PRRES Newsletter

May 2012

PRRES Logo

Message from the President

Val1

I wish to extend a warm hello in 2012 to all new and existing members of PRRES.  Our academic year got off to a very successful start with a wide ranging, topical and inclusive conference ably organised and hosted by Geoff Page and his team from the University of South Australia. Despite the present difficulties faced by many universities in hosting and attending conferences the 18th PRRES conference was well supported and attendances at events and sessions remained strong throughout the conference including the PhD Colloquium, Industry Day, the Pandas and even the AGM!  As an incoming President I would like to especially thank Greg Costello for the strong leadership he has shown as President of PRRES over the last 2 years. Greg has worked hard towards the resolution of a number of issues and identified some exciting innovations for the Society.  I would also like to congratulate two members who received 2012 PRRES Awards for Meritorious Service. First Graeme Newell, retiring Editor of our aligned journal the Pacific Rim Property Research Journal and second Angelo Karantonis, former Chair of the PRPRJ Editorial Board.  Both have had a very long association with PRRES and have given generously of their time and energy to actively support one of the most important research outlets for Society members.  We thank them both for their outstanding contribution.  I would also like to congratulate David Parker on his appointment as Editor of the PRPRJ in 2012 and also to thank Peter Rossini who is retiring as PRRES Webmaster. The whole PRRES community owes Peter a great deal after his very many years of service in managing, improving and updating one of our most important research outlets.

As President in 2012 and in association with the PRRES Board and Executive I hope to review our 5 Year Strategic Plan, review some of our conference protocols, initiate plans for our 20 Year Anniversary as a Society, continue to strengthen our association with PRPRJ and consider a reworking of our case competition.  As President I believe strongly that the future of PRRES lies in the enthusiasm, creativity and collegiality of every member and especially in the support of our newest and youngest members.  As such the PRRES Board has initiated two new prizes for the PhD Colloquium and is continuing to look at other ways of supporting our newest academics and prospective PRRES Board!  Thanks also to our hard working Treasurer (and President Elect) Hera Antoniades and to our new and continuing Board Members.   As of 2012 PRRES remains in a sound financial condition and I look forward to working with you in the ongoing promotion and development of our Society. I wish you well for the academic year ahead.

DP

18th Pacific Rim Real Estate Society Conference

The 18th pacific Rim Real estate Conference was a outstanding success with a theme Property: Nexus of Place & Space” that built on the previous year of sustainability. The conference keynote speakers were mainly industry practitioners who spoke to the theme. These included Andrew McAnulty CEO Mission Australia, Gilbert Rochecouste Managing Director Village Well, Natalya Boujenko Director Intermethod, Timothy Horton the South Australian Commissioner for Integrated Design, Martin Haese General Manager of the Rundle Mall Management Authority (RMMA) and David Smith Director Residential Energy Efficiency Team Renewable and Energy Efficiency Division DCCEE. Our keynote academic on the topic was Professor Stanley McGreal Director of the Built Environment Research Institute University of Ulster

There was significant interest in this year's conference with in excess of 170 abstracts submitted and over 170 delegates attending the conference.   Sadly many people reported they could only obtain funding for one day of the conference and others saying could not obtain funding at all. In a different economic environment the conference attendance would have been significantly larger.

The social aspects of the conference were varied this year to include two innovations that hopefully others will consider including in future conferences. First there was an informal barbie on Saturday night to encourage delegates to attend the PhD colloquia and ensure that the new phd students were welcomed before presenting on Sunday. The second innovation was a Tasting SA event in which delegates were able to taste local south Australian cordials and foods. There was also some south Australian wine and cheese to taste for those not interested in interesting local produce. Tis seemed to be an enormous success and thanks to those who assisted in hosting this event.

Prior to the conference dinner, delegates had the opportunity to have pre-dinner canapés and drinks with Pandas at the Adelaide zoo and learn about their diet, mating habits and other factors with a presentation from a Panda keeper. The conference dinner was held in the zoo with delegates able to view some of the animals from their tables. Judging by the level of conversations around the tables this dinner was enjoyed by all.

Valerie Kupke hosted the woman's breakfast which made a return to this conference after a few years absence. The API met with course directors for a breakfast meeting rather than during a lunch time. Those enjoying extended evening activities appeared to lament this this change of time.

Sadly this conference may have hosted the last case completion which has brought younger faces to the conference and created significant interest. The case competition needs a significant sponsor to allow it to continue in its current form. It is hoped that this can be achieved.

The property team at Uni-SA needs to be thanked for its efforts in putting on a very successful conference. They were ably assisted by a terrific team of volunteers who ensured that delegates had an enjoyable time both during the formal conference proceedings and the social events.

Thank you to all who participated to make the 18th PRRES conference a great success.

