In the EU’s revised Energy Performance of Buildings Directive (EPBD), a smart readiness indicator (SRI) was introduced as an energy efficiency activity to promote smart ready technologies (SRT) in the building sector. The proposed methodology is based on the evaluation of building services and how they contribute on SRT. The purpose of this paper is to explore the applicability of the SRI to cold climate countries in Northern Europe. The Northern European countries are an interesting test environment for the indicator because of their advanced information and communication technology and high building energy consumption profiles. The findings imply that regardless of the SRI’s conceptualization as a system oriented (smart grid) approach, in its current form, it was not able to recognize the specific features of cold climate buildings, specifically those employing advanced district heating (DH) systems. Another, more practical, implication of the study was that due to the subjective nature of the proposed process for selecting SRI relevant building services, the applicability of SRI as a fair rating system across the EU member states is problematic.

Purpose: The aim of this paper is to introduce a framework that helps to identify strategic themes on which real estate investors form their strategies. A holistic approach to strategic management in real estate management has enjoyed popularity in corporate real estate research, while similar research has been lacking from the investor-based real estate management.Design/methodology/approach: The research design consists of two main parts: 1) formulating propositions based on existing literature and 2) attempting to validate the propositions through a qualitative interview study with major real estate owners in Finland.Findings: The main finding is that the current real estate investors reflect the transient nature of competitive advantages and assess their strategies accordingly. The companies consider the traditional profitability and revenue growth aspects of their business but also a more long-term future growth dimension. As an outcome, the investors base their strategies on eight strategic themes which are “Innovation”, “ESG”, “Marketing and sales”, “Financial management”, “Leasing management and tenant satisfaction”, “Competitive environment and portfolio management”, “Outsourcing and strategic partnerships” and “Cost and operation optimization”.Research limitations/implications: This paper opens opportunities for future research concerning different strategies in real estate investment business and their impacts.Practical implications: The presented framework provides support for real estate investors to create real estate management strategy or to evaluate their current strategy and to recognize operational actions and decisions that are relevant for their strategy.Originality/value: This paper provides an extension to corporate real estate (CRE) literature by showing that the CRE theories are adaptable to real estate investment and provide value for their strategic management. This paper also contributes to real estate investment literature by providing a well-founded and empirically contested strategic management framework, the IREM framework, for identifying strategic themes on which real estate investors form their strategies.

This paper aims to evaluate how well the increasingly popular, market-based real estate energy efficiency improvement projects support the EU’s high-level smart energy transition targets. The implications of these EU-level targets for buildings are described in the smart readiness indicator (SRI) framework. As the SRI becomes mandatory, it is important for the industry to understand whether current market practices align with the SRI framework. This study is based on a qualitative analysis of 49 energy efficiency improvement project proposal reports for properties located in Finland. We use the SRI framework to evaluate the potential impact of the various energy efficiency improvements proposed in the reports on the smart energy transition targets. Three expert interviews were also conducted to gain the interviewees’ interpretations of the industry. While energy efficiency improvement projects are obviously aimed at improving energy efficiency, the results indicate that they are beneficial for some parts of the SRI, mainly within the SRI’s main categories of heating, controlled ventilation, and monitoring and control. Some proposed actions also contribute to increased smart readiness in the categories of cooling and lighting, but the remaining four main categories are generally not being taken into consideration.