Search Results (112)

Rough sets and fuzzy sets are two complementary approaches for modeling uncertainty and imprecision. Their integration enables a more comprehensive representation of complex, uncertain systems. However, existing rough fuzzy sets models lack the expressive power to fully capture the interactions among structural uncertainty, cognitive hesitation, and multi-level granular information. To address these limitations, we achieve the following: (1) We propose intuitionistic fuzzy covering rough membership and non-membership degrees based on maximal description and construct a new single-granulation model that more effectively captures both the structural relationships among elements and the semantics of fuzzy information. (2) We further extend the model to a multi-granulation framework by defining optimistic and pessimistic approximation operators and analyzing their properties. Additionally, we propose a neutral multi-granulation covering rough intuitionistic fuzzy sets based on aggregated membership and non-membership degrees. Compared with single-granulation models, the multi-granulation models integrate multiple levels of information, allowing for more fine-grained and robust representations of uncertainty. Finally, a case study on real estate investment was conducted to validate the effectiveness of the proposed models. The results show that our models can more precisely represent uncertainty and granularity in complex data, providing a flexible tool for knowledge representation in decision-making scenarios. Full article

Land Value Capture (LVC) is increasingly being emphasized as a key mechanism for financing mass transit systems, promoted as a sustainability-oriented policy tool amid tightening public budgets. China has adopted a development-led approach to value capture through the “Rail plus Property (R + P)” model, drawing inspiration from the Hong Kong experience. The Shenzhen Metro’s “R + P” strategy has been widely acclaimed as the key to its reputation as “the only profitable transit company in mainland China without subsidies.” This paper questions this assumption and argues that the Shenzhen model is neither sustainable nor replicable, as its past performance depended on two exceptional conditions: an ascending phase of a real-estate cycle and unique institutional concessions from the central state. To substantiate this argument, we contrast Shenzhen’s value capture strategy with that of Nanjing—a provincial capital operating under routine institutional conditions, with governance and spatial structures broadly reflecting the prevailing urban development model in China. Using a comparative framework structured around three key dimensions of LVC—urban governance, risk management, and the transit company’s shift toward real estate—this paper reveals how distinct urban political economies give rise to contrasting value capture approaches: one expansionary, prioritizing short-term profit and rapid scale-up while downplaying risk management (Shenzhen); the other conservative, shaped by institutional constraints and characterized by reactive, incremental adjustments (Nanjing). These findings suggest that while LVC instruments offer valuable potential as a funding source for public transit, their long-term viability depends on early institutional embedding that aligns spatial, fiscal, and political interests, alongside well-developed project planning and capacity support in real estate expertise. Full article

Technological development has strongly impacted all processes related to the design, construction, and management of real estate assets. In fact, the introduction of the BIM approach has required the application of three-dimensional survey technologies, and in particular the use of LiDAR instruments, both in their static (TLS—terrestrial laser scanner) and dynamic (iMMS—indoor mobile mapping system) implementations. Operators and developers of LiDAR technologies, for the implementation of scan-to-BIM procedures, initially placed particular care on the 3D surveying accuracy obtainable from such tools. The incorporation of RGB sensors into these instruments has progressively expanded LiDAR-based applications from essential topographic surveying to geospatial applications, where the emphasis is no longer on the accurate three-dimensional reconstruction of buildings but on the capability to create three-dimensional image-based visualizations, such as virtual tours, which allow the recognition of assets located in every area of the buildings. Although much has been written about obtaining the best possible accuracy for extensive asset surveying of large-scale building complexes using iMMS systems, it is now essential to develop and define suitable procedures for controlling such kinds of surveying, targeted at specific geospatial applications. We especially address the design, field acquisition, quality control, and mass data management techniques that might be used in such complex environments. This work aims to contribute by defining the technical specifications for the implementation of geospatial mapping of vast asset survey activities involving significant building sites utilizing iMMS instrumentation. Three-dimensional models can also facilitate virtual tours, enable local measurements inside rooms, and particularly support the subsequent integration of self-locating image-based technologies that can efficiently perform field updates of surveyed databases. Full article