Geoff Page

 

PRRES Awards 2012 Adelaide Conference

The annual dinner was a terrific night enjoyed by all and made special by our visit to the panda enclosure. It was amazing to see and hear about the effort and care dedicated to these amazing animals.

Panda

Of course another highlight of the night was the recognition of excellence by the presentation of individual category awards. Congratulations to all the winners and thank you for your contribution to our industry. 

Post-Graduate Scholarship
           
Pamela Wardner
            Wejendra Reddy

Best Refereed Conference Paper Award

Pamela WardnerFor the paper Understanding the Role of 'Place' in Office Location Decisions

            Highly Commended

Manuel Kaesbauer and Ralf HohenstattFor their paper Geco” – Nowcasting based on online consumer sentiment data: The case of UK´s national and regional housing markets

and

Chyi Lin LeeFor the paper Futures Trading, Spot Price Volatility and Market Efficiency: Evidence From European Real Estate Securities Futures

 Best Innovative Refereed Conference Paper Award

Lucy Cradduck:  For her paper; Place and Space: Community in the Internet Economy and What This Will Mean for Property

 RICS - Best New Researcher/Presenter Award

Damrongsak Rinchumpoo: For the paper The validation of the rating for subdivision neighbourhood sustainability design in Bangkok   metropolitan region, Thailand

 Best Conference Paper 2011Award

Tim-Alexander Kroencke  &  Felix Schindler  For the paper Diversification    Benefits from Securitized Real Estate for  International Portfolios

Pacific Rim Property Research Journal:  Best Journal Paper Award

Chyi Lin Lee  For the paper: The use of derivatives by Australian Property Funds

PRRES Achievement Award
           
Not awarded this year

PRRES Corporate Excellence Award
           
RICS

 

A note from our American friends

Clive Warren recently received this newsletter form our friends in the USA via Stephen Pyhrr, Executive Director, American Real Estate Society. It too long to include here so if you're interested click the link below:
ARES_Newsletter


 

University News

University of Technology

News from the School of Built Environment

UTS's School of Built Environment welcomed two new staff members at the beginning of 2012: Associate Professor Sara Wilkinson, who joined us from Deakin University, and Professor Heng Li, Distinguished Adjunct Professor in Construction Virtual Prototyping, who also holds a position at Hong Kong Polytechnic.

Since joining UTS, Sara has edited a special issue of Structural Survey Journal looking at sustainability and building adaptation as well as a special issue of the Journal of Corporate Real Estate examining sustainability and CRE.  Sara has also co-edited a special issue of Historic Environment, a journal which covers sustainability and heritage buildings.  In 2012 Sara has been appointed as a Visiting Research Fellow with the University of the West of England (UWE).  Sara's interests in sustainability, particularly the challenges of retrofitting existing buildings, will complement a growing focus on green building in the property, construction, and planning disciplines in the School.

Heng's use of gaming technologies to simulate construction processes to better address complex site management problems such as worker safety,  will complement an emerging strength in Building Information Modelling.

Unfortunately, we will be saying goodbye to our retiring colleague Associate Professor Angelo Karantonis (past President and International President of PRRES), although we look forward to his continued involvement in our School.  Our new Head of School, Dr Heather MacDonald, was promoted to Associate Professor in 2011. 

The school in 2011 introduced 2 new journals, the Australasian Journal of Construction Economics and Building, and the Journal of Project, Program and Portfolio Management.

UTS invites you to register for the free subscription to these 2 journals.  Below are the links for on line registration:

Australasian Journal of Construction Economics and Building:
http://epress.lib.uts.edu.au/journals
/index.php/AJCEB

Editor:  Adjunct Professor Goran Runeson Karl.Runeson@uts.edu.au
Journal of Project, Program and Portfolio Management:
http://epress.lib.uts.edu.au/journals/index.php
/pppm/user/register
Editor: Shanka Sankaran   Shankar.Sankaran@uts.edu.au

National Dong Hwa University, Taiwan
News from the Department of Finance

Congratulations to Ming-Long Lee, a Board Member of PRRES, who was promoted to full professor in August 2011. Ming-Long is currently working at the Department of Finance at the National Dong Hwa University, Taiwan. Ming-Long received his master degree from the University of South Australia progressing on to successfully complete his PhD in finance from Louisiana State University, U.S.A. His research interests focus on real estate investment and finance including housing investment.

Changes at USC/QUT

In February 2012 Dr Lucy Cradduck left the Property Program at USC (and the Faculty of Business) to take up a position as a lecturer within the Faculty of Law, QUT. Lucy's teaching and research areas remain in property – real and intellectual – and she is part of the QUT-wide Early Career Academic Research Development (ECARD). Lucy has already reconnected with property colleagues at QUT, as well as reconnecting with the various boutiques!

 University of Western Sydney
News from the School of Busines

Congratulations to Thi Kim Nguyen who recently completed her PhD. The thesis title is “The Significance and Performance of Asian Listed Property Companies in Developed and Emerging Markets”. Well done Thi Kim and best wishes from all at PRRES for your research career.

