Volume 13 (2023-24)

Each volume of Corporate Real Estate Journal consists of four 100-page issues published both in print and online.

The articles published in Volume 13 are listed below.

Volume 13 Number 3

Editorial:
Simon Beckett, Publisher
Practice Papers
Reshaping the corporate landscape: Navigating changes in real estate strategies
Burak Akalin, Global Workplace Services

The changing corporate landscape, influenced by global events and shifting workforce dynamics, has led to a new era of workplace adaptation and innovation. The COVID-19 pandemic has catalysed a significant shift towards remote work, with a profound impact on corporate real estate (CRE). As we navigate a post-pandemic world, it is clear that the traditional office model has transformed into a more flexible and multifaceted concept. The rise of remote and hybrid work has prompted businesses to rethink their real estate strategies, resulting in a surge in office vacancies and the need for creative solutions. Companies are at a crossroads of reinventing their physical workspaces and redefining their organisational cultures to address challenges such as rising delinquency rates, employee engagement and well-being. In the current business environment, organisations are prioritising the alignment of their future of work strategies with their mission and vision. They are taking advantage of their unutilised office spaces to reduce expenses, enhance the employee experience, promote sustainability and facilitate hybrid work arrangements. This transformation, however, necessitates a re-evaluation and optimisation of their real estate utilisation and functionality to cater to the needs of their ever-changing workforce. To accomplish this, corporate real estate professionals are looking for ways to adopt crucial strategies that foster efficiency and effectiveness in the workplace. This paper delves into these strategies and provides valuable insights into their successful implementation.
Keywords: future of work; real estate strategies; space utilisation; return to office; flexible work arrangements
Integrating cyber into new construction and commissioning across asset classes
Fred Gordy, Michael Baker International

According to the majority, the phrase ‘smart building’ first appeared in the early 2000s. This was about the time that building control systems (BCS) were being connected to the Internet – but others believe it happened as early as the late 1970s. In the 1980s smart buildings were first referred to as intelligent buildings. In actuality, the first smart building came into existence many years before. The primary objectives of smart buildings are to make systems open to other systems and to make external connections for staff, service providers and analytic companies to help service and maintain these systems without impediment. In doing so, they have created a company’s largest attack surface. To help reduce this attack surface, new construction must be designed with cyber security controls. It is less expensive and easier to implement at this point. But this is only half of the equation. Post implementation, the system must also be checked to ensure that all cyber security controls have been properly configured using cyber commissioning.
Keywords: open protocol; proprietary systems; BACnet; LON Works; Modbus; application host; supervisory controller; field controller; smart building; Censys; Shodan
Smart operational technologies programming for whole-building carbonisation
Craig E. Stevenson, AUROS Group, Donald L. Walker, Newcomb & Boyd, and Michael J. MacMahon, Newcomb & Boyd

Have you ever finished designing a new building and wondered what technologies are specified for the building? When using delegated design for building technologies, is the scope clearly defined or is it left to the vendor to decide? If you do not know the answers to these questions — or worse, you say to yourself, ‘my vendor has that’ — this paper is for you. Regardless of project delivery, if building owners want to democratise their building data, take advantage of digital twin technologies and advanced data layer capabilities and operate their buildings at the highest possible levels of performance, they must take control of their building’s operational technologies (OTs). Delegated design of OTs is typically the root cause of building owners not controlling or owning their building performance data. This paper is intended to provide building owners with the basic framework for OT programming, which is the only way to ensure ownership and control over building performance data. Our previous Corporate Real Estate Journal paper from Vol. 12, No. 3, Spring 2023 titled ‘Integration of building science and data science to de-risk an affordable strategy for building decarbonisation’ provides a higher-level view of the benefits from the integration of OTs. The convergence of global challenges requires building owners to address building performance as performance is now expected by owners, investors, occupants and governments. Merging building science and data science is the most cost-effective way to deliver expected building performance over the life of a building. Smart building infrastructure technology democratises building data and is the key to cost-effectively controlling building performance. Data is the new gold and smart operational technology programming is the new shovel.
Keywords: building science; data science; sustainability; building decarbonisation; zero carbon; smart building infrastructure; operational technology; independent data layer
Best practices for supplier debriefs
Kate Vitasek, University of Tennessee, Andrew Downard, Ci-Advisory, Wiebe Witteveen, Best Value Group, Fredrik Nikolaev, EY, and Bonnie Keith, The Forefront Group