This study addresses a critical deficiency in real estate management by examining how contractual arrangements between property owners and facility managers (FMs) can mitigate reputational damage arising from third-party liability incidents. While Spanish regulations impose comprehensive conservation and maintenance duties on property owners, current contractual frameworks inadequately protect owners from reputational risks when damages occur due to FMs’ negligence or operational failures. This conceptual study employs a systematic analysis of 16 Spanish regulations governing real estate conservation and maintenance duties, complemented by an examination of the statutory contract law and a Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis to evaluate the proposed solutions. The analysis reveals four distinct liability attribution blocks, ranging from quasi-objective owner liability to full objective installation holder liability. Current service contracts between owners and FMs provide insufficient reputational protection, as civil liability remains with the property owners regardless of the FMs’ performance. This study identifies specific contractual mechanisms—combining statutory work contracts with representative mandates and installation ownership transfers—that effectively redirect tort liability from owners to FMs. While this study focuses on Spanish regulatory frameworks as a methodologically necessary foundation for theoretical development, the conceptual framework provides transferable mechanisms for adaptation to other civil law jurisdictions. This study constitutes the first comprehensive analysis bridging legal architecture and facility management to propose novel liability transfer mechanisms within established frameworks. Full article

The real estate sector is increasingly recognizing facility management (FM) as a key driver of asset value. Among emerging technologies, Building Information Modeling (BIM) and Building Management Systems (BMSs) stand out for their potential to enhance FM efficiency by integrating design data with building operations across the entire lifecycle, from construction to maintenance, performance monitoring, and renovation. While their technical applications have been widely studied, the financial impact of these tools on FM remains underexplored. This paper addresses that gap by estimating the economic value generated by implementing BIM and BMS in real estate facility management. Based on thirteen semi-structured interviews with professionals from the Italian real estate sector, we identified and quantified cost-saving factors and challenges related to digital adoption. These cost efficiencies, when recurring and quantifiable, can improve net operating income (NOI), thereby supporting higher asset valuations under income-based real estate appraisal methods. The results show that integrating BIM and BMS in facility management may generate average annual cost savings of 5.81% relative to asset value, with coordination improvements alone accounting for up to 3.28% per year. Based on a 30-year simulation, these savings correspond to a positive Net Present Value (NPV), supporting the financial viability of digital FM adoption in real estate. This study offers empirical evidence to support investment decisions in digital FM technologies and contributes to bridging the gap between innovation and financial evaluation in the real estate sector. Full article

This study investigates the impact of Green Human Resource Management (GHRM) practices on employees’ pro-environmental behaviors (PEBs) across multiple sectors in China, including production and manufacturing, real estate, financial services, and IT industries. Data were collected from 492 participants through online and offline surveys conducted between June and August 2024, ensuring a comprehensive and representative sample. The findings reveal that GHRM significantly enhances employees’ PEBs, with green mindfulness and knowledge sharing as critical mediating mechanisms. These mediators amplify the effectiveness of GHRM by fostering deeper environmental awareness and encouraging the exchange of eco-friendly practices among employees. By integrating GHRM with knowledge management processes, the study highlights how organizations can strategically leverage HR practices to strengthen their environmental performance and foster a culture of sustainability. By emphasizing the pivotal roles of green knowledge sharing and environmental awareness, this research underscores their significance in bridging the gap between organizational practices and sustainability outcomes. The insights derived contribute to advancing theoretical understanding and practical applications of green knowledge management and sustainability, offering a robust framework for businesses seeking to align their operations with global environmental goals. Full article

Immersive environments have brought a great transformation in human–computer interaction by enabling realistic and interactive experiences within simulated or augmented spaces. In these immersive environments, virtual assets such as custom avatars, digital artwork, and virtual real estate play an important role, often holding a substantial value in both virtual and real worlds. However, this value also makes them attractive to fraudulent activities. As a result, ensuring the authenticity and integrity of virtual assets is of concern. This study proposes a cryptographic solution that leverages digital signatures and hash algorithms to secure virtual assets in immersive environments. The system employs RSA-2048 for signing and SHA-256 hashing for binding the digital signature to the asset’s data to prevent tampering and forgery. Our experimental evaluation demonstrates that the signing process operates with remarkable efficiency; over ten trials, the signing time averaged 17.3 ms, with a narrow range of 16–19 ms and a standard deviation of 1.1 ms. Verification times were near-instantaneous (0–1 ms), ensuring real-time responsiveness. Moreover, the signing process incurred a minimal memory footprint of approximately 4 KB, highlighting the system’s suitability for resource-constrained VR applications. Simulations of tampering and forgery attacks further validated the system’s capability to detect unauthorized modifications, with a 100% detection rate observed across multiple trials. While the system currently employs RSA, which may be vulnerable to quantum computing in the future, its modular design ensures crypto-agility, allowing for the integration of quantum-resistant algorithms as needed. This work not only addresses immediate security challenges in immersive environments but also lays the groundwork for broader applications, including regulatory compliance for financial virtual assets. Full article

