16th ERES Conference Stockholm 24 - 27 June 2009
14
Isabella Lami 1 16th ERES Conference Stockholm 24 - 27 June 2009 Real estate development and innovation. Integration and/or specialization? A survey of Italian companies Isabella Lami Marina Bravi Politecnico di Torino
description
16th ERES Conference Stockholm 24 - 27 June 2009. Real estate development and innovation. Integration and/or specialization? A survey of Italian companies. Isabella Lami Marina Bravi Politecnico di Torino. The building sector in Italy/ a. - PowerPoint PPT Presentation
Transcript of 16th ERES Conference Stockholm 24 - 27 June 2009
Isabella Lami 1
16th ERES Conference Stockholm
24 - 27 June 2009
Real estate development and innovation.
Integration and/or specialization?
A survey of Italian companies
Isabella Lami Marina Bravi
Politecnico di Torino
Isabella Lami 2
The building sector in Italy/ a
The range of firms operating in the building sector in Italy is now extremely varied.
On the one hand, there are small companies which often operate exclusively in the construction sector and, on the other, companies which manage large real estate ventures and which tend to turn activities into major financial operations. The latter proves that real estate development in fact does not exist outside of the domestic and international economic and financial system, and that its operators – real estate developers and builders – are capable of evolving in order to adapt to change.
Innovation in construction sector
CONCLUSIONS
Survey
Isabella Lami 3
The building sector in Italy/ b
A survey by the Italian National Association of Building Constructors’ firms predict that by the end of 2009 a drop of approximately 200,000 jobs in the sector (and linked activities) can be estimated.
In this context, construction firms are indeed forced to postpone or even give up undertaking new activities of their own due to credit restrictions enforced by banks which require the immediate restitution of funds and increase the spreads practiced on interest rates.
Innovation in construction sector
CONCLUSIONS
Survey
Isabella Lami 4
Innovation in construction sector / a
Innovation in construction sector
CONCLUSIONS
Survey
• In t
he c
onte
xt
of
Com
munit
y Innovati
on
Surv
ey o
n innovati
on in e
nte
rpri
ses,
du
rin
g
the last
fou
r years
a s
urv
ey w
as
con
du
cte
d o
n in
novati
on
acti
vit
ies c
arr
ied
ou
t b
y a
ll I
talian
en
terp
rises in t
he indust
rial
and s
erv
ice s
ect
ors
.
• A
ccord
ing t
o t
hat
ag
gre
gate
vis
ion
th
e
con
str
ucti
on
secto
r im
med
iate
ly a
pp
ears
u
nd
erd
evelo
ped
an
d p
oorl
y in
novati
ve
. The s
peci
fics
of
its
pecu
liari
ties
should
inst
ead
be a
naly
zed m
ore
in d
epth
.
• C
onst
ruct
ions
are
very
diff
ere
nt
from
oth
er
pro
duct
ion s
ect
ors
: th
e p
rod
ucts
are
mad
e
an
d a
ssem
ble
d o
n t
he s
ite w
here
th
ey a
re
con
su
med
; th
ey v
ary
in
term
s o
f siz
e,
tech
nic
al com
ple
xit
y a
nd
qu
ality
.
• A
noth
er
part
icula
rity
is
that
the level of
exch
an
ge b
etw
een
org
an
izati
on
s is t
he
hig
hest
in a
bsolu
te t
erm
s w
ith
in t
he
man
ufa
ctu
rin
g p
rocesses.
Isabella Lami 5
Innovation in construction sector / b
Innovation in construction sector
CONCLUSIONS
Survey
• S
mall a
nd
med
ium
-siz
ed
firm
s re
pre
sent
the
majo
rity
of
firm
s in
the c
onst
ruct
ion s
yst
em
in
It
aly
.
• T
he p
ulv
eri
zati
on
an
d s
pecia
liza
tion
of
the
firm
s is
firs
t of
all
a f
un
cti
on
al n
eed
to t
he
frag
men
tati
on
in
su
b-m
ark
ets
and t
o t
he
cycl
ical tr
end o
f in
vest
ments
.
