Addressing the mismatch: A strategy for creating adaptable office buildings and adding value for corporations

Abstract

Purpose: The purpose of this research is to address the mismatch between the constant change of users’ demands and the static nature of the built environment (supply). Aim: The development of a strategy for creating adaptable office buildings, highlighting the relation between the actions proposed and the value they can deliver to the corporations that implement them. The large scale ambition of this strategy is to assist actors in understanding the value of adaptability and sustainability, and consequently contribute in stimulating the markets interest towards a more sustainable and future-proof future. Research Question: How can adaptability strategies be applied in the development of new office buildings to add value for corporations and address the mismatch over time between buildings and users’ demands?Methodology: A qualitative approach has been followed, supported by quantitative data in order to answer the paper’s research question and achieve its aim. Conducting an empirical study, through literature review, provided background knowledge on the topics of adaptability and added value, which constituted the basis for developing the preliminary strategy. Continuing, for the second part of the thesis a research by design approach was adopted. Qualitative data were collected from a series of case studies – via documentary analysis and interviews - providing insights from practice which were then used to formulate findings and synthesize a definitive and concrete final strategy.Finding: : The increasing pace the world is changing, has resulted in the market’s gradual shift towards adaptability. Though, actor’s inability to understand adaptability’s long-term and indirect value, constitutes a boundary for the development of responsive real estate. The creation of this paper’s strategy – “The value of adaptability”, illustrates the links between a number of adaptability related strategies and tactics with different forms of added value. In addition, the significance, risk, impact & risk assessment and life expectancy of each tactic is presented, providing the implementers more criteria for choosing which tactics best fit their objectives. Despite the significance of adaptability in order to reduce the mismatch between the dynamic environment and the static nature of the built environment, the shift towards adaptability requires time. The strategy formulated, can assist actors into understanding the benefits of adaptability, and stimulate the shift towards a future-proof and sustainable environment where adaptability will become a standardised requirement. Limitations of the research: This being the first attempt of linking adaptability with the different forms of added value, the findings were based on qualitative research and in a limited amount of cases. Expanding the research in more cases and the collection of quantitative data can provide more generalised input and strengthen the strategy.Practical implications: The strategy developed through this research can assist: real estate managers in the creating adaptable office buildings based on the core business and objectives of their organisation, developers and investors whose goal is to construct adaptable projects – as adaptability has started to impact real estate financial value- and finally by architects and related engineers, in order to create more adaptable buildings for their clients. The strategy provides the implementer the potential of tailoring it in order to it to fit their goals and objectives. Originality/ value: This thesis addresses the shortage of future proof real estate, by presenting a comprehensive strategy that can assist the development of adaptable buildings, something that according to Estaji (2007), and Gosling, Naim, Sassi, Iosif and Lark (2008) is still lacking. Real estate constitutes a significant component of corporations. Despite this, combining strategies of adaptability, with the corporate real estate management view and models of added value comprises an unexplored field in scientific research.