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| Friction
and Inertia: Business Change, Corporate Real Estate Portfolios and the
U.K. Office Market
Authors: Virginia A. Gibson and Colin M. Lizieri Start Page: 59 Abstract: It has been asserted that business reorganization and new working practices are transforming the nature of demand for
business space. Downsizing, delayering, business process re-engineering and associated initiatives alter the amount, type and
location of space required by firms. The literature has neglected the impact of real estate market structures on the ability of
organizations to implement these new organizational forms or contemporary working practices successfully. Drawing from
research in the United Kingdom, the article demonstrates that, while new working practices are widespread, their impact on the
corporate real estate portfolio is less dramatic than often supposed. In part, this is attributed to inflexibility in market
structures, which constrains the supply of appropriate space. |