• O
n t
he o
ther
hand, th
is s
truct
ure
pre
sents
a
hig
h p
ote
nti
al fo
r in
novati
on
, th
an
ks t
o its
FLEX
IBIL
ITY
, even if
this
is
ham
pere
d b
y:
- a lim
ited level of
base
reso
urc
es;
- a d
ifficu
lt a
ccess
to t
ech
nic
al-
scie
nti
fic
know
ledge;
- a lim
ited a
ccess
to fi
nanci
ng s
ourc
es
in
ord
er
to e
xplo
it t
he a
cquir
ed k
now
ledge.
Isabella Lami 6
A micro approach by a survey of Italian construction companies
Innovation in construction sector
CONCLUSIONS
Survey
The a
bove-i
ndic
ate
d c
onsi
dera
tions
lead t
o a
more
in-d
epth
analy
sis
of
the
subje
ct o
f IN
NO
VA
TIO
N in t
he c
onst
ruct
ion s
ect
or,
thro
ugh a
su
rvey o
f It
alian
com
pan
ies
.W
e p
repare
d a
firs
t q
uesti
on
nair
e f
or
this
purp
ose
: it
was
subse
quentl
y
teste
d o
n a
sm
all b
ut
hig
hly
sele
cti
ve g
rou
p w
hic
h, in
oth
er
word
s, t
ook
on t
he r
ole
of
focu
s gro
up.
The q
uest
ionnair
e is
stru
cture
d in f
our
part
s: 1
) co
mpany d
eta
ils;
2)
com
pany o
rganiz
ati
on a
nd its
tem
pora
l evolu
tion;
3)
eco
nom
ic r
esu
lts
and fi
nanci
ng;
4)
real est
ate
develo
pm
ent
and innovati
on.
Base
d o
n t
he init
ial data
but
pri
mari
ly o
n t
he v
erb
al re
port
s tr
ansc
ribed d
uri
ng
the inte
rvie
ws,
the f
ollo
win
g c
onsi
dera
tions
were
reach
ed, w
hic
h f
ocu
s on
the f
ollo
win
g t
opic
s:
a)
com
pan
y o
rgan
izati
on
an
d its
tem
pora
l evolu
tion
; b
)re
al esta
te d
evelo
pm
en
t str
ate
gie
s a
nd
mark
et
div
ers
ificati
on
; c)
fin
an
cin
g;
d)
cau
ses o
f in
novati
on
.
Isabella Lami 7
Company organization and its temporal evolution
Innovation in construction sector
CONCLUSIONS
Survey
• T
he I
talian
con
str
ucti
on
secto
r h
as t
rad
itio
nally b
een
dis
tin
gu
ish
ed
by
fam
ily-r
un
en
terp
rises.
• N
ow
adays
there
is
a t
rend o
f com
pan
y d
e-s
tru
ctu
rin
g. M
ost
of
the Ita
lian
ente
rpri
ses
have n
ow
less t
han
20
work
ers
, fa
ct t
hat
, m
ore
over,
make
s th
em
le
ss c
om
peti
tive a
bro
ad.
• T
his
tre
nd is
confirm
ed b
y t
he c
hara
cteri
stic
s of
the a
ctiv
itie
s ty
pic
ally
m
ain
tain
ed w
ithin
the c
ore
of
the c
om
pany, su
ch a
s: a
dm
inis
trati
on
; act
ivit
ies
rela
ting t
o t
he m
an
ag
em
en
t of
the c
on
tract;
dealin
gs
wit
h s
up
pliers
, te
nd
ers
and b
ids; safe
ty in t
he w
ork
pla
ce; veri
ficati
on
of
the p
roje
ct
and its
execu
tive
solu
tions;
fin
an
cia
l m
an
ag
em
en
t and, at
tim
es,
sale
s.
• In a
ddit
ion, th
e f
act
that
a c
om
pany b
ond is
create
d o
n a
speci
fic
init
iati
ve m
ake
s th
e c
han
ge c
urr
en
tly u
nd
erw
ay e
ven
more
flu
id:
in o
ther
word
s, it
wou
ld a
pp
ear
that
the
en
trep
ren
eu
r is
more
im
port
an
t th
an
the e
nte
rpri
se.
Isabella Lami 8
Real estate development strategies and market diversification
Innovation in construction sector
CONCLUSIONS
Survey•The f
ou
nd
ing
str
ate
gie
s a
dopte
d b
y t
he Ita
lian e
nte
rpri
ses
duri
ng t
he
const
ruct
ion a
nd u
rban g
row
th p
eri
ods
thus
ap
pear
rad
ically c
han
ged
.
