Owner-Sourced Change Requests in REIT Construction Investments

Year 2023, , 141 - 162, 25.09.2023

Betül Güler Ergül , Burcu Balaban Ökten

https://doi.org/10.29064/ijma.1318685

Abstract

One of the most important problems encountered in the construction investments of real estate investment trusts (REITs) is the changes in the project caused by the owner. In order to increase performance in the construction investments of REITs, first of all, the reasons underlying the changes caused by the owner should be investigated. The aim of this study is to investigate the causes of changes in construction projects and their effects on the project by researching existing studies in the literatüre. It is an examination of the subject of "owner-induced project changes" through a field study in the light of the causes and effects found in the literature. In the study, the data were obtained from the observations of the researcher working as an architect in a Real Estate Investment Trust (REIT), projects, meeting notes and literature. It is known that the biggest impact of project change requests is usually cost and time lapse. Five of the six project changes requested by the owner examined in the fieldwork were realized during the implementation phase of the construction site. For this reason, in the field study the "chain effect of the changes" mentioned in the literature was observed and it was determined that these change requests cause cost and time increases in the project.

Keywords

REIT, Owner, Change Request, Reasons for Change Request, Effects of Change Request.

GYO İnşaat Yatırımlarında Mal Sahibi Kaynaklı Değişiklik Talepleri

Abstract

Gayrimenkul yatırım ortaklıklarının (GYO) inşaat yatırımlarında karşılaşılan en önemli problemlerden biri mal sahibi kaynaklı proje değişiklikleridir. GYO’ların inşaat yatırımlarında, performans artışı sağlanabilmesi için ilk önce, mal sahibi kaynaklı değişikliklerin altında yatan nedenlerin araştırılması gerekmektedir. Bu çalışmanın amacı, inşaat projelerinde meydana gelen değişikliklerin nedenlerini ve projeye etkilerini literatürde mevcut çalışmalar araştırılarak; “mal sahibi kaynaklı proje değişiklikleri” konusunun, literatürde bulunan neden ve etkiler ışığında, alan çalışması üzerinden incelenmesidir. Yapılan çalışmada veriler, bir Gayrimenkul Yatırım Ortaklığı (GYO) bünyesinde mimar olarak çalışan araştırmacının gözlemlerinden, projelerden, toplantı notlarından ve literatürden elde edilmiştir. Proje değişiklik taleplerinin en büyük etkisinin genellikle maliyet ve zaman aşımı olduğu bilinmektedir. Alan çalışmasında incelenen mal sahibi tarafından talep edilen altı proje değişikliğinin beş adedi şantiyenin uygulama aşamasında gerçekleşmiştir. Bundan ötürü alan çalışmasında literatürde bahsi geçen “değişikliklerin zincirleme etkisi” gözlemlenmiş ve bu değişiklik talepleri projede maliyet ve süre artışlarına sebep olduğu tespit edilmiştir.

Keywords

GYO, Mal Sahibi, Değişiklik Talebi, Değişiklik Talebi Nedenleri, Değişiklik Talebi Etkileri.

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