Boss magazine June 2017 - ERES

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boss magazine no 59 june 2017

Peter russell interview with the dean - erwin heurkens/Friso de zeeuw forms of privatization in dutch area development yawei chen/tom daamen/erwin heurkens/wouter jan verheul interdisciplinary learning and practice-theory integration rob geraedts refitting vacancy for the creative class - qi tu/peter boelhouwer credit constraints & house prices in the Netherlands - eline ouwerkerk interview young professional - Philip koppels/vincent steenkamp debate - juan carlos romero Collaborative planning & urban regeneration in colombia - tessa persoon student assistant eres 2017 - sybren geldof/hoda hassan student column - robin vriends recd 2017

colophon BOSS Magazine is a publication of BOSS. Published three times a year.

BOSS Magazine Nr. 59 ERES Special June 2017 BOSS is the study association of the department of Management in the Built Environment (formerly known as Real Estate and Housing) Faculty of Architecture and the Built Environment TU Delft BOSS Magazine Committee Editor in chief Suzanne Elliott Editor and design Tuur Pluijmen Editor Malvika Mundkur Editor Bente Bast Editor Juan Carlos Romero Contributors (in order of appearance) Hilde Remøy Peter Russell (interviewed by Malvika Mundkur and Juan Carlos Romero) Erwin Heurkens & Friso de Zeeuw Tom Daamen, Yawei Chen & Wouter Jan Verheul Rob Geraedts & Anniek van der Hoek Qi Tu & Peter Boelhouwer Eline Ouwerkerk (interviewed by Suzanne Elliott) Philip Koppels & Vincent Steenkamp Juan Carlos Romero Tessa Persoon Sybren Geldof Hoda Hassan Eva de Biase & Robin Vriends Cover Picture: Juan Carlos Romero Edited by: Tuur Pluijmen Press Orangebook

From the Editor Many students enter the Faculty of Architecture and the Built Environment with the ambition to become designers or architects.

In the bachelor program of Architecture, creativity and spatial aptitude both play an important role. Students learn about theory, engineering and design by working on different design projects and taking courses that teach them about the various fields that architects work in.

This edition of BOSS magazine is specially dedicated to the 24th annual conference of ERES in Delft. The articles are written by various authors with different perspectives on the built environment, the research and the education within this field.

After finishing the bachelor program, a large part of students choose to continue the design path. However, a relatively small group of students chooses for the more overarching perspective: the master course of Management in the Built Environment, a choice we made as well. Next to this master program, BOSS (Building Organisation Student Society) provides a connection with practice through a range of activities and the BOSS magazine.

Kind regards,

We would like to thank all the authors for their contribution to this magazine and we hope you all enjoy reading it!

Suzanne Elliott

Juan Carlos Romero, Bente Bast, Suzanne Elliott Malvika Mundkur, Tuur Pluijmen

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Introduction eres 2017 MBE – the department of Management in the Built Environment is pleased to welcome The European Real Estate Society (ERES) for the 24th ERES annual conference. ERES was established in 1994 to create an international real estate network between academics and professionals across Europe. ERES is a non-profit organisation affiliated to the International Real Estate Society, an organisation which provides a wider contact base in real estate co-operation at a global level. ERES is dedicated to promoting and advancing the real estate discipline and specifically property based research throughout Europe. The Society incorporates national research societies, academic researchers, practitioners and doctoral students engaged in real estate research. The core activities of ERES include an annual conference, industry seminars and education seminars.

MBE’s core topics Real Estate Management, Housing Management and Urban Regeneration are well represented in presentations by MBE researchers, alumni and former BOSS members. But there is of course more! The ERES annual conference traditionally has a focus on real estate finance and investment, research on commercial housing and housing markets, and on market research, analysis and forecasting.

The research paper presentations offer an insight in first-class real estate research that is well related to practice. We are also happy to welcome highly esteemed guests, presenters, key-note speakers, and panel debate members. The ERES conference is a good opportunity to meet new researchers active in your own research field, but also to meet many well-known researchers with a longer relationship with the department. No names mentioned, have a look at the conference programme to find out!

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Some names that are important to notice, are the key-note speakers, all outstanding speakers that introduce important topics in different fields. A key-note speech on institutions and governance in real estate research is given on Wednesday by Marja Elsinga from OTB, TU Delft.

On Thursday, Dirk Brounen, professor at Tilburg University and Hans de Jonge, emeritus professor of MBE and director of Brink Group, present key-note speeches on Real Estate Management. Fulong Wu, Professor at the Bartlett, the University College London, presents his key-note speech on urban development on Friday.

In the panel debates, research and practice are brought together for discussions on trending topics. On Thursday morning, EPRA, the European Public Real Estate Association, organises a panel debate on asset and real estate management. On Thursday afternoon, two panel debates are co-organised with Colliers on the topic big data

hilde remØy Dr. Hilde Remøy is associate professor of Real Estate Management at the Department of Management in the Built Environment (MBE), Faculty of Architecture and the Built Environment at Delft University of Technology. She is the chair of the ERES annual conference in Delft, 2017.

in Corporate Real Estate Management and with JLL on Workplace Management. On Friday morning, a panel debate is co-organised with Brink Groep on Campus Management, followed by a panel debate coorganised with BPD, on housing development. On Friday afternoon, IRES organises a panel on international housing, and finally INREV hosts a panel on research data for non-listed real estate and related research.

With the broad range of research and topics presented in these 4 days, there is also a need to meet, network and discuss informally.

Therefore, every evening there is a social event, spread across the TU campus and the city centre. Have a look at the website 2017.eres. org to find out more!

Looking forward to seeing you all at ERES! On behalf of the ERES organising committee: Hilde Remøy, Peter de Jong, Erwin Heurkens, Monique Arkesteijn, Gerard van Bortel, Karin de Groot, Philip Koppels, Eveline Vogels, Tessa Persoon, Hans Wamelink

Gold sponsors eres 2017

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contents 06 interview with the dean 08 forms of privatization in dutch area development 12 Interdisciplinary Learning and Practice-Theory Integration 14 refitting vacancy for the creative class 16 credit constraints & house prices in the Netherlands 18 debate: Energy and environmental certifications 20 collaborative planning and urban regeneration in colombia 24 student assistant eres 2017 26 working at unibail-Rodamco An interview with the dean of the faculty of architecture: peter russell

erwin heurkens & Friso de Zeeuw

Yawei Chen, Tom Daamen, Erwin Heurkens & Wouter Jan Verheul

rob geraedts, hilde remøy & anniek van der hoek

qi tu & peter boelhouwer

Philip Koppels & vincent steenkamp

the case of the fenicia triangle in bogotĂĄ - Juan carlos romero

tessa persoon

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an interview with young professional eline ouwerkerk

contents 28 student column 29 real estate career day 2017 31 Book tips 34 Delft like a local 36 student column

real estate and finance - sybren geldof

dubai learns the rules of the game ‘Booming economy’ - hoda hassan

the organizing committee and a student reflect on the RECD 2017

recommendations by the authors

Lianne Siemensma & Hannah Harmens

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Interview with the Dean peter Russell has been the dean of the TU Delft

faculty of Architecture since May 2015. Malvika and Juan Carlos met up with him for an interview to learn more about his background and his view on the MBE master track.

Let’s begin with you telling us a little about your background.

Well, I’m Canadian and I grew up with computers, which was a defining aspect for me. Growing up watching the Apollo astronauts walk on the moon gave me a feeling that anything is possible. That kind of ‘can-do’ environment drove me to become an architect and work on the built environment. I left Canada soon after graduation, and I haven’t been back yet. The lesson you learn from that is- be careful what you ask for, because you might get it.

At some point, I discovered I liked teaching. I tried it out and have been involved in academia for 20 years now. I wanted to change the world, and a big part of that included working in education and changing the next generation.

How did you come to TU Delft, and how has your experience been so far?

I was approached to become Dean at TU Delft. I was previously involved in assessments at the faculty, so I was familiar with the university and ready to take up the offer.

Being an international, it has been a steep learning curve. There are some things that are magnificent about Delft, but there’s always another side to the coin. The ad hoc can-do attitude of people here means that there is also an ad hoc structure to the place. So although there is an organogram on the website, it has nothing to do with how the place runs. It is a steep learning curve, but I love my job… it’s the best job in the world. Probably the most challenging job I’ve ever had, because of the language and balancing the culture of the faculty and the university. I wouldn’t trade it for anything.

The faculty has been ranked third in the world in providing premiere architectural education, how do you think the Management in the Built Environment (MBE) program fits within this perspective?

International scholars recently assessed our quality assurance program at the faculty, and the statistics showed that the success rate of our students has risen. However, this is not because the standards have been lowered. I believe it is because we offer programs like the MBE that give opportunities to those people involved in the built environment who have other skill sets than being great designers.

The organisational skills required in the logistics of managing a portfolio or a construction site is also what we offer via the MBE. Our faculty provides a three year bachelor degree which allows a broad understanding of everything related to the built environment.