Although supplier debriefs play a crucial role in modern procurement, they are often overlooked in both the public and private sectors. This paper underscores their importance and outlines best practices for implementation. While public procurement mandates them, the private sector often omits this essential step. These debriefs create value for both buyers and suppliers by enhancing relationships, refining procurement strategies and mitigating risks. They also provide suppliers with constructive feedback to improve their offerings, boosting their chances in future bids. Whether conducted virtually or in person, supplier debriefs offer a structured way for suppliers to assess their bid strengths and weaknesses, which is particularly relevant when substantial effort is involved. Key elements for effective debriefs include clear notifications, timing considerations, ground rules, attendee selection, agenda structuring and appropriate communication styles. Embracing supplier debriefs fosters collaboration, trust and efficiency in competitive bidding, making them indispensable for organisations seeking success.
Keywords: supplier debriefs; competitive bidding; private sector; best practices; procurement; supplier relationships
Case Studies
Funding and implementing a lease compliance programme
Wendy Scott-Napier, Maryland Department of General Services

This paper seeks to offer a case study of overseeing lease compliance functions for governmental tenants housed in commercial lease office space. Lease compliance is defined as appropriate landlord and public tenant performance in leased facilities, which includes ensuring tenant satisfaction and tenant adherence to facility guidelines, as well as landlord responsiveness to facility issues that occur. The Maryland Department of General Services (DGS) developed an initiative several years ago to fund, implement and design a lease compliance programme to ensure that landlords are properly maintaining commercial office space for state functions and that state agencies and their clients are adhering to DGS tenant policies in commercial facilities. This paper shares the fee structure, billing process, design of the programme and functions of the compliance team which have helped provide financial oversight and ensure the health and safety of state employees and visitors. The lease compliance programme includes training of on-site tenant agency staff to help monitor building conditions and resolve minor facility issues that occur. Additionally, the programme also established a rating system for facility issues depending upon the severity of the event that has occurred in relation to life, health and safety of the employees and visitors at the site. The assigned ratings of ‘emergency’, ‘priority’ and ‘routine’ determine what action must be taken by a tenant agency and how quickly a response will be provided by DGS. This information was shared at a National Association of State Facility Administrators’ Conference in May 2023.
Keywords: lease compliance; commercial office; tenant; landlord
Triple bottom line, environmental, social and governance and net zero in commercial real estate
Charles Hardy, Sandrine Schultz, Brian Gilligan, Adam McClung, and Walter Tersch, US General Services Administration

Climate and sustainability are at the forefront of dialogue within corporate real estate (CRE) organisations. Nearly 40 per cent of global carbon dioxide emissions come from the real estate sector. Of these emissions, approximately 70 per cent are produced by building operations, while the remaining 30 per cent comes from construction.1 A common language and aligned path is essential in making progress if we, as an industry, are to meet the goals we are setting. Sustainability, when referring to the triple bottom line, is a concept that refers to the environmental, social and governance (ESG) performance of an organisation and measures three areas of impact: people, planet, profit. This paper explores how sustainability takes into account the needs of an organisation’s stakeholders (including the community, general public and its employees) along with its own interests. This results in stronger relationships with these groups. The U.S. General Services Administration (GSA) is a federal government entity with a mission to deliver the best customer experience and value in real estate, acquisition and technology services to the government and the American people. One of GSA’s strategic goals is to provide financially and environmentally sustainable, accessible and responsive real estate solutions that enable a productive federal workforce. This paper provides highlights of how GSA is driven by three guiding principles: buy clean, build clean; net zero operations by 2045; and design for people, design for impact. The challenge of finding appropriate solutions to meet the demands of today are presented in actionable ways in examples from GSA as it continues to partner with industry, other organisations and communities to develop innovative solutions that support customer missions, enable community development and protect the environment, while providing effective stewardship of taxpayer dollars.
Keywords: built environment; healthy buildings; greenhouse gas emissions; climate change; guiding principles; net zero; emerging technologies; carbon pollution-free electricity; fleet electrification
The Colorado State Government ‘Reduce Our Footprint’ initiative
Tobin Follenweider, Colorado Department of Personnel and Administration

