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Maestros and mythologies: some lockdown reflections

Author

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  • Colin Lizieri
Abstract
Purpose - The paper reflects upon the tendency of participants in the commercial real estate markets to give excess status to individuals in decision-making and to hold beliefs that are at best weakly supported empirically. Design/methodology/approach - The paper is reflexive in nature, using experiential reflection to consider institutional processes in the real estate market. It is important to use “methodology” correctly and not as a synonym of “method”. Findings - Using reflexive mode, the paper does not have “findings” as such: if the views expressed are accepted, then a research agenda to understand decision-making processes is implied. Research limitations/implications - The nature of reflection is that it follows from the writer's experiential processes and interpretations. The reader may come from a different stance. Broadly accepting the propositions points to the need for a contextual analysis of decision-making processes in private real estate and consideration of the implications of privileging individual idiosyncratic decisions over analytic procedures. Practical implications - Prior research has demonstrated the lack of a back-testing culture in real estate that would allow empirical analysis of the consequences of “gut feel” decisions overriding modelled analysis; further, entrenched beliefs about the drivers of market performance might result in misallocation of resources. Social implications - Resource allocation in commercial real estate has important consequences for land use and urban and regional development. Originality/value - The paper reflects the views and experience of the author based on over 30 years of research into commercial real estate.

Suggested Citation

  • Colin Lizieri, 2020. "Maestros and mythologies: some lockdown reflections," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 39(1), pages 38-43, July.
    • Handle: RePEc:eme:jpifpp:jpif-06-2020-0070
    DOI: 10.1108/JPIF-06-2020-0070
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    Cited by:

    1. Salami, Monsurat Ayojimi & Tanrıvermiş, Harun & Tanrıvermiş, Yesim, 2024. "Influence of Ukraine invasion by Russia on Turkish markets," The Journal of Economic Asymmetries, Elsevier, vol. 29(C).

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