The appearance and impacts of different forces of change relevant
for the commercial real estate market have been previously
studied by several researchers. Several studies concerning the manifestation
and drivers of urbanization and its different impacts
on land use can be found (Bart, 2010; Chen et al., 2014; Deng
et al., 2015; United Nations, 2005; Yue et al., 2013 and Zhang,
2001). Also,there are various studies exploring globalization. Currit
and Easterling (2009) have studied drivers of globalization and its
effects on land use, while research by Falkenbach and Toivonen
(2010) andVongpraseuthandChoi(2015) concentrate onanalyzing
the phenomenon of globalization from the real estate investment
point of view. In turn, a study by Williams and Shaw (2009) investigates
one form of globalization: tourism and its impacts on land
use. Environmental pressure is also a force of change that has previously
been discussed in several studies. Researchers de Francesco
and Levy (2008) as well as Sayce et al., 2007 concentrate on drivers
and impacts of environmental pressure appearing in the real estate
investment market environment, while the research by UNEP
(2007) analyses the phenomena and its connections to real estates
in a wider context. In turn, aging population is a force of change
thatis covered in the research conducted by Kroll and Haase (2010).
They examine the relationship between demographic changes and
land use changes.