During the COVID-19 pandemic, the State of Colorado embarked on a state-wide initiative to reduce the State’s physical space called ‘Reduce Our Footprint’. This initiative included 21 state departments and agencies under the Governor’s purview and was led by the Colorado Department of Personnel and Administration. The Reduce Our Footprint initiative implemented a series of strategies built on the widespread use of remote and hybrid work as well as the opportunity to consolidate space, which supports employee desires for more flexible work options and saves money. Strategies included: comprehensive space needs analysis; state portfolio investment; lease contract and process improvements; unused and underutilised asset deployment; organisational changes; and new legislation. Since the beginning of the pandemic, the Reduce Our Footprint initiative reduced state-owned and private-leased space by over 350,000ft2. This represents about a third of the initiative’s 1mft2 goal, which has the potential to save more than US$20m a year.
Keywords: Colorado; government; office; transformation; DPA

Volume 13 Number 2

Editorial:
Simon Beckett, Publisher
Practice Papers
The pitfalls of a post-COVID-19 portfolio implementation
Oriana Merlo. AECOM

The profound changes in the commercial real estate market brought about by the COVID-19 pandemic, including the widespread adoption of remote and flexible work arrangements, have significantly altered the utilisation of commercial office real estate. This paper outlines common pitfalls organisations may encounter when contemplating real estate portfolio consolidation due to these changes. It highlights the financial costs associated with reducing office space, while addressing the reputational cost of such decisions. The continually shifting landscape related to hybrid work policies is also explored, along with issues such as employee pushback, over-cutting space, timing issues, employee dissatisfaction and economic viability. To aid organisations in decision making, the paper suggests key metrics and data points for assessment, including headcount analysis, telework policies, badge analysis, sensor implementation, workplace observation, demand studies and pilot programmes. Ultimately, the paper underscores the importance of data-driven decision making while considering the holistic needs and preferences of employees. It acknowledges the challenges and uncertainties in the post-COVID-19 real estate market and provides a comprehensive checklist for organisations to consider prior to consolidating their real estate portfolios, and guidance for planning such consolidations effectively.
Keywords: consolidation; commercial real estate; workplace; workspace efficiency; workplace strategy; office planning
Beyond the spend: How corporate real estate is a key driver for elevating diversity in the industry, workforce and communities
Gabrielle Woolley, Cummins Inc and Michelle Needles, Colliers

Although diversity, equity and inclusion (DE&I) has been a long-term priority for Shell, more recently its Executive Committee has set a goal to become one of the most diverse and inclusive companies in the world — not only because it is the right thing to do, but also because it will help Shell better serve its customers, find innovative solutions to difficult challenges and ultimately make it a stronger company. In this paper, we learn the journey of how Shell Real Estate is rising to the challenge by ensuring its workplaces are leading examples of DE&I for current and future staff and visitors. Although Shell is still continuing its journey and looking for ways to further improve the workplace, this paper reflects where it has reached so far and what lessons can be drawn. The paper can serve as inspiration to others wishing to deliver on their own corporate DE&I goals.
Keywords: DE&I; diversity; equity; inclusion; accessibility; universal design; ESG
A records and information management lens on workplace transformation : How to minimise risk and reap the rewards during real estate changes
Aurora Cammarata, Iron Mountain

As organisations work to navigate a dynamic business environment, real estate leaders have been tasked with developing portfolio strategies that reduce costs, maximise efficiencies and meet evolving employee needs. While these strategies typically involve making changes to the workplace, real estate leaders often fail to involve key internal and external stakeholders as early and often as they should. This can be a mistake. Real estate transformation is both an opportunity and a risk and should be conducted with the full participation of everyone who is touched by the project. In this paper, real estate professionals and other stakeholders will gain insights into best practices for working effectively with stakeholders across the organisation to plan and execute real estate transformation while minimising the risk of a data breach. Key takeaways include the proper management and handling of sensitive documents and IT assets, tips for vetting external vendors, the importance of involving critical stakeholders such as records management and IT, and real-world examples of companies who have used real estate changes to reduce risk and clutter while evolving into a paperless or paper-lite workplace.
Keywords: risk management; workplace transformation; workplace strategy; change management; collaboration
After the pandemic: Contemplating the future of central office buildings
Tony Gill, Gill Advisors

