The development of corporate real estate asset management in New Zealand

Purpose - This research paper aims to review the development of corporate real estate asset management (CREAM) in New Zealand since 1992. Design/methodology/approach - The first research into CREAM in New Zealand was carried out by Wei Kium Teoh. Lincoln University staff and post graduate students have subsequently undertaken several CREAM research projects involving surveys of organizations in New Zealand. These were spread over a 14 year time period and led to the opportunity to carry out a time series analysis of the development of CREAM practice in New Zealand. Findings - Substantial improvement in some aspects of CREAM practice was observed, for example, in the qualifications of those responsible for CREAM and the development of strategic plans for those assets. However, other aspects of CREAM have remained remarkably stable or plateaued, for example the percentage of organizations with a separate real estate unit, reporting levels to management and the allocation of real estate costs. Research limitations/implications - Both academic and industry attention in New Zealand can now be focused on those areas of CREAM development that appear to be lagging or otherwise warranting further research due to inconsistent results across the different studies. Originality/value - CREAM research in a New Zealand context is limited. This paper collates and interprets much of that research with the added benefit of hindsight and trend analysis. The similarities in the findings with research carried out in other countries means international developments in CREAM are likely to be also applicable in a New Zealand context.