ABSTRACT
Chapter 5 examines the major service innovations and market-oriented technical innovations that advanced the internationalization of real estate advisory services. In addition, the conditions that enabled firms to achieve competitive advantage are analyzed by looking at economic cycles, organizational structures, market-entry strategies and the competitive environment in the industry. The focus then narrows to important turning points in markets, innovations and technical skills; in particular, attention is given to developments in the following areas: • International pension and insurance fund management • International corporate real estate services • International financial and investment banking services • Public capital and securitized investment services. The chapter reviews the primary sources of innovation and the economic cycles from which they were derived. The most successful real estate advisory service firms acquired competitive advantages in the international marketplace by continually developing new skills and moving into new markets. Local specialists were the primary sources of innovation, and local market knowledge was the basis for developing new skills.
