Malmö University Publications
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  • 1.
    Palm, Peter
    Malmö högskola, Faculty of Culture and Society (KS), Department of Urban Studies (US).
    The office market: A lemon market?: A study of the Malmö CBD market2015In: Journal of Property Investment & Finance, ISSN 1463-578X, E-ISSN 1470-2002, Vol. 33, no 2, p. 140-155Article in journal (Refereed)
    Abstract [en]

    Purpose – The purpose of this paper is to test whether bad real estate owners drive out good real estate owners from the online marketplace for offices. Design/methodology/approach – This research is based on a statistical analysis of the advertisement of offices in Malmö CBD, collected weekly during a period of one year. Findings – The hypothesis that the market for advertisement of office properties is a lemons market cannot be rejected. The result that owners who have appeared in court more than once in the last two years being more inclined to advertise supports this. Research limitations/implications – The research in this paper is limited to the Malmö CBD office market. Practical implications: It provides an insight in how the online market place for offices works as a marketplace and how quality signals influences advertisement. Originality/value – This paper is a direct test of Akerlofs classical lemon model. Keywords – Lemon Market, Office market, Leasing, Quality in Real Estate Management

  • 2. Öhman, Peter
    et al.
    Söderberg, Bo
    Westerdahl, Stig
    Malmö högskola, Faculty of Culture and Society (KS), Department of Urban Studies (US).
    Property investor behaviour: qualitative analysis of a very large transaction2013In: Journal of Property Investment & Finance, ISSN 1463-578X, E-ISSN 1470-2002, Vol. 31, no 6, p. 522-544Article in journal (Refereed)
    Abstract [en]

    Purpose – This explorative case study focuses on property investment decision making from a behavioural perspective at the very microlevel. The study contributes to an understanding of how property investors manage the decision-making process, including organizational aspects, property valuation, and financial management. Design/methodology/approach – Applying a qualitative approach, the authors analyse a very large transaction that occurred in the Swedish property market in 2008. In an open bid transaction, properties of Vasakronan Corporation were sold for SEK41.1 billion (€4.3 billion). Managers in both the purchasing company and the consortium making the second highest bid were interviewed. The authors were encouraged to speak freely, but also used an interview guide with a number of themes as well as specific questions. Findings – The findings reveal the characteristics of two types of property investment decision-making behaviour with respect to how actors organize the work, use external consultants, value the properties, and secure the financing necessary for a final bid. Practical implications – Creditors, analysts, and appraisers may benefit from the insight that property investment decision makers can use different approaches in determining their final bids. Originality/value – The authors use a qualitative empirical approach in analysing an extraordinarily large property transaction from a buyer's point of view and presents detailed information about this transaction as well as general insights into actual behaviour rarely examined in the property investment literature.

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Language
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