The COVID-19 pandemic has dramatically changed the nature of office work. The main driver is remote work, a concept theorised for years, but upon its arrival has become a significant disruptor of commercial real estate. Buildings and the city cores they occupy in large urban centres have hollowed out. Large organisations, still tied to long-term leases, try shedding space to adapt. As they do, cities reliant on property tax revenues find themselves at odds with institutional landlords over asset values. The upheavals unfolding in the industry, particularly in the office sector, are enough for prominent media organisations to declare downtown office buildings dead. But are they? By analysing quantitative and qualitative data and evidence from high-profile organisations, it becomes apparent that although building occupancy may not be what it was prior to the pandemic, indicators point to a macroeconomic reset where the steady rise in occupancy will establish a new equilibrium, probably not too different from what it looked like pre-pandemic. Along the way, a new industry metric, the Idle Space Index (ISI) is introduced to define an interrelationship between occupancy and vacancy rates, which can greatly assist strategic space planning. In the medium term, chaos will reign supreme, as corporate real estate (CRE) executives try to engage in longer-term planning. Building assessments will remain a contentious issue until that new equilibrium is established, but for an industry described as being on its last legs, it seems there is plenty of life left.
Keywords: remote work; office occupancy; return to office; post-pandemic; office vacancy rate; hybrid working; worker productivity; office buildings; property tax; future of work; central office; central business district; commercial property tax; low occupancy; in-person work; office space footprint; worker productivity; in-person collaboration; return to work
Implementing an integrated workplace management system at a major university: Part 1
Michael Terrell and Joshua Manwarren, Liberty University

Liberty University is in the process of implementing an Integrated Workplace Management System (IWMS). The purpose of this paper is to share our facilities story to draw parallels, identify similarities and provide background for the challenges that we are currently facing. This information is provided in a two-part series. Part 1 focuses on environmental factors that identified the need and prompted our search for a proper IWMS. It discusses the process that was utilised to define deliverables, the process for vendor evaluation and selection, and the lessons learned from that process. Part 2, which will be published in a future issue, will focus on the specific steps being taken to transition from a legacy computerised maintenance management system (CMMS) and implementation of the selected IWMS. It will also discuss lessons learned and recommendations and consideration for those embarking on a software solution implementation. Facilities management is universal, and we all share many similar challenges; by telling our story we hope to show commonality across industries.
Keywords: CMMS; IWMS; facilities; facility; maintenance
Evolving metrics in a changing corporate real estate landscape
Andie Moeder, Jacobs

In today’s world of the ‘hybrid office’, the role of the ‘office’ has changed. The focus has evolved from efficiency, individual space and support space to new considerations for group engagement and an engagement/hospitality focus. Solutions for both technology and collaboration spaces have shifted to be more inclusive of remote participants and considerations. Today’s metrics in corporate real estate (CRE) organisations need to realign to capture and monitor new drivers. Concurrently, companies are facing new headwinds with a vastly different business climate from that of the past few years. Federal rate hikes and inflation increases have raised concern for a potential recession and have created a financial environment where cash is king. Organisations are hyper-diligent for CapEx and OpEx spend. Finally, the war for talent is still a market driver, with the US at near historic lows with unemployment at 3.6 per cent in June 2023. This has created a huge focus for leadership with human capital — even with the tech industry layoffs in spring 2023. As CRE pivots to support their organisation’s objectives, metrics are evolving with new considerations. This paper explores areas of impact that could evolve out of this progression.
Keywords: CRE metrics; ESG; eNPS; employee engagement; efficiency
Beyond sustainability: Decarbonisation, health and wellness 20 storeys above Times Square
Jonce Walker, HLW

This paper details the process of creating a new sustainable workplace for Schrödinger’s New York City office, occupying four floors of 1540 Broadway in Times Square. The paper discusses how the project brought together a collaboration of stakeholders from Schrödinger’s leadership and HLW, including the team’s internal sustainability consultancy, BEYOND, to develop a workplace that prioritises health, well-being and the environment equally. The paper details the ambitious goals for both creativity and performance while explaining the process of pursuing three different rating systems — LEED v4 ID+C Gold, Fitwel 2 Stars and WELL Health-Safety — to solidify Schrödinger’s commitment to promoting an inspirational and ecologically conscious workplace culture.
Keywords: decarbonisation; sustainability; workplace; wellness; certification

