ABSTRACT
Traditionally, most corporations have owned RE that they use in their business activities (Petison, 2007). Existing literature has, however, brought to attention that CRE is being under-managed. For instance, RICS (2002) reported that UK businesses throw away £18 billion a year through inefficient use of RE, which could have improved gross trading profits by up to 13% and contributed to economic development. Hwa (2003) found great loss of the value contribution of RE due to the fact that many companies have little ideas of their RE costs and the extent to which their assets could be used to increase productivity and contribute to economic growth. This is in spite of the fact that no corporate body or organisation can function without RE since it is RE that provides space for its operations.
