Very little work has been undertaken on the consequences of economic recession on Corporate Real Estate (CRE) and its realignment following strategy changes. Only those CRE portfolios with short term leases have a dynamic alignment capability allowing them to readily adjust to change. For those with longer leases this leads to the creation of a surplus property provision (SPP). This paper analyses the relationship between SPP and metrics for business and CRE through a period of significant change, by examining company annual reports using a distributed time lag auto-regression model. The results show an inverse relationship between SPP and profits but a positive relationship with both turnover and employment, suggesting that declining profits trigger the re-shaping of CRE. SPP is used to provide portfolio flexibility because of the lack of dynamic alignment capability. SPP increases as the commitment to short leases (<5 years) increases. The estimated time for SPP to revert to zero ranges from 3 to 9 years, but one category, financial services, is continuing to increase its liability. CRE agility has yet to be visible in the financial reports of companies, suggesting its impact remains limited, indicating the relationship between business parameters and CRE is more complicated than envisaged.

中文翻译：

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在实践中可以看到许多讨论过的公司房地产敏捷性吗？商业指标与剩余财产之间关系的实证研究

关于经济衰退对公司房地产（CRE）的后果及其在战略变更后的重新安排的调整方面所做的工作很少。只有具有短期租约的那些华润创业投资组合才具有动态调整能力，使他们能够随时调整以适应变化。对于租期较长的人，这会导致产生剩余财产准备金（SPP）。本文通过使用分布式时滞自回归模型检查公司的年度报告，分析了在重大变化期间SPP与业务和CRE指标之间的关系。结果表明，SPP与利润之间呈反比关系，但与营业额和就业均呈正比关系，这表明利润下降会触发CRE的重塑。由于缺乏动态对齐功能，SPP用于提供产品组合灵活性。SPP随着对短期租赁（<5年）的承诺增加而增加。SPP恢复到零的估计时间为3到9年，但是金融服务这一类别正在继续增加其负债。CRE敏捷性尚未在公司的财务报告中显示出来，这表明其影响仍然有限，这表明业务参数与CRE之间的关系比设想的要复杂。