• T
oday, in
the s
earc
h f
or
the b
est
loca
tions,
figure
s su
ch a
s re
al esta
te
ag
en
ts a
nd
pro
fessio
nals
have b
ecom
e in
cre
asin
gly
more
im
port
an
t.
In t
his
case
as
well,
the level of
exch
ange w
ith v
ari
ous
opera
tors
for
eco
nom
ic
and r
ole
purp
ose
s is
on t
he incr
ease
.
• T
he p
ub
lic s
ecto
r is
part
icu
larl
y im
port
an
t: in u
rban
ren
ew
al
op
era
tion
s t
he s
ize o
f th
e a
reas
to b
e t
ransf
orm
ed is
such
as
to m
ake
it
nece
ssary
that
the p
ublic
part
ner
ente
rs a
mong t
he p
rom
ote
rs a
nd/o
r am
ong
the o
wners
, co
nfiguri
ng a
new
form
of
part
ners
hip
.
Isabella Lami 9
Financing / a
Innovation in construction sector
CONCLUSIONS
Survey
• D
ue t
o t
he r
ece
nt
financi
al
cris
is (
and t
he c
onse
quenti
al
credit
squeeze
),
the re
lati
on
sh
ip b
etw
een
d
eb
t an
d eq
uit
y sh
ifte
d,
obvio
usl
y to
th
e
dis
advanta
ge o
f th
e f
orm
er.
• T
RA
DIT
ION
AL F
OR
MS
OF F
INA
NC
ING
STIL
L P
REV
AIL
AM
ON
G I
TA
LIA
N
EN
TER
PR
ISES
, su
ch
as t
he s
hort
- an
d m
ed
ium
-term
cre
dit
lin
e a
nd
m
ort
gag
es.
• T
radit
ionally
, in
Ita
ly,
a fi
nan
cia
l ap
pro
ach
based
on
th
e e
valu
ati
on
of
an
en
terp
rise,
rath
er
than
on
pro
jects
leg
ally a
nd
econ
om
ically
sep
ara
te fr
om
th
e p
rom
oti
ng
com
pan
ies,
pre
vailed
. In
It
aly
w
ork
s re
aliz
ed i
n p
roje
ct fi
nanci
ng w
ent
from
6%
in 2
00
2 t
o 2
8%
in 2
00
6,
to t
hen
stabili
ze in t
he last
year
to t
he s
am
e levels
as
20
05
(1
9%
).
Isabella Lami 10
Financing / b
Innovation in construction sector
CONCLUSIONS
Survey
• I
n t
he n
ew
con
text,
cert
ain
en
terp
rises s
tan
d o
ut
pre
cis
ely
becau
se
they p
rop
ose a
NEW
DEV
ELO
PER
FIG
UR
E.
•
This
nece
ssit
ate
s an
incre
ased
kn
ow
led
ge
of
the
mark
et
and,
if
nece
ssary
, tu
rns
to e
xte
rnal
consu
ltin
g c
om
panie
s th
at
are
able
to d
evelo
p
due d
iligence
and a
dvis
ori
ng.
•
These
evalu
ati
ons
are
in
creasi
ngly
m
ore
im
port
ant
(hote
ls,
offi
ces
and
com
merc
ials
sect
ors
), o
pposi
te t
o t
he p
rivate
hou
sin
g s
ecto
r, i
n w
hic
h
there
is
m
ore
exp
eri
en
ce an
d in
w
hic
h th
e ch
ara
cte
risti
cs of
the
pro
du
ct
dete
rmin
e t
he m
ark
et.
Isabella Lami 11
Innovation factors /a
Innovation in construction sector
CONCLUSIONS
Survey
•It
is
clear
from
this
firs
t fo
cus
test
that
the in
novati
on
facto
rs,
in t
he
con
str
ucti
on
secto
r, a
re p
rim
ari
ly c
on
sid
ere
d E
XTER
NA
L.
• T
he fi
rst
cause
is
reg
ula
tion
, w
hic
h in Ita
ly, as
in m
ost
of
Euro
pe,
dis
ciplin
es
the e
nti
re s
ect
or.