Then at the masters level, we provide three different career paths, which is why this faculty is great and why it is successful.

The first is for the professionals- where they become registered as architects, planners or landscape architects. The second is the professional management track, within which we have the MBE, and maybe in the future an urban studies program. The third is an expert track, including architectural engineering, design computation, hyper body, facades etc.

Since we have such a bandwidth, we offer anyone who comes to the school a career path. We also have PhD studies and housing policy research, so there really is something for everyone. So, I would say the success rate of the faculty is because we are honest in showing that there is a whole range of things that you can do with your bachelor degree, and a role for you to play in the built environment.

What is your opinion on the program when compared to other universities with similar programs?

This approach to education and the wide range provided is what makes us different from other universities. There are enough different skill sets that are needed to get a building built, and the MBE has specifically paved the way for this. The MBE department has the onus of recognising that there is a societal need to train people in this kind of management position, and it ensures that the society receives well- educated and trained people.

In other universities, construction or management is not usually embedded in a design background, they are usually either exclusive

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Prof. Peter J. Russell Dipl.-Ing. Architect, M.Arch. B.E.D.S. Dean at the Faculty of Architecture, TU Delft Chairman of the Board, Amsterdam Institute for Advanced Metropolitan Studies

I would hope that anyone graduating from the MBE track is able to work with different people from day one. With that kind of cross cultural connection during your studies, students are more robust and probably more useful to potential employers.

Several of our professors and graduates are presenting at the ERES conference, what added value do you think about the faculty brings to it?

The ERES conference is a chance to show the world of Management of the Built Environment what we have here, what is special. Of course, a part of it is this building, but also the fact that Management is one of the five pillars in our faculty. Behind this is the idea to provide an option for any student that comes through the faculty to have a role in the built environment based on their skills. It is important to have the Management in the Built Environment here, and together the different tracks and research provide feedback to one another and help improve the overall result.

In short, the main thing is to present how special the conditions are here in Delft. Everyone should go away saying ‘Too bad I can’t be in Delft’, and that has to be based on the content and context of the discussions presented at ERES.

or integrated within an engineering department. There is a saying that when engineers try to solve a problem they need complete and structured information, whereas architects start solving problems with incomplete and unstructured information. When people ask about what we are teaching here, I don’t say we teach design or architecture, I tell them we teach managing complexity. The way you do that and the heuristics that you learn in terms of how to solve a design problem, mean that if you have new information coming it doesn’t send you back to square one.

Rechtin who has analysed how large scale projects were organised.

He calls the process of managing complexity ‘architecting’, because it is a heuristic design process used at a certain level of complexity.

They cannot be solved with a classic engineering or mathematical sense of finding an optimal solution. As someone trained in design thinking, you function like an amoeba- swallowing in new information, encapsulating it, and then you continue to move on. Interdisciplinary teams, such as the ones for the Solar Decathlon, are great, because you understand how different the cultures are regarding problem solving. That is the strength of our program, you are right in the middle of the Faculty of Architecture and Urban Planning and you immediately see the people you will be dealing with in the future.

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Forms of privatization in Dutch urban development: From unsolicited proposals to private quality safeguarding An

unsolicited private proposal, a flexible masterplan and land-use plan, a quality team that overtakes the role of the public aesthetics commission, and private quality safeguarding for plan judgement and construction supervision.

These instruments and agreements are used by housing association De Alliantie, the Municipality of Amsterdam, and other parties in the urban development project Theo Koomenbuurt on Zeeburgereiland. These agreements are exemplary for a gradual shift towards privatization in Dutch urban development practice. This article identifies the case-specific characteristics of and the actor experiences with these market-oriented instruments. In addition, it draws lessons for Dutch development practice: do these instruments result in process acceleration, cost efficiency, and balanced spatial quality?

The Theo Koomenbuurt is part of Zeeburgereiland in Amsterdam. In 2013, it was a serviced piece of land owned by the municipality. Its development got slowed down as a result of the unfavourable real estate market circumstances at that time, and the strict land-use plan rules applicable to the site. Despite this, housing association De Alliantie and the Municipality of Amsterdam found each other in the ambition to develop this area, as there was a need for housing in the Amsterdam region. Through workshops, an urban development vision for the area was developed, supported by various parties. More importantly, the involved parties strived for process acceleration and simplification, cost efficiency, and a high spatial quality, by making innovative agreements for the plan development, plan review, development and role division. For these agreements various ‘market-oriented’ instruments were applied, which are described and evaluated hereinafter. The findings are based on research conducted by the Praktijkleerstoel Gebiedsontwikkeling (see Heurkens, 2017).

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Unsolicited proposal De Alliantie submitted an unsolicited proposal to the Municipality of Amsterdam. This proposal for the site contained a spatial vision and programme, a lumpsum land bid, a project planning, and role division. The municipality could restrain itself from market selection based on a public European tender, as the following conditions originating from the Müller-arrest applied: • • • •

Land transaction between public and private organisation; Land owned and serviced for development by a municipality; No additional municipal requirements apply than existing public legalisation; No direct economic interest for municipality.

The involved actors state that this unsolicited proposal has avoided the often costly, complex and time-consuming tender procedures.

They also agree that in similar circumstances, unsolicited proposals could be a suitable alternative for market selection.

Flexible Spatial Framework as a Master plan Parties in the Theo Koomenbuurt have used a flexible spatial framework as a master plan, which contains remarkable features.

A spatial agreement contained ten general spatial rules for the site

(demand for smaller apartments), and changing legislation (Novelle van Blok). Most actors involved are quite content with the delivered spatial quality, although some state it is too early to judge this.

General Land-use Plan and Aesthetics Framework The Municipality of Amsterdam issued a general land-use plan for Zeeburgereiland in order to simplify the spatial rules for the Theo Koomenbuurt. In addition, a general aesthetics framework was developed based on just seven criteria for plan reviews. With these instruments the municipality was able to judge plans more easily and give planning permission. Also it was clear for the housing association that plan proposals had to at least comply with these general rules. Parties agree that both instruments were effective in simultaneously giving direction to and freedom for design and plan proposals.

Private Quality Safeguarding and Quality Team Quite interesting is the application of the method of Private Quality Safeguarding (Dutch: Private Kwaliteitsborging) as a pilot for the Law Quality-safeguarding in Construction (Dutch: Wet Kwaliteitsborging in de Bouw). With this method private commissioners (in this case the housing association) is responsible for safeguarding the quality of plans and supervising construction activities according to the Building Decree (Dutch: Bouwbesluit). Formerly this was a task carried out by municipal departments of Permissions, and Supervision and Maintenance.

With the new Law becoming effective in the near future, actors decided to experiment with this method. A certified private quality safeguarding company, InterConcept, was appointed to judge plan proposals, and supervise the quality during construction, in accordance with the Building Decree, by making building plan and project completion reports. In addition, a Quality Team consisting of an architectural supervisor, municipal planner, and a housing association representative, was set up. This team had to give preventive advice on and judge proposed building plans on the basis of the Aesthetics Framework. With both preventative judgements, the municipality could give planning permission as remains the former public authority to issue permits.

Figure 1.

Theo Koomenbuurt under construction (photo: Heurkens, 2017)

as minimum requirements to comply with. Moreover, the plan itself contained bandwidths and development margins (+7,5% gross floor area), and the ability to change between housing segments (owneroccupied vs rental housing) when necessary. This flexible spatial frame has accelerated and simplified decision-making on partial plans, as it was able to cope with changing market circumstances

Most parties agree that it was valuable to experiment with both planand-construction-quality solutions as it has considerably reduced the common Wabo-procedure time (8 plus 6 weeks) used for issuing planning permissions. However, most actors were unaccustomed with this method and the changed public-private responsibilities and tasks, which led to some frictions during the development process.

At a certain point it seemed there was a dual private and public supervision of the quality of construction, leading to distrust amongst parties. Nevertheless, Private Quality Safeguarding resulted in some advantages, such as increased transparency in the process due to the reports. Also it was an impulse for ‘market transformation’, as contractors acted more consciously and responsible as illustrated by the appointment of internal construction quality teams.

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Lessons for Dutch urban development The following lessons can be formulated based on the Theo Koomenbuurt case.

LESSON 1 Unsolicited proposals are an alternative for market selection tenders Unsolicited proposals provide an effective alternative for market selection based on complex tenders, in situations of a pure publicprivate land transaction, based on a serviced piece of municipal land, without extra public requirements and municipal economic interests.

LESSON 2 Instrument mix crucial for process acceleration in urban development Precisely the combined use of instruments in the Theo Koomenbuurt resulted in considerable process acceleration, which provides organisations active in urban development with the opportunity to speed up development procedures and processes and take responsive action to meet growing housing demand.

LESSON 3 General plans/frameworks and Quality Team lead to flexibility and spatial quality Using a general land-use plan, aesthetics framework, a master plan, and a competent Quality Team for plan development and judgement, can lead to spatial-programmatic quality and flexibility to react to changing market and legal conditions.

