Real Estate, or property development, is considered one of the pillars of the global economy. This study aims to develop a methodology to evaluate competitiveness of real estate developers and compare the latter in three global cities, namely New York, London and Tokyo. Four steps will be implemented to achieve this. The first step implies conducting a literature review including a review of the real estate industry features, theories about competitiveness and the competitive features of real estate developers. Following, a competitive model will be developed according to seven key competitive factors identified in the literature, namely: (1) Financial Competency, (2) Market Share, (3) Management Competency, (4) Social Responsibility, (5) Organizational Competency, (6) Technological Capabilities, (7) Regional Competitiveness. Relative weightings will also be introduced. The third step will comprise an analysis of the hospitality investment market in the chosen global cities. Amongst others, this shall also include critical factors that attract hotel investors. The final step in this research is to compare the corporate competitiveness of the three global cities in terms of the seven key competitive factors identified in the literature and accounting for critical factors that attract hotel investors. Ultimately, findings provide an insight into both factors that influence the competitiveness of real estate developers and those influencing competitiveness of global cities in the hospitality investment sector. Overall, two competitiveness frameworks are developed, namely real estate developers’ competitiveness, and competitiveness of global cities.
Il settore immobiliare, o sviluppo immobiliare, è considerato uno dei pilastri dell'economia globale. Questo studio mira a sviluppare una metodologia per valutare la competitività degli sviluppatori immobiliari e confrontare quest'ultima in tre città globali, vale a dire New York, Londra e Tokyo. Per raggiungere questo obiettivo verranno implementati quattro passaggi. Il primo passo implica lo svolgimento di una revisione della letteratura che includa una revisione delle caratteristiche del settore immobiliare, delle teorie sulla competitività e delle caratteristiche competitive degli sviluppatori immobiliari. Successivamente, verrà sviluppato un modello competitivo in base a sette fattori competitivi chiave individuati in letteratura, vale a dire: (1) Competenza finanziaria, (2) Quota di mercato, (3) Competenza gestionale, (4) Responsabilità sociale, (5) Competenza organizzativa, (6) Capacità tecnologiche, (7) Competitività regionale. Saranno inoltre introdotti i pesi relativi. La terza fase comprenderà un'analisi del mercato degli investimenti nell'ospitalità nelle città globali scelte. Questo includerà anche i fattori critici che attirano gli investitori alberghieri. Il passo finale di questa ricerca è quello di confrontare la competitività aziendale delle tre città globali in termini di sette fattori competitivi chiave identificati nella letteratura e tenendo conto dei fattori critici che attraggono gli investitori alberghieri. In definitiva, i risultati forniscono una panoramica di entrambi i fattori che influenzano la competitività degli sviluppatori immobiliari e quelli che influenzano la competitività delle città globali nel settore degli investimenti nel settore dell'ospitalità. Nel complesso, vengono sviluppati due quadri di competitività, vale a dire la competitività degli sviluppatori immobiliari e la competitività delle città globali.
The value of corporate competitiveness in real estate development in the strategic expansion of global cities: the role of investments in the hospitality asset class
GHERARDINI, GIULIA
2022/2023
Abstract
Real Estate, or property development, is considered one of the pillars of the global economy. This study aims to develop a methodology to evaluate competitiveness of real estate developers and compare the latter in three global cities, namely New York, London and Tokyo. Four steps will be implemented to achieve this. The first step implies conducting a literature review including a review of the real estate industry features, theories about competitiveness and the competitive features of real estate developers. Following, a competitive model will be developed according to seven key competitive factors identified in the literature, namely: (1) Financial Competency, (2) Market Share, (3) Management Competency, (4) Social Responsibility, (5) Organizational Competency, (6) Technological Capabilities, (7) Regional Competitiveness. Relative weightings will also be introduced. The third step will comprise an analysis of the hospitality investment market in the chosen global cities. Amongst others, this shall also include critical factors that attract hotel investors. The final step in this research is to compare the corporate competitiveness of the three global cities in terms of the seven key competitive factors identified in the literature and accounting for critical factors that attract hotel investors. Ultimately, findings provide an insight into both factors that influence the competitiveness of real estate developers and those influencing competitiveness of global cities in the hospitality investment sector. Overall, two competitiveness frameworks are developed, namely real estate developers’ competitiveness, and competitiveness of global cities.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/207532