themes of the book.

Section 1 Context and Framework.

2. The Social, Economics and Political Context of ICT Transformation.

2.1 Introduction.

2.2 Understanding the role of technological change in society.

2.3 Towards an information society and the new economy.

2.4 The role of knowledge and innovation in policy.

2.5 Information society policy development in the UK.

2.6 Measuring the information society.

2.7 Implications of the development of an information society.

2.8 Summary.

3.Technological Change: Diffusion and Adoption of ICT by Consumers, Businesses and Governments.

3.1 Introduction.

3.2 Technology diffusion.

3.3 Implications of ICT diffusion for consumers, businesses and government.

3.4 Internet-driven activities: eBusiness, eCommerce and eWork.

3.5 Some implications of ICT adoption for real estate.

3.6 Summary.

4. Business Process and Organisational Change.

4.1 Introduction.

4.2 Understanding corporate change.

4.3 ICT and the design of organisations.

4.4 Generic business processes.

4.5 Procurement.

4.6 Operational management.

4.7 Marketing.

4.8 Customer relationship management.

4.9 Accounting.

4.10 Recruitment.

4.11 Stock management.

4.12 Financial management.

4.13 Mapping processes to property.

4.14 Summary.

5. The New Economy and Real Estate.

5.1 Introduction.

5.2 What is the new economy.

5.3 The evidence for a new economy.

5.4 The role of real estate in the new economy.

5.5 Summary.

Section 2 Real Estate Spaces and the Impact of ICT.

6. Real Estate Spaces.

6.1 Introduction.

6.2 The paradox of location in the new economy.

6.3 Physical form and virtual reality.

6.4 Transactions in space.

6.5 Personal space.

6.6 Private space.

6.7 Summary.

7. Real Estate Use and ICT.

7.1 Introduction.

7.2 Sales.

7.3 Processing.

7.4 Manufacturing.

7.5 Storage.

7.6 Leisure and living.

7.7 Summary.

8. Real Estate Service Providers and ICT.

8.1 Introduction.

8.2 The changing context of real estate investment.

8.3 The owner’s manager.

8.4 The occupier’s manager.

8.5 Appraisers.

8.6 Brokers.

8.7 Summary.

Section 3 The Future.

9. New directions and Policy Implications: The Future of Real Estate in the New Economy.

9.1 Introduction.

9.2 The socio-technical framework.

9.3 Summary.

9.4 New types of real estate.

9.5 Implications of ICT transformation for existing real estate.

9.6 Policy issues.

9.7 Future visions.

9.8 Is there still a future for real estate in the new economy?.

References.

Index

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  • examines how ICT and organisational change, combined with social, political and economic factors, affects real estate space demand
  • analyses how real estate strategies are changing to reflect these trends
  • shows how technology affects the geography and space of real estate and infrastructure in our towns and cities
  • investigates future urban shape and form.
See More
'The strength of this books lies in its very broad attitude to the subject plus solid and innovative conceptual framework. The book has a clear structure and is well organised. Because of its holistic and very detailed character the book can be recommended as a supplementary handbook for students of economics, geography or planning.' European Spatial Research and Policy. 2,2,2005.

The authors of this book are to be applauded. They have sought, through their ‘socio-technical’ approach, to look at the complex interactions between technology, society and economics. … as someone who earns his living by advising one of the UK’s largest property investors on which properties to own and where, this book is very timely...In writing this comprehensive and very fully referenced text, the authors have done us all a great service.’

Paul McNamara, Prudential Property Investment Managers

'It is recommended for both real estate professionals who are interested in the increasing relevance of ICT to the real estate industry, as well as ICT experts seeking to understand how and to what extents the real estate industry will grasp the rapidily changing field of ICT.' Urban Studies

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