LESSON 4 Private Quality Safeguarding leads to transparency and market transformation Despite the somewhat negative messages in professional and

popular media about Private Quality Safeguarding, it seems that the method also increases the transparency about plan and construction quality, and triggers ‘market transformation’ resulting in a qualityconscious construction sector.

LESSON 5 Collective organisational learning plan to institutionalize new methods In order to effectively learn from pilot projects it is necessary to preventatively develop and consciously deploy a collective organisational learning plan that enables the ‘institutionalization’ of new ways of working within and between organisations (Wiseman, 2007).

Conclusions In conclusion, it can be argued that the market-oriented instruments used in the case study represent some more recent forms part of a slow-ongoing transition towards forms of privatization in Dutch planning and development practice and law (Heurkens et al, 2008; Heurkens, 2012; Hobma & Heurkens, 2014). The case illustrates that, even in a strong public-led planning and development practice like Amsterdam, some privatization principles like deregulation and transferring public tasks to private organisations are present.

In addition, the various instruments used in the Theo Koomenbuurt offer definite potential for Dutch urban development practice, in terms process accelerating, simplifying, cost-reducing agreements and working methods. It is less clear if these instruments and agreements also indisputably lead to high quality urban places, although the case seems to suggest that with the various agreements, both spatial and construction quality can be safeguarded.

Figure 2.

Masterplan Theo Koomenbuurt (source: aTA).

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Finally, from a Dutch development culture point of view, it remains to be seen whether both public planning authorities and private development companies are institutionally receptive and behaviourally responsive to these (new) forms of privatization in Dutch urban development practice.

References Heurkens, E. (2012) Private Sector-led Urban Development Projects: Management, Partnerships and Effects in the Netherlands and the UK. Delft: Delft University of Technology.

Heurkens, E. (2017) Effectieve afsprakenkaders voor gebiedsontwikkeling, Delft: Praktijkleerstoel Gebiedsontwikkeling TU Delft.

Heurkens, E., Hobma, F., and De Zeeuw, F. (2008) Gebiedsconcessie: een omstreden nieuwkomer. Ruimtelijke Ontwikkeling Magazine, 26 (10), 12-15.

Hobma, F. and Heurkens, E. (2015) ‘Netherlands’, In S. Mitschang (ed.) Privatisation of Planning Powers and Urban Infrastructure (pp. 121-151), Frankfurt am Main: Peter Lang Verlag.

Wiseman, E. (2007) ‘The institutionalization of organizational learning: A neoinstitutional perspective’, In Proceedings of OLKC 2007 - “Learning Fusion” (pp.

1112-1136).

Figure 3.

Theo Koomenbuurt upon completion (source: De Alliantie)

Erwin Heurkens Erwin is an associate professor at the TU Delft. He is coordinator of the Urban Area Development Graduation Laboratory. His publications can be found at www.erwinheurkens.com

friso de zeeuw Friso is a professor of Urban Area Development at the TU Delft. His expertise is primarily in the area of spatial design and the role of the market and the government in this. In addition to his work at TU Delft, he hold various management positions and is a member of several supervisory boards.

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Interdisciplinary Learning and Practice-Theory Integration: Experiences from Urban Development Management Education The current pace of urbanization in the world

resonates strongly with an increased awareness of common urban challenges. Finding ways to grow our increasingly regional economies sustainably, making cities socially inclusive and resilient to the effects of climate change, and preparing our built environment for a scarcity of crucial resources— like water, food, and energy—are all high on urban agendas worldwide. Politicians, planners, engineers, architects and other professionals who shape the development of cities and urban regions are facing tremendous challenges—but also opportunities.

Within university, one of the opportunities brought about by pressing urban challenges is the opportunity to reflect on the types of knowledge and skills professionals need to meet those challenges.

While it may be widely acknowledged that many of the problems faced in cities today do not neatly follow the disciplinary boundaries of our academies or professions, it seems hard to respond adequately to this fact in the practice of academic research and education. As Don Schön points out in the quotation above, universities have no trouble to identify the interdisciplinary nature of a certain issue.

Problematizing and acting upon them from an interdisciplinary point of view is, however, proven to be much more difficult.

In this introduction of our ERES2017 paper for BOSS Magazine, we introduce the concept of Urban Development Management (UDM), explain what we define as interdisciplinary education, and give a preview of the empirical part of our paper. For those that are interested in the full story, we kindly refer to our presentation at ERES2017 and the full text that will be available during the conference.

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Introducing Urban Development Management Urban Development Management (UDM) is an interdisciplinary domain of (applied) academic research and education. The domain recently emerged within a Dutch school of architecture—a school

that is hardly free from territorial politics, but has nevertheless found the institutional space and momentum to define a field to which long-standing and often polarising disciplines like planning, urban design, real estate, building law, business management, and policy sciences are supposed to deliver.

The demand for professionals who have the knowledge and skills to organise the processes that lead to attractive, liveable, just, safe, and sustainable urban environments is growing. And indeed, institutions in the developing world often look at developed countries to deliver these professionals through knowledge exchange and academic pedagogy. But while it is clear that interdisciplinary research and education has an important role to play in our global urban era, we are often struggling to understand how we can enable students to develop interdisciplinary knowledge and skill, and help them to reflect on the relationship between practice and theory from an interdisciplinary—in our case: UDM—perspective.

It the full paper, we build on recent and timeless insights on interdisciplinary work and practice-theory relations in the fields of planning and urban studies. Based on our literature review, we will argue that UDM offers a perspective for identifying the way knowledge of different disciplines—including their underlying norms and values—blends into the process and outcome of urban development projects. The UDM perspective also enables us to build an understanding of the extent to which students and professionals are able to acknowledge and critically reflect on the interdisciplinary level of their plans and products.

Pursuing Integrative, Area-based Solutions to Urban Problems Urban Development Management (UDM), as defined in the paper, is a label for a phenomenon that is in no way restricted to The Netherlands as a specific country of practice. Nevertheless, the area-based urban development ‘profession’, and the specific, interdisciplinary way it is exercised, is expected to grow in importance and popularity internationally. Dutch spatial planning and property development practice is internationally held in high regard, and has inspired many urban practitioners and policy makers worldwide. In the past decades, its deeply ingrained aspiration to deliver high quality outcomes fostered a practice that pursues integrative, area-based solutions to urban problems—a practice that has been adapting to

the principles of austerity after the financial crisis of 2008 and the subsequent economic recession.

As a profession, UDM is not limited to a single discipline. In every urban context, professionals are confronted with problems that can be addressed from, for example, a social, economic, political, law or engineering perspective. However, the challenges that urban development managers have to face are rarely limited to just one of those disciplines. Urban problems ‘do not care’ about the conceptual and academic boundaries that professional knowledge has in daily practice. An urban development manager needs to assess and cohere to the knowledge and skills that different disciplines have to offer.

Education in urban development management, therefore, consists of training students that have knack for a variety of different disciplines, such as architecture, urbanism, real estate development and finance. They are often interested in the relationships between fields like urban economics, planning, geography and sociology.

UDM students are not trained to master all disciplines relevant to solving urban problems. However, they need to have the knowledge and skills of those disciplines on a certain level to understand the different dimensions of urban problems and their potential solutions. Apart from this multidisciplinary approach to education in urban development management, there is something between or beyond those disciplines, and that is the competence to relate and integrate separate disciplines, and therefore, to work and think in an interdisciplinary way.

Evaluating Interdisciplinary Education In our full paper, we argue that UDM practice needs interdisciplinary education, and that interdisciplinary education consists of two conditions. First, an accumulation of available disciplinary knowledge and perspectives has to take place (multi-disciplinarity). And second, the confrontation, integration and reflection on the knowledge and insights obtained. Those two elements of interdisciplinarity are very important, because without sufficient available specialist knowledge, a generalist cannot do his work of creating integrated solutions for urban development problems. Hence, UDM education demands reflection on the coherence of separate disciplines, and on the different solutions they deliver when applied to urban problems.

To avoid the appearance that education offers only multidisciplinary knowledge without developing interdisciplinary insights, a reflection on both process and outcome is also mandatory.

Next to interdisciplinarity, our paper also holds the idea that a continuous interaction between academia and practice is needed in urban development management education. This can be organised in different ways: by offering students practice information (through documents, illustrations, case studies, interviews, etc.); through practice-oriented lectures (i.e. guest lectures from and panels with practitioners); by practice experience (through serious games, internships, etc.); and by practice-oriented feedback (through evaluation forms and jury feedback).

In order to demonstrate our arguments for the need for interdisciplinary and practice-theory interaction within urban development management education, the paper develops a methodology for analysing such courses. The general question we thus address is: To what extent does an urban development management course enable students to have an interdisciplinary and practice-theory learning experience? The two cases we analyse are urban development management courses that are linked to the curriculum of the Department of Management in the Built Environment (MBE) of the Faculty of Architecture and the Built Environment in Delft, The Netherlands. If you want to know about the structure and performance of the Urban Redevelopment Game (Master, 1st year) and Master City Developer (post-experience Master), we kindly invite you to our presentation on Thursday, June 29.