Volume 13 Number 1

Editorial:
Simon Beckett, Publisher
Case studies
Cutting the cord : How and why HERE Technologies fired their service provider and took real estate in-house (and whether other end users should too)
Benjamin Bader, HERE Technologies

This case study challenges the traditional model of real estate outsourcing by end users, by providing an alternative approach to the delivery of real estate services by an insourced team. While acknowledging the reasons why end users have historically opted to partner with third parties, this case study outlines the evaluation process and tactical tasks needed to decide and then act on this shift. The case study details the stated up-front objectives and provides learnings from a successful model change. The intention is that other end users will be able to use it as a model for making their own evaluations of feasibility and appropriateness.
Keywords: outsourcing; delivery model; insourcing; framework; transformation
Delivering inclusive workplace experiences to support corporate strategy
Ed Payongayong and Kim Sauvageau, Shell Real Estate

Although diversity, equity and inclusion (DE&I) has been a long-term priority for Shell, more recently its Executive Committee has set a goal to become one of the most diverse and inclusive companies in the world — not only because it is the right thing to do, but also because it will help Shell better serve its customers, find innovative solutions to difficult challenges and ultimately make it a stronger company. In this paper, we learn the journey of how Shell Real Estate is rising to the challenge by ensuring its workplaces are leading examples of DE&I for current and future staff and visitors. Although Shell is still continuing its journey and looking for ways to further improve the workplace, this paper reflects where it has reached so far and what lessons can be drawn. The paper can serve as inspiration to others wishing to deliver on their own corporate DE&I goals.
Keywords: DE&I; diversity; equity; inclusion; accessibility; universal design; ESG
Reimagining real estate and facilities management outsourcing : A bp and JLL case study
Kate Vitasek, University of Tennessee, Cherie Duddridge, bp, Alexander Lundin, Ernst and Young, and Valerie Bonnin, Incendium Consulting

In 2019 bp set out to renew its facilities and real estate contracts. What began as a typical request for proposal exercise turned into a complete reinvention of the bp workplace organisation. The team got a boost when Bernard Looney took the helm as bp’s Chief Executive Officer (CEO) in February 2020. Looney’s vision was the most far-reaching transformation in bp’s 112-year history: to transform bp from an international oil company to an integrated energy company by shifting bp’s focus from producing oil and gas resources to one that delivers energy solutions. bp’s ambition is to become a net-zero company by 2050 or sooner, and help the world get to net zero. bp’s workplace team accepted the challenge; the simple contract renewal they had started needed to be reimagined. This case study goes behind the scenes and shows how the parties pulled off what many in bp thought was impossible, especially in the middle of a pandemic when 100 per cent of the work had to be done virtually.
Keywords: bp; JLL; outsourcing; Vested; Vested Outsourcing; innovation; transformation; facilities management; sustainable sourcing
Practice papers
The critical role of data governance in corporate real estate
Phil Wales and Johan Wessels, EBUSINESS STRATEGIES

What is the role of data governance in today’s corporate real estate (CRE) organisation? This paper aims to lay out the importance of following a proven approach to developing a data strategy, advancing data maturity, developing critical data analytics and meeting the increasing pressure for accountability in CRE operations. The reader will learn about familiar challenges and the importance of aligning cross-functional data in order to guide your organisation on a road to both efficient return on investment (ROI) within your portfolio and compliance with the ever-increasing regulations being imposed on the CRE profession. This paper clearly lays out a roadmap for a journey towards successful data governance, or if you are already on that path, a validation of where you are on the maturity curve.
Keywords: data governance; data strategy; data maturity; analytics; ESG
Leveraging healthy buildings as a tool to apply a people-centric approach to ESG
Sara Karerat, Center for Active Design, Adele Houghton, Biositu, and Grace Dickinson, Center for Active Design

Resilience, or the ability to respond effectively to the unexpected, has always played a vital role in the corporate real estate (CRE) sector. That importance has only intensified in recent years in the face of numerous crises, including COVID-19, natural disasters and financial market stagnation. Prioritising people and their well-being has emerged as an effective tactic for not only increasing resilience, but also for aligning with environmental, social and governance (ESG) standards across all three pillars. This paper begins by discussing the role ESG plays within the CRE sector, with a focus on the importance of taking a people-centric approach. It presents the co-benefits framework as an effective tool for optimising ESG efforts and identifies several key data sources that aid in reporting ESG metrics. The paper concludes with a case study of a company that leveraged data to better understand how its ESG efforts were supporting its overall financial outcomes.
Keywords: ESG; healthy building; public health; certification
Strategies for using quantitative and qualitative metrics to optimise hybrid work solutions
Kay Sargent and William Mitchell, HOK