In its long-term vision for tourism development (2017–2036), Thailand has chosen to focus on the development of quality tourism, which is supposed to enable sustainable tourism development and a more inclusive sharing of tourism-generated revenues. However, the use of the term “quality tourism” remains conceptually unclear, and the means by which quality tourism will enable a more inclusive sharing of wealth remain ambiguous. Taking the tourist island of Phuket as a case study, we question how quality tourism has materialized on the island and how it has affected the configuration of power between large international hotel chains and local hotel operators regarding tourism development. Guided by a critical political economy framework and based on a qualitative methodology involving triangulation of data collection among official documents, semi-structured interviews, and participant observation, we argue that quality tourism in Phuket, although justified as a form of sustainable tourism, is more akin to luxury tourism. This has led to greater concentration of wealth among large hotel chains and real estate groups who have taken advantage of quality tourism-related policies to boost their portfolios at the expense of local stakeholders. Full article

This article aims to offer a novel perspective on investments in new multi-modal and multi-service transportation hubs, examining their wider economic and social impacts. Through a systematic literature review following a “What, When, Where” approach, as well as a meta-analysis based on the results of selected studies, this research synthesizes existing knowledge and identifies gaps in the field. Key findings indicate that developments of new transportation hubs receive the most attention, particularly concerning their effects on real estate and employment markets. Transit-induced gentrification is also widely discussed, with evidence suggesting it may also affect the commercial sector. Additionally, this review reveals that potential benefits can vary among stakeholders and may begin to emerge not only once projects are operational but also as early as the announcement phase. This article concludes that while investments in transport infrastructure are essential, they are not sufficient alone for sustainable urban development. Complementary policies, such as affordable housing, public safety initiatives, and the promotion of community engagement, along with continuous impact monitoring, are key planning drivers for achieving inclusive and sustainable growth. The insights obtained from this research may work as a knowledge tool for designing more sustainable and effective transportation policies. Full article

Passenger transportation in Japan’s main metropolitan areas is operated by the JR companies, which were privatized and divested from Japan National Railways (JNR) in 1987 and by 16 major private railway companies with large-scale operations. Although their core business is transportation, the major private railway companies have adopted a strategy of diversification, and they engage, e.g., in real estate and distribution businesses. This study examines the relationship between the degree of business diversification and the production efficiency of Japan’s major private railway companies from the perspective of a future business model. To this aim, this study applies data envelopment analysis combined with the Malmquist index to the data of the railway companies from 1987 to 2019. We focus on four phases of activities: cost, operational resource, operational output, and total revenue. This study is the first to analyze the diversified management of Japanese railroad companies by evaluating their production efficiency and its changes over time. The results of the analysis reveal that, while all companies’ earnings have generally increased, the less diversified they are, the more they struggle to optimize personnel and other overhead expenses and resources, lowering production efficiency. Full article

Based on complex system theory and multi-dimensional coupling analysis paradigm, this study constructs a dynamic model covering land use, real estate development, and carbon emissions, and deeply explores the internal mechanism and evolution law of land development system in the process of moving toward a low-carbon path. Firstly, through nonlinear dynamics and bifurcation analysis, this study identifies three typical transformation paths that the system may experience: gradual, transitional, and hybrid, emphasizing the nonlinear, phased, and highly context-dependent characteristics of the transformation process. On this basis, early warning indicators and robustness analysis methods are introduced, which provide operational tools for identifying critical turning points in the system and improving the effectiveness and resilience of regulatory strategies. Furthermore, this paper proposes a multi-level regulation mechanism design framework, which combines the immediate feedback with the historical cumulative effect to achieve the refined guidance of land development patterns and carbon emission paths. The results provide a scientific basis and practical enlightenment for land use optimization, green infrastructure construction, and industrial structure adjustment under the background of realizing the “3060” dual carbon goal and the reform of territorial spatial planning in China. In the future, it is necessary to strengthen the empirical calibration of parameters, data-driven optimization, and collaborative research of multiple policy tools to further improve the applicability and decision-making reference value of the model. Full article

The real estate price index serves as a crucial indicator reflecting the operational status of the real estate market in China. However, it often lags until mid-next month, hindering stakeholders from grasping market trends in real time. Moreover, the real estate market has an extremely complex operating mechanism, which makes it difficult to accurately assess the impact of various policy and economic factors on the real estate price index. Therefore, we hope, from the perspective of data science, to explore the emotional fluctuations of the public towards the real estate market and to reveal the dynamic relationship between the real estate price index and online news sentiment. Leveraging massive online news data, we propose a forecasting scheme for the real estate price index that abandons complex policy and economic data dependence and is solely based on common and easily obtainable online news data. This scheme involves crawling historical online real estate news data in China, employing a BERT-based sentiment analysis model to identify news sentiment, and subsequently aggregating the monthly Real Estate Sentiment (RES) index for Chinese cities. Furthermore, we construct a Vector Autoregression (VAR) model using the historical RES index and housing price index to forecast future housing price indices. Extensive empirical research has been conducted in Beijing, Shanghai, Guangzhou, and Shenzhen, China, to explore the dynamic interaction between the RES index and both the new housing price index and the second-hand housing price index. Experimental results showcase the unique features of the proposed RES index in various cities and demonstrate the effectiveness and utility of our proposed forecasting scheme for the real estate price index. Full article