Collaborating authors MBE Department of urban development management Tu delft

Yawei Chen Associate professor

Wouter Jan verheul Research fellow & lecturer

Tom Daamen associate professor

Erwin Heurkens associate professor

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Refitting vacancy for the creative class The

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high vacancy rate in the office building market in the Netherlands is mainly explained by an overproduction of office space. The demand is expected to decrease further due to aging of the population, a changing economy and the decreasing need for space. A possible new end-user is the creative industry. The different working standards of this industry lead to different use of office space than the large-scale offices of the production economy. Adaptive reuse can create a solution for the need for new accommodations in this segment of the office market. In this research, a strategy has been developed that explains which characteristics a vacant office building must meet to be reused for the creative industry, which facilities it must offer and how tenants should be selected and managed. The possibilities have been researched by a detailed literature research, three in-depth case studies with successful redevelopments for the creative industry in Eindhoven, Rotterdam and Amsterdam and interviews with several experts in practice.

Creative industry The creative industry is the fastest growing sector in the Netherlands and an end user that requires new types of offices. The past has shown that this industry is a pioneer for working standards, which are later often picked up by more conventional companies and new generations of workers. As a consequence, developing for the creative industry now could provide an office stock in the future that is suitable for different sectors. Also, accommodating the creative industry has a positive effect on the surrounding area and, therefore, the social value of a property.

Three management levels Property that is being adapted for the creative industry should be managed on three levels: property management, facility management and community management. Property management focuses on adaptation, maintenance and management of the property. The aim of facility management is to provide services at a competitive cost and with a high quality, in such a way that it improves the value of an organisation. Hereby it is crucial that the work environment enhances communication and cooperation, which in return lead to a higher productivity. The third level, community management, is added specifically for the purpose of developing for the creative industry and to differentiate from office types that are now commonly available.

Building characteristics Building characteristics that are of decisive importance when considering a new office are interior representativeness and layout flexibility. These factors are ranked higher than an eight by the interviewees (see Figure 3). Characteristics that are of average importance are small lettable work units, a multi-tenant building, comfort, technical status, recognisability and exterior representativeness.

Case studies Before developing the strategy, three cases are studied to learn from successful redevelopments for the creative industry. The cases that are selected are Strijp-S in Eindhoven, the Schieblock in Rotterdam and the Volkskrant building in Amsterdam. Although the cases seem very similar, there are many differences that offer a good insight in aspects that make or break a project.

Location characteristics The location characteristics shown in Figure 2 are ranked between one and ten. Accessibility and the proximity of restaurants or cafes are the aspects that are valued most when choosing an office location.

Therefore, these factors are of decisive importance for the strategy.

Safety, parking, quality of the public space and the proximity of shops, activity and cultural facilities are scored between six and eight and are therefore of average importance when considering a location.

Facilities characteristics The facility preferences concern the facilities that should or should not be offered at the office and if they should or should not be included in the rent. Figure 4 shows the facilities of which literature

indicates that they are most appreciated. The interviewees value internet connection, monthly terminable contracts, security and cleaning services most. Therefore, these facilities are standard and will be included in the rent.

Development strategy for accommodating the creative business services The final result of this research is a strategy that aims at accommodating the creative business services within the vacant office stock and to create a community of creative businesses that reinforces and motivates one another to become smarter, better and bigger. The strategy tackles these three levels: property management, facility management and community management (see Table 1).

Conclusions Currently there is a mismatch between the supply of vacant offices and the demand of the creative industry on three levels: On property level, the offices are functionally obsolete; on facility level there is an abundance of the right facilities or the facilities are unsuitable; and on community level there is the inability to attract the creative industry, due to a lack of tenant selection and community management. The strategy designed in this research tackles the problems on these three levels and tries to solve the mismatch. It can be expected that the strategy will also be applicable for other industries. Further research can show which aspects of the strategy are general and which are industry-specific.

The Volkskrant building in Amsterdam Photo: Luuk Kramer

References Van der Hoek, A. 2016.

Refitting Vacancy for the Creative Industry; a strategy to create and maintain a creative community. Delft: TU Delft. rob geraedts

Rob Geraedts is associate professor in Design & Construction Management at the Faculty of Architecture and the Built Environment, Department Management in the Built Environment of the Delft University of Technology. His present research focuses on the flexibility and adaptability of buildings, the flexibility of the design and construction process, the reuse and transformation of vacant buildings into new functions.

hilde remøy

Dr. Hilde Remøy is associate professor of Real Estate Management at the Department of Management in the Built Environment (MBE), Faculty of Architecture and the Built Environment at Delft University of Technology.

anniek van der hoek

Anniek van der Hoek has a bachelor in Architecture and recently graduated from Management in the Built Environment. She is currently working as a Junior Project Manager at dvpc.

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Credit constraints & house prices in the Netherlands The recent global financial crisis has halted the

upswing housing market in The Netherlands, leaving the house prices to decline during the period between 2008 and 2013. Nominal house prices have plunged by 16% from the peak in 2008 to the dip by the end of 2013; meanwhile, transaction of houses has dropped sharply. The aftermath of the recent global financial crisis has led to extra attention to a stricter macro-prudential policy in the mortgage market in the Netherlands.

Regulations such as the Code of Conduct for Mortgage Loans (GHF), rigorous borrowing limits, and a graduate curtail in the maximum loan-tovalue ratio were introduced. This policy change would no doubt exert substantial impact on the housing market, especially for the first time buyers who are expected to postpone the purchase as they have to satisfy more rigorous capital requirements.

Given the substantial changes in the mortgage lending, the following question arises: how would the stricter lending criteria affect the house prices?

This paper tries to investigate the association between credit constraints and house prices.

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In a broad context, the macro-prudential policies seem necessary and essential to reduce the vulnerability of the financial system, especially with the evidence from the subprime crisis. The credit rationing instrument such as a tightened ceiling for the loan-tovalue ratio is the widely used macro-prudential policy in the housing market (JĂĄcome and Mitra, 2015). The housing situation in the Netherlands, however, is unique in the context of Europe.

Literature has demonstrated the strong linkage between mortgage lending and house prices, which is only strengthened for the Dutch market because households rely more on the mortgage loan to purchase a house due to the low saving rate1. The causal direction

between them is however not conclusive, given that existing studies have reported different causal relations between credit expansion and house price increase (see, e.g., Okarinen, 2009; Dell et al., 2012; Anundsen and Jansen, 2013).

This study aims at exploring the channel through which a maximum borrowing limit affects the house prices and attempts to provide a theoretical model to interpret the channel between them. Two measurements of the maximum borrowing limit are used to identify the influence of shrinking credit offering on house prices. Particularly, we are driven to investigate the potential consequences or impacts on the ownership market in a scenario of stricter lending policy. The results are expected to give some hints on the future of the housing market.

Using quarterly data from 1994Q1 to 2014Q2, we apply the vector autoregressive model (VAR) as the empirical method to identify the association between the credits and house price dynamics. The outstanding mortgage size in this sample showed a roughly stable growth rate until the recent crisis, followed by a stagnant period until 2014. Following the work by Toda and Yamamoto (1995), we found evidence that growth in house prices causes the expansion of mortgage loans, but no evidence for the opposite direction. This suggests that the constraints imposed on mortgage lending are less likely to exert a direct influence on house prices, which leads to the possibility that lending constraints may affect house prices through influencing other fundamentals.

According to the VECM results based on cointegration trace test and maximum value test, the mortgage loan plays a significant role in the long-term house price relationship, and the impact is more sizeable than that of fundamentals such as mortgage rates and incomes.

Results for the short-term became trickier as only the house prices in the previous periods seem to affect the current house prices.

Instead of distinguishing the ‘length’ of time, the VAR results are more straightforward, which suggests that house prices are closely associated with the loan level from the previous period. This finding is consistent with the work by Igan and Kang (2011), who paid extra attention to the different impacts of borrowing constraints due to time lags. In addition, given a positive shock with one standard deviation innovation in the mortgage loan, our model suggests that house prices would increase immediately in the subsequent

two periods and then begin to drop, eventually leading to a stable price level that is a bit less than the original house price before the shock being imposed. However, the magnitude of response in house price is limited. In the scenario with a positive shock of house price, the response of mortgage loans became more considerable. In the presence of one standard deviation innovation in house price, the mortgage loans expand immediately in the following five years, driving up the loan size by roughly 1.5%, followed by a moderate fall that leads to a final 1.0% rise in the long term. These results are in line with the previous findings regarding the causal relation between house prices and mortgage loans.

Our findings suggest that the direct impact of strengthening credit constraints, for example, a lowered maximum loan-to-value ratio, is expected to be fairly limited on house prices, even though households rely largely on the mortgage loans to purchase housing units. At the least, the impacts are limited in the short term. On the other hand, booming house prices seem to function as the drive for the expansion of credits as households are prone to speculate during an upswing in the housing market, and also in part because the financial intermediaries attempt to pursue a balanced sheet, which requires further attention from the policy makers.