Lincoln University, New Zealand

Another PhD congratulations goes to Azlina Binti Md. Yassin who recently passed her PhD Oral and has been given clearance to graduate. Azlina's thesis is entitled “Developing Guidelines for Riverfront Development in Malaysia” and we have on doubt she is looking forward to a rewarding career in the property industry. Again, well done Azlina from everyone at PRRES.
Research committee changes at Lincoln
With Ross Cullen's pending retirement Sandy Bond has been appointed chair of the Research Committee.  Mike Lyne will be the deputy chair.  Sincere thanks was expressed by Patrick Aldwell, the Dean of Commerce to Ross for his commitment to research in the Faculty.

Research News
Interesting update on Christchurch office markets.

Together with CBRE, Sandy Bond recently completed a comprehensive report on impacts of the devastating Christchurch earthquake upon local office markets. The following link is the media release on Lincoln website. Sandy will be presenting results at ERES in Scotland. If you're interested here are links to the report: http://hdl.handle.net/10182/4275
http://www.cbre.co.nz/aboutus/mediacentre
/mediaarchives/Pages/022812.aspx

PRRES membership

Over the past 5 years membership numbers have ebbed and flowed however the peaks and troughs seem to suggest a core level around 90-100 active members. Estimated numbers for the past 5 years are; 162 members in 2008, 95 members in 2009, 115 members in 2010, about 151 members in 2011, and 82 members in 2012. Reasons for the cyclical trend are not readily apparent and it would be interesting to investigate nevertheless as a society, PRRES is well placed to continue making a significant contribution to its members.

General News

Want to live in the USA?
Chairperson, Department of Real Estate
Georgia State University
J. Mack Robinson College of Business

Georgia State University's J. Mack Robinson College of Business invites applications and nominations for the position of chair of the Department of Real Estate.  This tenure track faculty position carries with it the Richard Bowers and Company Professorship in Real Estate.  Although rank is open, we expect to hire at the level of full professor. 

 Candidates must have an earned doctorate in real estate or other relevant field of financial economics.  The individual selected for this position should be an eminent scholar with an international reputation within the real estate academy based on current research record in top-quality journals and with the ability to take a leadership role in furthering the research, educational, and community outreach missions of the Department.  The individual will also serve on the College's Executive Committee and assist in formulating and executing the College's mission and strategic plan.  Collegiality, an interest in strategic community partnering, and a demonstrated ability to develop and work with others to define and conduct research are important. The position includes teaching at the graduate and/or undergraduate levels in the College's academic programs. The candidate will have close access to faculty in the Departments of Finance and Risk Management and Insurance and working relations with those departments as well as the School of Hospitality, with which it cooperates in the area of Hotel Real Estate.

 Georgia State University's J. Mack Robinson College of Business is one of the largest business schools in the country with an enrollment of approximately 8,000 students, including about 1,800 master's students and 100 Ph.D. students.  Our part-time MBA program for working professionals is ranked among the best by Bloomberg Businessweek and U.S. News & World Report, our Executive MBA is ranked among the best in the world by Financial Times, and U.S. News ranks our undergraduate program as No. 32 among those at public universities and No. 57 overall. Georgia State University is located in the heart of Atlanta and has strong ties with Atlanta's business leaders, many of whom are alumni of the Robinson College. 

Salary, teaching load, and other support are highly competitive and consistent with qualifications.  The appointment is expected to start July 1, 2012, but timing is negotiable.  Please submit letters of application and nominations to the chair of the search committee (electronic submission is encouraged):
Gerald D. Gay,
Chair, Search Committee
Department of Finance
J. Mack Robinson College of Business
Georgia State University
Atlanta, GA  30303
ggay@gsu.edu
FedEx and UPS packages to: 35 Broad Street, Suite 1203, Atlanta, GA 30303; 404-413-7321
Review of applications and nominations will begin immediately, but the position will remain open until a suitable candidate is found.  The position is contingent on final budget approval by the University. An offer of employment will be conditional on background verification.
Georgia State University is an AA/EEO employer.

 

PRRES Website

In 2012 the PRRES website has a new webmaster.  Clive Warren has taken over the task from Peter Rossini.  As a part of this change we have moved photographs of previous the PRRES conferees to an off-site location. As a result we now have more space and have included a larger bank of historical photographs from PRRES conferences dating back to 1996. If you are interested in remembering past conferences, or you want to see what people looked like before they got old, you can visit the PRRES history-in-picture site at http://www.prres.net/History_in_Pictures.htm

Peter Rossini


PRRES Newsletter

Editor: Neville Hurst, Deakin Uni neville.hurst@deakin.edu.au

Webmaster: Clive Warren, Uni QLD
c.warren@uq.edu.au

Next edition Oct 2012