The construction sector holds a paramount position in the economic landscape of any country, serving as its foundational pillar. This sector, characterized by its diverse and dynamic environment, is crucial in job creation across various domains, including transportation, real estate, manufacturing, trade, warehousing, wholesale, and leasing services. Employing about one quarter of the global workforce, its significance is undeniable. Despite its pivotal role, the construction sector grapples with significant mental health and social sustainability challenges. Reports in recent years indicate that approximately one in four individuals worldwide experiences various forms of mental disorders. A study by the Global Burden of Disease in 2010 revealed that around 400 million people globally suffer from depression with projections suggesting that depression could be the leading cause of employee mortality by 2030. This underscores the critical need to address mental health and well-being issues in this sector. While the existing literature has presented numerous studies and reliable scales linking employee mental health and well-being to factors such as job satisfaction, productivity, absenteeism, and low turnover rates, these studies often operate in isolation, concentrating on specific aspects of mental health. This study views mental health and well-being as essential parts of defining social sustainability as a comprehensive concept. Moreover, limited research has been conducted to assist organizations in decision making and facilitate efforts to enhance the social sustainability of employees in the construction sector, highlighting a noticeable research gap. To address this gap, our study adopted a comprehensive mixed-methods approach, incorporating semi-structured interviews, surveys, and structural equation modeling to identify the underpinning criteria that define the social sustainability of employees. This study accordingly incorporated the identified criteria to evaluate the relationship and impact of these factors on employees’ job satisfaction, ultimately contributing to the assurance of social sustainability for employees within the construction sector in the UAE. This holistic approach seeks to establish the intricate relationship between employees’ job satisfaction and their mental health, providing valuable insights for guiding organizational decisions and fostering improvements in employee social sustainability in the construction sector generally and the UAE construction sector in particular. Full article

The possibility of carrying out the cultivation of numerous plant species in vertical farming highlights the need for policy makers to determine the cadastral value of the buildings in which these production activities are carried out. In this regard, estimates of buildings intended to host vertical farming are illustrated according to the procedure established by Italian cadastral legislation, which establishes that the fiscal value of buildings intended for vertical farming must be estimated through their market value. Appraisals is carried out using the direct capitalization method but follow two different approaches. One approach is based on the expertise of the appraiser, who acts by making assessments through subjective and arbitrary choices. The other approach is based on the use of best practices, as indicated by international evaluation standards that follow appropriate methodologies. Our comparison between the two approaches focuses on determining the capitalization rate, which determines the estimated value. The market value estimated using the procedures recognized by the valuation standards appears to be more valid methodologically and more reliable. This is demonstrated by applying yield capitalization to the same income cash flow in both formulations. Additionally, through the identification of the conversion cash flow, useful details on financial flow can be obtained and used to determine the value. The obtained results may be useful for public operators for the purposes of determining the value of assets for tax purposes. More generally, they are also useful from a methodological and application point of view in real estate valuation and support the development of tools for making efficient investment choices. Full article

This study examines the influence of sustainability certifications on the real estate market, particularly highlighting the advantages they offer compared to uncertified buildings and their recognition within the industry. A survey targeting various industry professionals garnered ninety responses, predominantly from the real estate sector. The survey explored the respondents’ awareness and perceived benefits of sustainability certifications, their priority areas within sustainability, and the relevance of these certifications across different real estate sectors. The analysis also compared the additional costs and operational savings of certified versus uncertified buildings. Among the certifications, LEED and BREEAM were the most recognized. The primary benefits associated with these certifications included enhanced corporate image, improved health and well-being, increased building value, and higher rental yields. We estimated a valuation and rent premium for certified buildings, noting that these premiums were more pronounced among respondents who were younger, had less professional experience, and were from the property sector. The office market was identified as the segment placing the highest importance on sustainability certifications. Additionally, the LiderA evaluation system’s weighting closely aligned with the respondents’ sustainability priorities. This study concludes that while sustainability certifications incur a cost premium, this is outweighed by the appreciation in building value, rental advantages, and operational cost savings. Full article