References Anundsen, A. K., & Jansen, E. S. (2013).

Self-reinforcing effects between housing prices and credit. Journal of Housing Economics, 22(3), 192-212.

Boelhouwer, P. (2014).

Financial institutions have owner-occupancy in a stranglehold: an explanation for the recession in the Dutch housing market.

Retrieved from Dell’Ariccia, G., Igan, D., & Laeven, L. U. (2012).

Credit booms and lending standards: Evidence from the subprime mortgage market. Journal of Money, Credit and Banking, 44(2-3), 367-384.

Igan, D., & Kang, H. (2011).

Do loan-to-value and debt-to-income limits work? Evidence from Korea. IMF Working Papers, 1-34.

JĂĄcome, L. I., & Mitra, S. (2015).

LTV and DTI Limits—Going Granular. IMF Working Paper, WP/15/154.

Oikarinen, E. (2009).

Interaction between housing prices and household borrowing: The Finnish case. Journal of Banking & Finance, 33(4), 747-756.

Toda, H. Y., & Yamamoto, T. (1995).

Statistical inference in vector autoregressions with possibly integrated processes. Journal of econometrics, 66(1), 225-250.

qi TU

Qi is a PhD student, currently working on a project focusing on the house price modelling in the owneroccupied sector. Her research interests include the development of house prices, real estate cycles and housing finance.

peter boelhouwer

Peter has been professor of Housing Systems since 2001 and is mostly concerned with housing policy.

Besides that, he is head of OTB - research for the Built Environment.

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DEbate “Energy and environmental certifications are necessary As buildings are estimated to be responsible for approximately 20% of greenhouse gas emissions, improving energy efficiency in the built environment can play an important role in the reduction of carbon emissions. Although, “green” buildings seem to have become the standard for new developments, private parties are still reluctant to invest in sustainable retrofitting of existing buildings. With retrofits, building owners do not seem to be convinced that the end-user of “green” real estate is actually willing to pay more and that the higher received rent and occupancy rate outweigh the construction cost premium often associated with “green” buildings.

This uncertainty about the benefits that accrue to the owners to “greening” existing properties forms an important barrier to further inflow of private capital into “green” building retrofits. As the benefits that accrue to the owners of “green” buildings derive from the end-users preference for “green” over “non-green” buildings, it all starts and ends with informing the end-users and making them aware of the benefits of leasing or buying “green” buildings.

The introduction of the Energy Performance of Buildings Directive has led to the implementation of national energy performance certificates for residential and commercial buildings across the European Union. Energy labels are a signalling device that improve the transparency of energy consumption of buildings and make end-users more knowledgeable. Transparency is central to the operation of efficient markets, as without enough information end-users may inadvertently lease or buy buildings with hidden liabilities, such as high energy consumption. In general, three main benefits are ascribed to “green” buildings that affect end-users directly: reduced operating costs; improved (labour) productivity; and competitive advantages linked to marketing and image. When users are informed about the energy performance and aware of the associated benefits they are more likely to prefer “green” over “non-green” buildings and willing to pay a rental premium for leasing “green” space.

Through the disclosure of energy performance of buildings by energy performance certificates, a more knowledgeable end-user is more likely to prefer “green” buildings over “non-green” buildings and this will stimulate private investments in “green” retrofitting of the existing stock. As an addition to the possible rental premium, the owner may also benefit from higher occupancy rates, reduced depreciation and reduced regulatory risk. Therefore, certification and labelling can be viewed as contributing to a price-based solution to promote the “greening” of the built environment.

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in favor

Philip Koppels Associate professor MBE TU Delft

DEbate to achieve a more sustainable built environment”

against

The Netherlands must reduce its CO2-emissions by 80-95% in 2050 in order to achieve the climate goals set by Europe. McKinsey calculated that this requires an investment of 200 billion euros until 2040, of which 120 billion euros are needed for the built environment. Therefore, our entire building sector must invest in the energy transition.

Green building certificates recognize and award leadership in sustainable building.

Over the past seven years, the number of BREEAM-NL certified buildings is growing increasingly, a trend that is seen in many places around the world. An internship in Vancouver inspired me to focus my graduation on the effects of BREEAM In-Use certificates on buildings and organizations.

Personally, I’m convinced that green building certificates will stimulate the built environment towards energy neutrality in 2050. It is a scalable approach and available against (relatively) low costs. Nevertheless, we must remain critical and frequently monitor the performance of green building certificates as a tool. Therefore, I have described three points of criticism:

vincent steenkamp graduate student MBE TU Delft

Reputation is more important than sustainability Did you know that the oil and banking industries are among the most prominent green tenants? This was confirmed by a recent paper written by Nils Kok from the University of Maastricht and a well-known researcher on the subject of green building certificates.

Green buildings may contribute to Corporate Social Responsibility, but research shows that firms with environmental sensitive operations use green buildings to improve their reputation.

Green building certificates are expensive There are high costs related to the certification process for obtaining a green building certificates. BREEAM requires registration costs, fees for the BREEAM Assessor, BREEAM Expert, etc. For example, for a large residential building in the Houthavens costs of the certification process alone were already over €100k. Certification costs by themselves are already an investment, when this should be invested in sustainable measures instead. Increasing the affordability of green building certificates should make a larger impact on the built environment.

Green building certificates must be a starting point, not an end result The built environment is responsible for 32% of the total energy consumption and 19% of all energy related GHG-emissions. If trends in population growth, increasing levels of wealth and migrations to cities continue, energy use and related emissions could double or even triple by 2050. Obtaining a BREEAM-NL certificate with a score 60% does not make a real impact. When we do want to make a real impact we must not use green building certificates as an award for achieving minimum requirements, but as a roadmap towards a maximum green building performance.

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Collaborative planning and urban regeneration in Colombia: The case of the Fenicia Triangle in Bogotรก urban regeneration is a complex process involving

a growing number of stakeholders striving for change. In this context, a change can be seen in the way these stakeholders organise and relate to each other, going from top-down approaches, to more horizontal and collaborative arrangements.

In order to understand the effect of collaborative approaches in urban regeneration projects, a case in the city centre of Bogotรก will be reviewed through a chronological description of the process, along with the description of different organisational approaches.

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Contemporary urban regeneration is characterized by its complex nature. It involves a large number of actors, with diverse interests, that interact in a fragmented governance system consisting of various policy networks, over public and private boundaries and across different levels of decision making (Sehested, 2009). Rather than advocating for top-down or bottom-up approaches, the balance between both of them opens the door for analysing participation and collaboration.

Urban regeneration seeks to answer a problem in the urban fabric that resulted in decay, which can be observed not only in single units, but in whole areas, with borders that are not always easy to define. Moreover, urban fabrics are not solely made out of physical elements. That is to say that social, political and economic relations

make for a large part of what identifies a place, both as a unit and as a part of a larger urban area. This means that urban decay is not merely solved with built interventions, but social strategies make for an important part of the success factors (Jauhiainen, 1995).

The Fenicia Triangle The Fenicia Triangle is an urban regeneration project north of the colonial city centre of BogotĂĄ, in ‘Las Aguas’ neighbourhood. This area hosted some of the first commercial areas in the city, but was left derelict when the economic centre started moving north after the 1940s. Recently, it has been a focus for redevelopment in an effort to densify the city and create a lively mixed-use area.

When analysing temporal development and the changes in organizational structures and governance arrangements, the project can be divided into four clear stages. First, two stages that can be characterised as top-down initiatives, each led by a different actor, but that failed to reach completion. Then, two stages in which a collaborative approach was implemented, resulting in a highly favourable environment for the project development.

Around the year 2000 a new Master Plan for the city was adopted that changed the status of several areas in the city centre, including Las Aguas neighbourhood, from conservation to regeneration.

At the same time, ambitious infrastructure projects like the Bus Rapid Transit system, Transmilenio, made the area noticeable for developers again. In this context, a project emerged for a Cultural Centre to be situated at the cross of two main roads in the area.

This project was started by the Local Government in conjunction with AECID (Spanish Agency for International Development Cooperation), a Spanish governmental organisation. By 2011, the project had reached a stall after the Spanish government retreated, due to the financial crisis, and the local government had invested a large amount of money in purchasing and demolishing the plots. However, Figure 1. Fenicia Triangle and Las Aguas Neighbourhood.

Figure 2. Location of the project.

(Google, http://mapacallejero.bogota.gov.co/mad/vm.php)

the low prices paid for the houses along with the large number of expropriations, created a negative environment in the existing community in the neighbourhood.

In a parallel development, Los Andes University, an educational institution whose campus is located in the neighbourhood, started a project to formulate a Partial Plan for the area. This was a response to a call of the Local Government for urban regeneration plans around the city, in an attempt to counter (sub)urban sprawl, as well as to their physical infrastructure growth. The technical team made a proposal to be presented to the Local Government and then discussed with the community, according to the regulations. However, the mistrust generated by the Cultural Centre project had created a resistance in the community, that showed up at the first hearing with protest signs, claiming a lack of participation. This, coupled with bureaucratic idleness, effectively hampered the initiative.

