Public property management in Italian municipalities

• Published in: Property management 2011-10, Vol.29 (5), p.423-442
• Main Author: Vermiglio, Carlo
• Format: Article
• Language: English
• ISSN: 0263-7472
• DOI: 10.1108/02637471111178119

Purpose - This article aims to present an overview of the main issues related to public real estate management in Italian local governments and to define a reliable approach for the employment of real estate properties during the time.Design methodology approach - The research defines a theoretical framework that takes under consideration the "key variables" that affect the strategic management of a real estate asset portfolio. The suggested approach may help public managers in the decision-making process, enhancing the performance of the organization and the accountability in favor of the stakeholders.Findings - The results demonstrate that there are still several omissions in the management of these assets and that strategies adopted have not been centered on a preliminary analysis of the financial, economic and social fallouts in the mid-long term, mainly answering to short-term political needs and budgetary constraints. Unlike experiences developed in other European countries, in Italy the main answer was the divestment of real estate assets, assumed as a "first best solution".Practical implications - The article suggests a systemic and multidimensional approach for the management of a real estate portfolio and aims at developing a depth of knowledge in a field such as public property management, which can still be considered essentially unexplored by Italian literature.Originality value - The paper emphasizes the strategic relevance of the subject for politicians, managers, technicians and researchers involved in the management of a real estate portfolio.