The Impact of the Agency Role-Based Model on Decision Making in Real Estate Development Projects

Ge Zhai (Bartlett School of Planning, University College London)

Abstract


The professionalism of real estate development makes the decision-making environment of development relatively complicated. Building the decision model can help investors make reasonable decisions in real estate development. This paper analyses the construction project of Berlin Brandenburg Airport by using the agency role-based model of real estate development proposed by Adams & Tiesdell. The research found that the existing research is looking for different objective factors from real estate development cases, without analysing the influence of actors involved in the development process on the entire real estate development decision. In the process of real estate development, not only the changes in the market environment should be considered, but also the influence of different roles on decision-making in the development process. The conclusion of this paper provides a useful supplement to the real estate development model and proposes specific improvement measures.


Keywords


Decision-making; Development model; Berlin Brandenburg; Airport Input market; Output market

Full Text:

PDF

References


Peiser, R.B. & Hamilton, D,. Professional real estate development the ULI guide to the business [M]. Washington, D.C.: Urban Land Institute,2012.

Peca, S.P. Real estate development and investment: a comprehensive approach [M]. Hoboken, N.J.: Wiley,2009.

Miles, M.E., Berens, G., Weiss, M.A., & Urban Land Institute. Real estate development: principles and process [M].Washington, DC: Urban Land Institute,1996.

Zhe, Yan. Reconsidering the prevention of real estate financial risks[J]. Journal of Chongqing Jianzhu University, 1999(8):15-22.

Zhijuan, T., Wei, G. Fuzzy evaluation of real estate investment risk[J]. Journal of Tianjin University of Urban Construction, 1998(03): 41-46.

Liliang, Q. Research on the risk of China’s current land supply system[J]. City Management and Technology,2006(01):39-41.

Xuejing, Y. Application of Monte Carlo simulation method in real estate investment risk analysis[J]. Southwestern University of Finance and Economics, 2006(11):77-81.

Guy, S. & Hanneberry, J. eds., 2008. Development and developers: perspectives on property, Hoboken: Wiley.

Adams, D. & Tiesdell, S., 2013. Shaping places: urban planning, design and development, London: Routledge.

British Broadcasting Corporation, 2016. Berlin Brandenburg airport corruption ‘whistleblower poisoned’ [EB/OL]. Available from: https://www.bbc.co.uk/news/world-europe-36185194 (Accessed January 1 2019).

Healey, P. & Barrett, S., 1990. Structure and agency in land and property development processes: some ideas for research. Urban Studies, 27(Feb 90), pp.89–103.

Jessop, B., 2007. State power: a strategic-relational approach, Cambridge: Polity.

Jianmin, C., 2008. Research on risk management methods of real estate investment projects. Journal of Beijing Jiaotong University, 07, p. 154.

Healey, P., 1991. Models of the development process: A review. Journal of Property Research, 8(3), pp.219–238.

Flughafen Berlin Brandenburg. 2016. Construction work at Schönefeld Airport: Upgrading of federal highway B96a, car park P4 closed. [EB/OL]. Berlin: ODI. Available from: https://www.berlin-airport.de/en/press/press-releases/2016/2016-04-15-construction-work-b96a/index.php [Accessed 1 January 2019].

Spiegel Online, 2013. Korruptionsverdacht auf BER-Baustelle: Mehdorns Desaster ist perfekt - SPIEGEL ONLINE - Wirtschaft. [online] SPIEGEL ONLINE. Available from: http://www.spiegel.de/wirtschaft/unternehmen

/hauptstadtflughafen-korruptionsverdacht-mehdorn-unter-druck-a-972277.html [Accessed 1 January 2019].

British Broadcasting Corporation, 2016. Berlin Brandenburg airport corruption ‘whistleblower poisoned’ [EB/OL]. Available from: https://www.bbc.co.uk/news/world-europe-36185194 (Accessed January 1 2019).

Local, 2014. Fake engineer made Berlin Airport fire system [EB/OL]. Available from: https://www.thelocal.de/20140625/fake-engineer-di-mauro-designed-berlin-airport-fire-system (Accessed January 1 2019).

Wehmeyer, J. C. (2015) Raten Sie mal, was am BER jetzt wieder vergessen wurde [EB/OL]. Available from: https://www.bild.de/regional/berlin/flughafen-berlin-brandenburg/teile-der-blitzableiter-vergessen-37060598.bild.html (Accessed 14 January 2019).

Neumann, P., 2008. Kosten für Großflughafen steigen um 160 Millionen Euro, weil mehr Passagiere erwartet werden: Noch nicht gebaut und schon teurer [EB/OL]. Available from: https://www.berliner-zeitung.de/kosten-fuer-grossflughafen-steigen-um-160-millionen-euro--weil-mehr-passagiere-erwartet-werden-noch-nicht-gebaut-und-schon-teurer-15595340 (Accessed 1 January 2019).

Von Aswegen, W., 2004, Betrachtungen zur Wirtschaftlichkeit des Flughafens BER: Studie [EB/OL]. Available from: https://www.dudoni-online.de/fluglaermbbi/downloads/ber-wirtschaftlichkeit-wva.pdf [Accessed 1 January 2019].

Taussig, F. Is market price determinate?[J] Quarterly Journal of Economics,1921:394–411.



DOI: https://doi.org/10.30564/frae.v3i3.2305

Refbacks

  • There are currently no refbacks.
Copyright © 2020 Ge Zhai Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.