Those
inte
rvie
wed f
ound t
he s
am
e r
easo
ns
for
incr
ease
s in
cost
in t
he b
urd
enso
me b
ure
au
cra
tic p
roced
ure
s;
on t
he o
ne
hand t
hese
refe
rred t
o c
om
plia
nce
wit
h t
he r
egula
tions
on s
afe
ty in
th
e
work
pla
ce
and t
he c
ert
ificate
s a
ttesti
ng
to s
ocia
l secu
rity
con
trib
uti
on
s;
and o
n t
he o
ther
hand e
nerg
y s
avin
g a
nd
en
vir
on
men
tal
su
sta
inab
ilit
y f
or
bu
ild
ing
s.
Isabella Lami 12
Innovation factors /b
Innovation in construction sector
CONCLUSIONS
Survey
• P
rod
uct
inn
ovati
on
s, cr
eate
d e
ssenti
ally
to r
esp
ond
to law
s th
at
are
esp
eci
ally
str
ict
wit
h r
esp
ect
to c
onta
inin
g c
onsu
mpti
on f
or
heati
ng o
r co
olin
g
build
ings,
are
uti
lize
d b
y t
he m
ost
com
pete
nt
en
trep
ren
eu
rs a
s a
d
isti
ng
uis
hin
g e
lem
en
t fo
r a p
rod
uct,
hen
ce c
reati
ng
a n
ew
mark
et
nic
he
, th
at
of
“cert
ified”
build
ings
from
the p
oin
t of
vie
w o
f th
e q
ualit
y o
f energ
y.
• It
has
been u
nderl
ined t
hat
the c
on
trol/
inte
gra
tion
of
a p
rocess is
a c
ost
and t
hat
cert
ain
org
aniz
ati
onal in
novati
ons
have b
een intr
oduce
d s
peci
fica
lly t
o
facilit
ate
rela
tion
s w
ith
th
e v
ari
ou
s r
eal esta
te d
evelo
pm
en
t p
art
ners
an
d w
ith
fin
an
cia
l in
sti
tuti
on
s.
Isabella Lami 13
Conclusions (in progress)
•Th
e s
urv
ey o
n I
talian
con
str
ucti
on
firm
s,
sti
ll u
nd
erw
ay
, bri
ngs
to lig
ht
the c
om
ple
xit
y o
f th
is s
ect
or.
•A
n init
ial analy
sis
thro
ugh a
sm
all
focu
s gro
up w
as
nece
ssary
as
a m
eans
of
a
pre
limin
ary
explo
rati
on o
f su
ch a
vari
ed u
niv
ers
e. C
ert
ain
th
eori
es h
ave
con
seq
uen
tly a
risen
, to
be t
este
d in
th
e d
efi
nit
ive e
xp
eri
men
t. T
hese
th
eori
es
can b
e s
um
mari
zed in m
any q
uest
ions,
conce
rnin
g t
he f
ollo
win
g
pri
ncip
al to
pic
s:
1)
the c
ap
acit
y o
f It
alian
firm
s t
o im
ple
men
t sp
ecia
l org
an
izati
on
al
str
ate
gie
s in
resp
on
se t
o t
he in
cre
ased
com
peti
tiven
ess o
f th
e
mark
ets
;
2)
the p
ossib
ilit
y t
o q
uan
tify
th
e p
hen
om
en
on
of
un
der-
cap
italiza
tion
in
th
e s
ecto
r;
3)
the c
on
necti
on
betw
een
in
novati
ve f
orm
s o
f fi
nan
cin
g a
nd
new
str
uctu
re o
f th
e c
om
pan
ies;
4)
Th
e m
ark
et
div
ers
ificati
on
as a
n a
nsw
er
to t
he t
ren
ds g
overn
ed
, in
p
art
, b
y p
ub
lic p
olicie
s;
or
in searc
h o
f p
rod
uct/
pro
ject-
ori
en
ted
com
peti
tive a
dvan
tag
e.
IN B
RIE
F,
WH
AT D
OES
IN
NO
VA
TIO
N I
N T
HE C
ON
STR
UC
TIO
N S
EC
TO
R
CO
NS
IST O
F?
Innovation in construction sector
CONCLUSIONS
Survey
Isabella Lami 14
16th ERES Conference Stockholm
24 - 27 June 2009
For updates and further information
please contact:
