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1、RiskManagementandtheCorporateRealEstatePortfolioPaperpresentedatAMERICANREALESTATESOCIETYANNUALMEETING,2002VirginiaAGibsonSeniorLecturer&BTPropertyResearchFellowDepartmentofLandManagement&DevelopmentTheUniversityofReadingWhiteknights,Reading,RG66AWUKTel:+44(0)1189318174Fax:+44(0)1189
2、318172e-mailv.a.gibson@rdg.ac.ukMarcLouargand,Ph.D.ManagingDirectorCornerstoneRealEstateAdvisers,Inc.OneFinancialPlazaHartford,CT06103-2604860-509-2237voice860-509-2223faxe-mailMarc@Cornerstoneadvisers.comAcknowledgementsThispaperreportsresearchdonefortheMIT-Gartnerprojectaboutthewor
3、kplaceindustryofthefuture,sponsoredbyUS,UKandJapanesefirms.Thefullreport,"TheAgileWorkplace:SupportingPeopleandTheirWork"(2002)isavailablefromrowsel@mit.eduRiskManagementandtheCorporateRealEstatePortfolioRiskManagement&TheCorporateRealEstatePortfolioKeyWorks:Corporaterealestate,riskm
4、anagement,businessstrategy,decision-makingAbstractInaglobalbusinesseconomy,firmshaveabroadrangeofcorporaterealestateneeds.Duringthepastdecade,multiplestrategiesandtacticshaveemergedinthecorporaterealestatecommunityformeetingthoseneeds.Weproposehereaframeworkforanalysingandprioritisin
5、gthevarioustypesofriskinherentincorporaterealestatedecisions.Fromabusinessstrategyperspective,corporaterealestatemustserveneedsbeyondthesimpleoneofshelterfortheworkforceandproductionprocess.Certainusesarestrategicinthattheyallowaccesstoexternalities,embodythebusinessstrategy,orprovid
6、eentréetonewmarkets.Otherusesmaybetactical,inthattheyarisefrombusinessactivitiesofrelativelyshortdurationorprovideanopportunitytopre-emptcompetitors.Stillothercorporaterealestateusescanbeconsidered“core”totheexistenceofthebusinessenterprise.Thesemightbespecialusepropertiesormaybegene
7、ricbuildingsthathavebecomeembodimentsoftheorganisation’sculture.Wearguethatamulti-dimensionalmatrixapproachorganisedaroundthreebroadthemesandninesub-categoriesallowthedecision-makertoorganiseandevaluatechoiceswithanacceptabledegreeofrigorandthoroughness.ThethreebroadthemesareUse(divi
8、dedintoCore,