It was clear at this point that the top-down approach used in the previous two phases was not yielding the expected results and was being rejected openly by the civic society. Amidst this situation, a new proposal came from the Management Faculty within Los Andes University. The idea was to make a new proposal, for the area, focusing on regeneration and revitalisation of the area, while avoiding the displacement of the existing population, by increasing participation and collaboration.

It took six months only to set up the office that would take care of the project, a multidisciplinary team with different components, such as Social, Financial, Legal, Technical and a transversal unit that coordinated the different activities. The group started to work under three principles. First, the city is not built by architects and developers, but rather by social actions. Second, social actors have knowledge that is valuable to the process. Third, it is relevant to design an urban regeneration program in which the actual 23

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inhabitants can stay in the area. To carry on with this objective, the most important issue to tackle was to build trust among the different stakeholders.

Figure 3. Visualizations from the participative design workshops (David Delgado Arquitectos, Progresa Fenicia)

This was done in two different ways, one related to the project itself and the other related to the social fabric present in the area. The project team started working with the community on three different levels, plenary sessions, open to everyone; focus groups, targeted to smaller groups with similar interests; and individual meetings, to understand particular situations. On a social level, a series of social programs were created that fostered the interaction between the University and the community. These programs included school aid for elementary level students; technical education for young adults; entrepreneurship coaching for business owners; and IT education for the elderly.

current tax level can be preserved for ten years (and can be further reviewed after that period) or a restructuration of the distribution of ‘charges and benefits’ between stakeholders (e.g. To allow for subsidies to be paid with profits from the project).

The participative planning workshops resulted in the generation of a plan that was later presented to and further discussed with the Local Government. Out of this process two important results came forward.

First, the approval of the partial plan and the emission of the decree that gives legal validity to the plan. This includes an agreement where the current owners get a one-to-one area replacement in the new projects (e.g. a homeowner with a 120m2 unit will receive an equal amount of area in one or more new housing units). Second, a series of legal instruments to protect the community from being displaced, that can be applied to any Partial Plan. For example, the

Lessons learned The project for the Fenicia Triangle can be seen as a pilot for collaborative approaches in urban regeneration and a test bed for different strategies to pursue a more sustainable use of the urban space. In this sense, the process can be analysed in search for lessons in both best practices and aspects to improve.

The first point, and perhaps the most obvious one, is that the cohesion that was formed among the different stakeholders created a momentum that moved the project forward. This was possible only after a prolonged process of trust building and open discussions in

Currently the project is in its final development phase, before the start of the execution. It consists of a series of participative design workshops, where the proposed regulations are grounded into volumes and typologies. At the same time, a new commercial component is in charge of marketing the project to developers that will be in charge of the construction.

which the interests of the different actors were exposed and aligned.

Besides the recognition of differences between organisations, and most importantly within organizations, communication played a key role in this process.

The second one, is related to the governance of the project. Even if the structure that is formed is horizontal, and decision and veto power are shared among the relevant stakeholders, it is clear that a leadership figure is necessary in order to integrate the different interests and maintain a common objective during the process. This is not an appointed position and it should change from stage to stage, to better accommodate the needs of the project (E.g. in this case the University took the lead in the first phase, but a developer would take it during the execution).

Furthermore, the presence of mediators when conflicts of interest arise or when communication channels are not yet completely trusted, helps to give legitimacy to the process. This is an important factor in contexts where relations between the involved parties are very distant and it helps to reduce the time of discussion.

It can be concluded that collaboration stems not from individual factors, but from the right convergence of situations. Thus, the right environment for collaboration includes a favourable political climate, the presence of actors willing to collaborate and a process of trust building among them, to start on the right track. Moreover, it needs to be led towards a clear objective and take into account both social and economic sustainability.

juan carlos romero

Juan grew up in Bogotรก, Colombia, where he studied architecture and later worked as an interior designer and a project architect for a developer. He is now finishing his Master of Management in the Built Environment, with a research in urban regeneration and collaboration.

References Jauhiainen, J. S. (1995).

Waterfront redevelopment and urban policy: The case of Barcelona, Cardiff and Genoa. European Planning Studies, 3(1), 3-23.

Pinilla, J. F., & Moreno, L. (2016).

Case Study: Land Readjustment as a Means of Participation and Inclusion of Communities in Urban Renewal: The Experience of the Fenicia Project in Bogotรก.

Sehested, K. (2009).

Urban Planners as Network Managers and Metagovernors. Planning Theory & Practice, 10(2), 245-263

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Student Assistant eres 2017 When Hilde Remoy and Peter de Jong asked me to be student assistant for the ERES annual conference I had no idea what to expect. There was no specific job description, so I just dove into it. As a starting point I wrote a short introduction about ERES for the MBE newsletter to give an update about the conference. Since then, I am mostly working with Eveline Vogels and supporting her with the organization of this event. We are mainly focussed on the practical side and the social program of the Conference. For example I designed and ordered a goodie bag and coins for the conference.

To me, working for the ERES conference means learning a lot and meeting many new people.

What I like about the event, is that it is so internationally orientated.

Currently, I am in contact with researchers from different countries all over the world to provide them the necessary information, such as paperwork for Visa applications. Next to that I am working on quite some small tasks like writing short articles for the website, designing the banner and making campus maps of where conference rooms and activities are located.

Also I am arranging a lot of things for the food truck festival on Thursday evening, like a band and decoration. For the food truck festival there are some special food trucks arranged, the I love Surifood, which serves Surinam food. The second truck is called the Wok&Roll, and serves more Asian food. Besides that there are two more extraordinary trucks, Ray’s wagon which serves “kapsalon� and the Bugzz where you can eat real bugs. Next to the food truck festival, the social program consist of other activities. The conference start with a PhD icebreaking event, which consist of a cruise through the canals of Delft and ends at the Huzar for some complimentary drinks and a snack. On Wednesday there is a welcome reception at the old Delft City Hall and the last night there is conference gala dinner at the old church of Delft.

I am happy to be part of this Conference. The conference is so interesting because it one of the largest real estate conferences and brings researchers from all over the world together to gain knowledge and share ideas. The conference has a lot of sessions where different research topics are discussed. And last but not least, some very interesting keynote speakers will be present.

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tessa persoon

Tessa Persoon is in her first year of the master Management in the Built Environment at the TU Delft. She is also the student assistant of the ERES annual conference in Delft, 2017.

at savills we work with the best

people

At Savills we believe we have some of the greatest professionals in the world of real estate. But it’s not only their profound knowledge of real estate that makes them great. It’s who they are as people. With a strong sense of responsibility, honesty and sportsmanship. Handling each case like true gentlemen.

Property starts with people

Working at Unibail- Rodamco an interview with Eline Ouwerkerk Eline Ouwerkerk (31) started her traineeship at

Unibail-Rodamco five years ago and is now one of the development managers at the project of the Mall of the Netherlands in Leidschendam. She did a bachelor in Civil Engineering and a master in Building Engineering at the TU Delft. Because young professionals in the real estate sector can be an inspiration for current students, Suzanne Elliott met Eline Ouwerkerk for an interview at the Unibail-Rodamco office in Leidschendam on the 25th of April 2017. eline ouwerkerk Could you explain what kind of business Unibail-Rodamco is?

Unibail-Rodamco is a commercial real estate company that mainly focuses on shopping centres. We also have offices and convention centres in our portfolio. Everything in our portfolio is within Europe, in 11 countries. The shopping centres are spread over Europe and they are mainly in major cities, like Paris, Madrid, Barcelona, Warsaw, Vienna, Stockholm, lots of big cities. The offices and the convention centres are mainly located in Paris. And with these assets we try to increase our shareholders value, that’s the main purpose of the company.

What happened after you graduated and how did you come to work at Unibail-Rodamco?

Actually it started before I graduated, because during my bachelors and my masters I went to a lot of in-house days and master classes.

By doing this I was checking out construction companies, engineering companies, strategy consultancies, etc. Seeing all these different companies made me realise that I was looking for something in the built environment, but maybe a bit more commercial. I kept on talking with people and then Unibail-Rodamco seemed like a really great company, so I sent them an open application and I got a job.

At Unibail-Rodamco I started with the European Graduate Program.

This is a one-year program and during it you have three different missions. My first mission was in development, actually on the project I am working on now. For my second mission I worked as a leasing manager for four months – something totally different and more 28

commercial, which was eye opening for me and very interesting.

My third mission was in Stockholm, where I was involved in the operations of two assets. This was also a great experience. It was really nice that I was able to experience different parts and assets of the company, and that I was able to choose a direction afterwards.

That’s why I ended up as development manager here.

What does your job as development manager consist of?

