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Transformation of the real estate and construction industry: empirical findings from Germany

Pfnür, Andreas ; Wagner, Benjamin (2024)
Transformation of the real estate and construction industry: empirical findings from Germany.
In: Journal of Business Economics = Zeitschrift für Betriebswirtschaft, 2020, 90 (7)
doi: 10.26083/tuprints-00023976
Article, Secondary publication, Publisher's Version

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Item Type: Article
Type of entry: Secondary publication
Title: Transformation of the real estate and construction industry: empirical findings from Germany
Language: English
Date: 30 April 2024
Place of Publication: Darmstadt
Year of primary publication: August 2020
Place of primary publication: Berlin ; Heidelberg
Publisher: Springer
Journal or Publication Title: Journal of Business Economics = Zeitschrift für Betriebswirtschaft
Volume of the journal: 90
Issue Number: 7
DOI: 10.26083/tuprints-00023976
Corresponding Links:
Origin: Secondary publication DeepGreen

The German real estate and construction industry is facing a transformation, triggered by fundamental changes in technology, the economy and society. The purpose of this paper is to explore how these changes exert pressure to adapt on existing business models, while also offering opportunities for their further development. A model that attributes the transformation of the real estate industry to megatrends, specific structural change drivers, business models and the interaction of the groups of players in the value creation system is developed. The model is tested empirically by a survey. Structural equation modelling is used to measure the impact of various determinants of transformation and the relevance of adaptation strategies to the different groups of players. As a result, the study explains three impact mechanisms of the transformation in the real estate industry. The transformation originates from the occupiers, who need more flexible space and are focusing on holistic solutions that are not provided by the real estate industry. Service providers are striving to increase the efficiency of their traditional processes, rather than evolving new business models or services. The investors recognise the increasing importance of the occupiers but they are rarely pursuing the resulting strategies. Property developers recognise these requirements: their adaptation strategies most strongly question their previous business. For practitioners, the results point out the opportunities and risks of transformation and help to illustrate the need for change. For academicians, the results indicate a way to explain and measure the transformation of a value creation system.

Uncontrolled Keywords: Real estate management, Real estate transformation, Structural change, Strategic management, Real estate trends
Status: Publisher's Version
URN: urn:nbn:de:tuda-tuprints-239761
Additional Information:

Special Issue: Recent Trends in Real Estate Research

JEL Classification: R30 · O33 · Z10

Classification DDC: 300 Social sciences > 330 Economics
600 Technology, medicine, applied sciences > 650 Management
Divisions: 01 Department of Law and Economics > Betriebswirtschaftliche Fachgebiete > Fachgebiet Immobilienwirtschaft und Baubetriebswirtschaftslehre
Date Deposited: 30 Apr 2024 09:12
Last Modified: 30 Apr 2024 09:12
SWORD Depositor: Deep Green
URI: https://tuprints.ulb.tu-darmstadt.de/id/eprint/23976
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