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

Issues Going Forward

Conversion of Conference Papers to Publications

Changing Formats – Focus on Presentation over Paper

The Mix – Panels – Symposiums – Papers – Posters

ERES Doctoral Network