Introduction

Abstract

Innovation is a multifaceted phenomenon and a prominent task with substantial impact on the competitive position of an organization with the power to transform entire industries. However, empirical studies on the role of innovation in the real estate industry are rare (if any exist). Previous literature on innovation mainly focused on the analysis of product innovations and the manufacturing sector (Carayannis & Provance, 2008). Within this context, the traditional innovation theories have essentially developed explaining the emphasis on technological developments and the concentration of innovative activities in special R&D departments, for example (Sundbo, 1997).