Let’s first explain the project I am currently working on: Leidsenhage, the future Mall of the Netherlands. This is an existing shopping centre, it’s now already 70.000 m2 gross lettable area, and we are going to extend it to 116.000 m2. At the moment the shopping center is outdated. We are going to fully close it and we are going to extend it. As development manager I’m in charge of some special areas, like the FRESH!. This is an area with a cluster of fresh tenants. I’m also working on the dining plaza. We try to create a special atmosphere in these areas. For this we look at the design, but also at the tenant mix and the marketing. My role in this is to figure out how to create something special and how to realise it. Our team consists of a lot of external parties as well: we have an architect, an interior architect, a light expert, a sound expert, a construction engineer, a technical advisor, a cost advisor, a project management company, etc. So there is a lot going on, and as development managers we are in charge of setting the team and having team meetings to continue.

Could you describe a regular day at your job?

Well, all my days are different. We have an office at Schiphol - our main office for the Netherlands - but since there is so much going on here, this is the location where I am most of the time. I usually start at 08:00 or 08:30 in the morning. I check my email and prepare some meetings. Then, usually at 09:00 the first meeting starts. Today my first meeting was with the external project manager. Then I had a meeting about the shop design guide, now I have this interview and after this I have a short lunch meeting. After the lunch I have a meeting about a tender for the interior of the FRESH!. In this meeting we are going to compare the companies that have joined the competition and prepare the meetings that we have with them next week. I think I’ll be finished around 6 or 7 o’clock in the evening and I go home for some sports and dinner. So usually I have long days with lots of meetings. Sometimes it’s very different, for example last week I went to Paris for a day to meet at our headquarters. I don’t have one regular day and it’s constantly changing.

What is your favourite part of the job?

I really like it that you see something moving, it’s under development and that is exciting. I also like the people who I work with. UnibailRodamco has ambitious people with different backgrounds who are all willing to make it happen. It is nice to have such an environment to work in. The external people are very skilled as well, good architects for example. Also, at Unibail-Rodamco we have an innovation culture. If you see something new happening and you can convince someone of your ideas, there is the possibility. Innovation is one of the key elements in the strategy of Unibail-Rodamco, together with differentiation and concentration, because we want to stay leader in Europe in commercial real estate. We have an innovation lab in our headquarters in France and we want everyone to be innovative.

I am an innovation ambassador for the company in the Netherlands, which means I share knowledge from the corporate to the Dutch team and the other way around. I also organise an innovation day every year, to get the whole Dutch team aware and to inspire them to think outside the box. The nice thing of being both an innovation ambassador and a development manager is that I can sometimes directly implement my ideas in the project and see them getting realised.

Which project you worked on so far is the most interesting to you and why?

I have worked on other projects, but the one I am working on now is by far the most interesting and most challenging one. When I started five years ago, I worked on this project as an analyst. We were not building yet then, but working on the schematic design phase and the feasibility of the project. It was a different phase and we talked a lot

with stakeholders, like political parties and the neighbourhood to involve them in the project. Then, three years ago I came back to this project again and now we are in other phases, the technical design phase and partially building already as well. For such a long-term project I have seen about four or five years now, which is great and there is still some time to go, as we want to be open in 2019. Starting your career with such a project is very interesting.

Why would you recommend students to work at Unibail-Rodamco?

Several reasons: it is a company with a lot of possibilities, it is an ambitious company and the trainee program is really interesting to start with. If you have an idea of what you would like to do, but you’re not totally sure, the trainee program helps you to get to know who you are and what you are good at. I could also recommend working with the ambitious people and the projects we have. We are quite a young company, so we also have drinks every now and then, we go skiing together every year and this is all our own initiative. People here like doing things together during the job, but also besides the job. Moreover, the company offers also a lot of international possibilities. You are able to work abroad for a short or long term period.

Where do you see yourself at Unibail-Rodamco in the future?

At Unibail-Rodamco the pipeline is quite big, so even in the Netherlands we are looking for new projects. My boss is project leader at my project and I would like to become project leader as well, but then starting on a smaller project. So maybe after a few years if there is a new project, I would like to become the project leader. That is my ambition for the mid-term here and I think that would be a nice new step for me.

Are there any tips you would like to give to current students?

Yes, I really liked to do master classes and in-house days. It extends your network and you get to know a company. I found it hard to imagine what your work-life will be like and if a company fits you or not. So it’s good to have this experience by doing these kind of things before graduation.

You can also talk with people in your network via LinkedIn to find a job that suits you. Dare to send an open application.

Finally, a trainee program helps a lot as well to figure out what you would like to do.

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Student column: real Estate & Finance Not all students at MBE pursue a job at a real estate developer, a project management firm or a housing association. Personally, I was more attracted to the more abstract field of corporate real estate management (CREM). Moreover, at the start of my career, I wanted to be involved in several different projects, to be able to learn and see as much as possible. Therefore, working at a developer with 5-year projects did not seem interesting to me.

My interest for corporate real estate management started with the REM (Real Estate Management) course in the first year of the master.

I found it very interesting to solve the “puzzle” of a company’s strategic demand, in combination with trends and opportunities in the market and the role real estate can have. Solving this puzzle requires knowledge and insight in business strategies and finance, since real estate always supports the core business of a company and is in turn related to investments. However, no courses about business administration or finance are available at our faculty, so this makes it hard to specialize in this.

To get to know more about business administration and finance, I followed the course financial management at the faculty of Technology, Policy and Management (TPM). During this course, some basics in business administration were discussed. Investments, stocks and the well-known NPV calculations were also among the topics. I would recommend following this course to anyone interested in CREM, as learning more about the financial underpinnings of a company can be helpful when “puzzling” with real estate.

After completing these courses, it was time to choose a graduation topic. Again, I wanted to know more about CREM, so the choice for the graduation lab was easily made. My topic focused on the influence of economic volatility on corporate real estate management at multinationals, which meant I could do more research on economic aspects in relation to real estate. Additionally, I did an internship at Cairn Real Estate in Amsterdam, where I helped setting up investment models and business plans for real estate investments. Here the topics of the financial management course were put to practice.

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It was during this internship that I knew I wanted to work in financial services or investments. Creating the link between real estate users and real estate developers and financiers can add substantial value to an asset. Investors and users have different interests and sometimes they are even contradictory. Therefore, aligning the

user’s interests of corporates with the financial interest of investors can be a challenging, but interesting task.

Since I wanted to work on several different real estate projects within a short period of time, in financial services and with a link to business administration, I started looking for a consultancy job in real estate. Consultancy provides the opportunity to see a lot of companies from the inside and a broad variety of projects, and therefore is a very interesting start of your career in my opinion. Not much later I sent my first application and motivation letter to KPMG for a job as real estate consultant in the financial services sector.

Less than 4 weeks later, after completing assessments, interviews and cases, I was offered a position.

Starting in September, I will advise banks, investors and other corporates on what to do with real estate: both for assets and artefacts. If anyone is interested in CREM just like I was, I would recommend following finance or BA courses outside our faculty. This will greatly clarify about the choices and considerations that are made by companies!

sybren geldof

Sybren Geldof is the chairman of BOSS and is now finishing his Master of Management in the Built Environment. He did an internship at Cairn Real Estate and will start working as Real Estate Consultant at KPMG in September.

student column: The World Expo 2020 is shifting Dubai’s real estate market Mega-events have been increasingly and historically used as an effective economic development tool to attract capital investment.

Dubai is the first city in the Middle-east to host such an international mega event. World Expo 2020 Dubai will boost the competitive position of the city locally and globally and show its power in different areas: technology, science, economy and culture.

Hosting such an international mega event is transforming the UAE, and especially Dubai, into an attractive spot containing the best goods of the world. This brings a great focus on the real estate market and increases its potential market for investors. Looking at the official statistics, there are 25 to 30 million expected visitors1.

The scale of the event therefore caters to the ambition of many developers and investors to initiate multiple hospitality, commercial, infrastructure and residential developments, and speed up with the aim of benefiting from the large expected revenues.

demand for services and goods2. To illustrate, the production and supply would increase (direct effect) to cover the expanding demand, which requires an increase in labor forces (indirect effect). Thus, the unemployment rate would go down, salaries might rise and the spending capacity would increase (induced effect) which results in booming the overall economy. Generally speaking, the quality of life would improve.

The Dubai’s real estate market is expected to experience a substantial economic growth, attract foreign business, create several jobs and enhance the quality of life as a result of the growing

Solar-powered sun shade that will cover the pavilions for the Dubai Expo 2020

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The new ‘World’s tallest tower’ in Dubai, aimed to serve as a landmark for the city

Additionally, the government of Dubai is developing new legislation and regulations in order to increase transparency and confidence for developers, investors and users, besides the low cost of transactions2. The most important rule is allowing foreign investors to own real estate properties in specific areas2. As a result, Dubai has become one of the most preferred Real estate markets in 2017.

Indian, British, Pakistani and Chinese investors are leading the list in Dubai’s real estate market. A total of 60,595 real estate transactions have been done in 2016, which were valued at more than $70 billion (AED 259 billion) according to the Dubai Land Department’s annual report3. In 2017, 47 construction contracts worth $3 billion (AED11 billion) will be awarded as a preparation for the Expo4. Additionally, the government enlarged its infrastructure expenses by 27 percent4.

