Corporate Real Estate Management During the Transition in Russia

Zusammenfassung

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The article reviews corporate real estate management problems during the transitional period of the Russian society between 1991 and the present time. There are interconnected processes of forming and developing the market legislative base for a real estate market, corporative structures, and real estate management. It illustrates the strategic and operational interaction between the corporation management system and its real estate subsystem, and the functions of the corporate real estate department and managers in the top management of corporations, showing the importance of good quality information about real estate assets. Imbalance between the three results in serious problems and these have been a feature of the corporative development during this period.

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Corporate Real Estate Management During the Transition in Russia

1. Introduction

During the last decade world research and practical analysis has shown a growth of interest in the corporate real estate management (CREM) problems. Corporate real estate is a large-scale multi-component complex. For different branches of business it includes combinations of single and complex objects, such as land and forest sites, mines, water objects, separate buildings and constructions, and unified technology and administrative complexes. Real estate objects and complexes form the property foundation for corporations. Real estate provides living and working spaces for corporations and their personnel engaged in administrative and operational activities. The CREM includes tactical and strategic programmes and plans, operational decisions, the trading of assets, property contracts, investment, and the development projects with the immovable objects and complexes in order to provide efficient ways of achieving corporate strategic targets and efficient solutions to tactical and operational tasks of corporations.

Interest in CREM is concerned with different questions. Works by Joroff (1994), Weatherhead (1997) and O'Mara (1997, 1999) helped to define the role and place of corporate real estate as one of the key resources for business strategic management. A number of researchers have considered the interconnection between the corporate mission and purpose and real estate management, for example, McGregor (2000), Yontz (2001), Osgood (2004), and Acoba/Foster (2003). Case studies of the interconnection between these were published by senior real estate managers of multinational corporations, such as United Technologies Corporation (Zappile 2004), SBC Communication (Wagner et al. 2003), and large-scale organisations in the social sector, for example, see the works of Baldry et al. (1999) for the higher education and health systems. The papers of Pfnuer et al. (2003, 2004) and Stoy/Kytzia (2004) illustrate the peculiarities of strategic real estate aspects in continental European conditions and Ho (2000) in the Asia Pacific region.

Another conceptual way has been to see the corporate real estate as part of a complex service structure. Cotts (1999) and McNamara (2003) emphasised the integrative character of real estate management and included corporate real estate as a basic component of facility management systems, which should be a major responsibility of specialist senior managers. The facility management concept was defined as the integration of corporate objectives, personnel management, and business space. The integration was presented as different regulated components by Nutt (2000). Real estate has also been defined as a multi-faceted object for management. Avis/Gibson (1995) interpret real estate as a complex object for management through the following three components: physical, financial and functional. Gibs...

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