To address the emerging needs of the hybrid workforce, corporate real estate (CRE) organisations must adapt how they plan for, design and fit out workplaces. Every CRE group is still learning how to navigate this new environment, and there are no definitive solutions. This paper asserts, however, that a hybrid approach that is not well planned and carefully implemented will not meet the needs of employees or their organisations. A successful plan should be based on the right data about how an organisation’s employees are using space. Past methods of measuring space utilisation may not apply to the workplaces that support a hybrid work model. This paper describes how to take a phased approach to creating an effective hybrid workplace combining on-site and remote work. One of the challenges facing CRE is how to measure office utilisation and rebalancing existing spaces to accommodate evolving workstyles. This paper provides actionable advice on using the right quantitative and qualitative metrics to develop a hybrid work experience that will yield the best results. It also discusses the crucial roles of HR and IT groups in creating the optimum hybrid work solutions, as well as the importance of linking these efforts to the organisation’s business goals, unique organisational DNA and the needs of its people. Finally, the paper describes what makes Boston Consulting Group’s new Canadian headquarters in Toronto an example of a successful new post-pandemic work programme.
Keywords: workplace; strategy; hybrid; metrics; space utilisation; space management
Meeting the demands of change : A clear path to a better digital enterprise architecture
Craig Gillespie and Carla Hinson, MRI Software

The COVID-19 pandemic has brought more change in corporate real estate (CRE) than ever before. CRE teams are now working closely with human resource (HR) teams to consider not only locations and buildings but also the experiences of the employees. This change has brought forth the opportunity to reconsider the way we collect and access data as well as the limitations of entire product ecosystems currently in use. This can be a significant and daunting task, but it does not have to be. The right product ecosystem can serve a central role in the pursuit of comprehensive data to support your data governance strategy. Starting out by understanding the changes that have occurred, key technology considerations and the issues and needs facing the business will help to make the process more manageable. This paper makes the case that better strategic decisions start by committing to taking the first step towards facing change.
Keywords: corporate real estate technology; real estate data; IWMS; real estate compliance
Redefining the modern urban office : The role of gardens in elevating productivity and well-being in the workplace
Eric Shade and Eric Bishop, Kimley-Horn

This paper discusses the role of gardens in elevating productivity and well-being in the workplace. It outlines the well-researched psychological benefits of engagement with nature, explores the concept of biophilia and its role in architectural practices, describes the potential of gardens in urban office spaces and outlines key fundamentals and goals of office green spaces. It also references case studies through local projects, such as The Gardens at Promenade in Atlanta, where these principles were implemented and key outcomes were achieved for office tenants and the community at large. The paper first introduces the large body of research describing the impact of green space on human health. It touches on the natural environment’s influence on stress levels, productivity and attention capacity. The authors reference studies published in the National Library of Medicine and The Experience of Nature and Frontiers in Psychology to lay the groundwork to later describe how green space can prove beneficial in the office space. The discussion of biophilic design leads into a discussion of three fundamentals of gardens in modern office spaces — connection, attraction and respite — and outlines design that aligns with these fundamentals. The paper provides examples of the authors’ success in designing such spaces and offers an insightful guide on achieving similar outcomes.
Keywords: urban gardens; office repositioning; biophilia; employee well-being
Creating a workplace fit for your current and future workforce
Lawrence Mohiuddine, Unispace

Is corporate real estate (CRE) dead? Not at all. This paper shows that while how people use space, why they want an office and what is needed in the workplace has changed, the office itself remains fundamental to businesses across the globe. Indeed, as Unispace EMEA saw in its `Returning for Good’ study, 75 per cent of organisations have increased their office footprint in the last two years to keep up with the demand from employees and to create or enhance hospitality spaces, with a further 74 per cent planning to do so by 2025. This paper demonstrates why the office is here to stay, and will be the success factor behind workplace returns, increasing employee loyalty and attracting new talent.
Keywords: office design; future of work; culture; portfolio optimisation; research