As a welcoming icon for Expo 2020, the Spanish-Swiss architect Santiago Calatrava Valls designed a new US$1 billion center-piece for Dubai5. The new tower structure reflects another ‘world’s tallest tower’ which is going to be higher than Burj Khalifa. Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, aims to have a landmark to represent the nation as the Eiffel tower, which represented Paris for over 100 years5. Having this icon is considered a smart step towards making Dubai an attractive and memorable tourist destination in the world, affecting its real estate market and the overall economic outlook.

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In short, Dubai learned the rules of the economy game and that is why it is an opportune time to invest in Dubai’s real estate market.

References 1.http://www.khaleejtimes.com/business/real-estate/how-expo2020-will-boost-dubais-property-market 2.http://www.khaleejtimes.com/business/real-estate/why-expo2020-dubai-is-a-boon-for-the-real-estate-sector 3.http://www.khaleejtimes.com/business/real-estate/why-youshould-invest-in-dubais-real-estate-market 4.http://www.arabianbusiness.com/dubai-property-market-gatherpace-as-expo-2020-approaches-663719.html 5.http://www.thenational.ae/business/property/emaar-to-buildtower-higher-than-burj-khalifa-and-new-mega-retail-district-forexpo-2020 hoda hassan

Hoda Hassan is about to finish her first year of the master track ‘Management in the Built Environment’. She was born in the Netherlands and was working in Dubai after completing her bachelor degree in architectural Engineering, Cairo university.

rEAL ESTATE CAREER DAY 2017: LOOKING BACK We would like to thank all students and companies who joined us at the 23rd Real Estate Career Day on Wednesday 26 April. The RECD was a great success due to the many enthusiastic students, eager to learn about their career prospects and the 30 renowned real estate companies.

The day started with a Kick-Off hosted by Wabe van Enk, director and chief editor of PropertyNL. The well-known Real estate expert asked several managers and directors cheeky questions most students would not dare to ask. Wabe presented serious topics with a humorous twist and hosted an informative panel discussion.

The following program consisted of two business cases, a company interaction moment and a delicious lunch in the beautiful orange hall.

These were the perfect opportunities for the students to learn more about these companies, their (possible) future colleagues and their daily activities.

The RECD is a great event for students in every phase of their education. Students that are in the orientation phase could ask all their questions on the company market, where all 30 companies were present during the day. Students with a direct interest in a certain company could participate in the 1-on-1 conversations. The intensive day ended with drinks and an exclusive company dinner.

The Real Estate Career Day committee sincerely hopes everybody enjoyed the day as much as we did, got their promising career opportunities and obtained valuable contacts for the future. Hope to see you all again next year at the 24th edition of the Real Estate Career Day. Kind regards, Eva De Biase Real Estate Career Day Committee

The RECD Committee 2017: Tim Luijt, Sander van Engelen, Linda Matser, Tom van Eerden, Eva de Biase & Nick van Vliet

RECD 2017 a student’s perspective Another academic year, another Real Estate Career Day! On the 26th of April, the highly-anticipated gathering of students, young professionals and companies active in the real estate sector was finally there. Like preceding editions, the day was fully planned with interesting activities, interaction, food and drinks. I’ll take a trip down memory lane and see what the day had to offer for myself and all the other students who started to arrive in the Orange Hall at the TU Delft that Wednesday morning.

When all attendees with a cup of coffee and personal programme in their hands found a place on the remarkable orange tribune, Tom van Eerden took the floor to officially start the RECD 2017. The Kickoff session that officially started the day entailed a discussion with several representatives from eight companies. This discussion was led by Wabe van Enk, PropertyNL’s editor-in-chief, who was clearly not hesitant to ask the more delicate questions (“How much are these students going to earn at your company?”, “Who is the best employer here?”). An interesting start of an interesting day.

At this point, it was time to find the location printed in everyone’s personal programme to attend the first case session of the day.

Students and young professionals were asked to get actively involved in real-life cases prepared by a variety of companies. Personally, I participated in the case prepared by Schiphol Real Estate. The case revolved around particular issues related to a part of the business area at the Eastern side of the airport. The attendees were asked Students working on a case provided by one of the companies present at the RECD 2017

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The opening discussion, hosted by Wabe van Enk

to develop a strategy to cope with these issues (e.g. connectivity, increasing vacancy, increasing number of passengers). A refreshing case since the outlines and conditions were very broad meaning there was plenty of room for interpretation and creativity. The presentations at the end of the session therefore showed a variety of bright ideas and strategies.

Again this year, the lunch was outstanding. However, there was not much rest for the wicked; a second real estate case had to be tackled by each of the attendees. The case I attended was prepared by Dura Vermeer. Another very interesting case focused on a development area close to the South Axis in Amsterdam. The case outlines were much more evident which resulted in more concrete plans that were presented by the various groups of students. Real estate calculation skills were valuable during this case, as a substantiated business case was something the jury was searching for. The winners with the best plan were awarded a site visit on one of the building sites Dura Vermeer is currently working on. The idea is to visit Dura’s project IRIS in the near future.

Next up were the company interactions, a refreshing new addition to this year’s agenda in which companies had the opportunity to present themselves to their audience without the use of a case. The perfect opportunity to inspire the young professionals who are exploring their options and career directions. In my opinion a valuable addition to the RECD mix that should be continued in coming editions.

Students and professionals at the company market

The last plenary activity was the company market back in the Orange Hall where all companies with their own stands could engage with the students and young professionals. Another opportunity to get to know the companies and their activities further and have a personal talk with the representatives. Finally, the bar opened and snacks were abundantly available for the hungry visitors after a long and inspiring day. However, for some there was yet another opportunity to discuss possibilities and opportunities for internships and possible job openings: the 1-on-1 conversations. Companies had selected students based on their rĂŠsumĂŠs for a ten-minute conversation.

Perhaps the best possibility for the students to get noticed and for the companies to fully explain their activities and values, and perhaps meet their future colleague. As I said, no rest for the wicked during the RECD! Having several 1-on-1 conversations after a long and tiring day proved to be demanding, yet very informative.

Finally, a smaller group of professionals and students moved to the Berlagezaal to enjoy a perfectly prepared diner. The food was delicious and conversations continued between the company representatives and students on a more informal tone. All in all, I look back on an interesting day with many inspiring cases, presentations and conversation. Hopefully, next year I can attend the RECD again, this time not as a student but as a company’s representative. Until next year!

robin vriends Robin is an MBE graduate student at the TU Delft. He is currently doing an internship at Fakton in Rotterdam, where his research focuses on innercity development and the means that might help to stimulate this.

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book tips facilities management and corporate real estate management as value drivers Edited by Per Anker Jensen & Theo van der Voordt

Economics of the Mortgage market

by David Leece Recommended by: Qi Tu

Recommended by: Hilde Remøy

THe art of systems architecting

by Mark W. Maier & Eberhardt Rechtin Recommended by: Peter Russell

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the new urban crisis

by Richard Florida Recommended by: Hilde Remøy

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DElft like a local By lianne siemensma & hannah harmens As young city lovers with a passion for traveling, we know how hard it can be to discover a new city in a short period of time. Especially when you don’t want to end up in a city’s obvious attractions every time.

At Like a Local we believe that travelling is an adventure, and that worthy discovery and exploration are irreplaceable. Our mission is simple: to help you to explore our local gems, secret spots, and favourite places as you discover every corner of our city. We have teamed up with the coolest entrepreneurs and companies in our town to share the best places with you - from fascinating architecture and vintage shops to beloved local restaurants and bars.

World-famous for its canals, its ‘Delftware’ and its bright engineers, the charming and relaxed city of Delft definitely is a must to visit.

Wander along the narrow canal-lined streets and gaze at the remarkable old buildings, or drink a cup of coffee in one of the trendiest and most upcoming places in town. With this cityguide Delft Like a Local takes you to their favourite places, a combination of both well-known establishments and hidden local spots.

Go out for a walk or rent a bike like a true Dutchman and don’t forget to share your favourite Like a Local pictures on Instagram using #Delftlikealocal. Enjoy!

Follow us on instagram: likealocal_cityguide Or check out our website: www.Like-a-local.eu.

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SUMMER HOTSPOTS 2017 - Lianne’s favourites

1. BARBAAR - Sint Agathaplein 4 This bar/restaurant is quite new in Delft. With a hidden terrace on a nice and quiet square in Delft close to the station, this is an excellent spot to sit outside with a nice cup of coffee, lunch or a beer.

3. KEK - Voldersgracht 27 Kek serves the best coffee in Delft and they have very good smoothies in the summertime as well. Whoever I take here, they always come back.

2. LEF - Doelenplein 2 Restaurant LEF is a good place for dinner or a drink. The Doelenplein is always crowded. Especially during the summer, when there are lounge chairs and there is a bistro atmosphere.

4. BRANDS CANAL TOUR - Koornmarkt 113 Nice canal tours in Delft with this family company, often with explanation by a architecture students so you actually learn something about the city.

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boss magazine no 59 june 2017