Dynamics of knowledge management practices in commercial property business.

Knowledge management (KM) has rapidly risen to become a popular concept amongst its advocates. Critics claim it is simply old wine in new bottle. It is being touted as one of the significant by-products of an information and knowledge revolution, which may be historically unsurpassed in the comprehensiveness of its impacts on all aspects of human endeavours. Critics say the more things change the more they remain the same.After many centuries of philosophical and economical dialectics, the hitherto accepted role of landed property as a critical factor of production is increasingly being challenged. Nevertheless, it remains a significant variable to the success of many business units and indeed all nations. Hence, any concept, which seeks to impact on the productivity of businesses, must not only impact on the social actors within such organisation but also impact on its structures and processes.An extensive review of literature, by this writer, revealed scant research into the role of these phenomena in project-based sectors and nothing published on property investment and development businesses. Hence, the aim of this research was to determine if commercial property investors are practicing KM in any form and if it leads to any significant change in their investment returns or contribute to the achievement of other corporate goals.It commenced with a brief examination of the philosophical debate on the epistemology and ontology of knowledge. The study established the existing range of expositions on the distinctions between data, information, knowledge, KM and Intellectual Capital Management. Included is a detailed review of KM models and the constraints of outcome measurement. The interplay between organisational culture and employee mindset was considered in addition to the effects of physical workspace on KM. The study followed this with a concise review of the nature of the property industry, the characteristics of commercial property investment, the criteria that impact on investment returns and current drivers of change.Based on initial predilection towards positivism, the Researcher conducted a general survey within the chosen scope of the northwest region of England. Analysis of the returns confirmed that only 11.1% of private commercial property companies are proactively implementing KM, whilst others are still at a lower end of a spectrum that see them implementing information management strategies and traditional estate management practices only.Having purged the research of the initial cognitive predispositions, a reasoned transition from positivistic orthodoxy to a phenomenological paradigm was made and a case study secured amongst the few organisations implementing this practice. The research continued steadily with methodological triangulation as a means of studying the dynamics in the case. An electronic survey of all 179 employees was conducted, followed by additional interviewing of 22 employees and directors. Also data was collected to facilitate secondary analysis of ten years statutory accounts and the previously conducted survey of over 412 customers of the case studied.The study concluded that the management practices in Bruntwood Estates Ltd (a private commercial property investment company) align with the characteristics of the KM phenomena and contributes positively to both its intellectual capital and financial capital. The impacts and shortcomings of the implementation of these practices were elicited as a prelude to the formulation of models that could serve as innovative tools to other players and researchers in the commercial property industry.