André Scharmanski und Martina Fuchs, Köln ‚Rationale‘ Routinen: Der Einfluss ökonomischer Modelle bei der Internationalisierung von Büroimmobilien-Investoren

‚Rational‘ routines: The impact of economic models in the internationalisation process of commercial property investors

Entering new, distant market regions generates much uncertainty for investors in decision-making. The internationalisation of the commercial property industry is a case in point where new market entry regularly places investors into opaque situations. Seeking to overcome this uncertainty and inefficiency they adopt ‘rational‘ procedures of decision-making rooted in neo-classical economy. To some extent such new routines displace previous experience-based, path-dependent routines. The central topic of this article is to explain how such ‘rational‘ routines are used to guide investment decisions in the commercial property industry, and with what kind of spatial implications. Since little is known about decision-making in this business, our method is qualitative-explorative. The article characterises the new ‘rational‘ routines, elucidates how they displace old routines, and clarifies how they change on their way from the core economies to rising economies like Mexico and Brazil. Using cases from Mexico City and São Paulo we present an example of how ‘rational‘ property investment affects these cities.

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