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This paper focuses on how brokerage practices in the markets for commercial real estate investment assets and residential development land in England generate different possibilities for and patterns of opportunistic behaviours. Drawing upon previous research and analysis, the paper examines the nature of the brokerage market in both sub-markets. An interactionist model of the determinants of ethical judgement in the context of the brokerage sector is created. Based upon an interview survey of brokers and principals, the findings of an exploratory empirical study are discussed. Whilst there are challenges in defining, observing and measuring opportunistic behaviours, it is concluded that a number of different unethical practices have become routine rather than exceptional in the markets for institutional-grade real estate assets and residential development land.

For over three decades, negotiated planning obligations have been the primary form of land value capture in England. Diffusing and evolving over the last decade, a significant policy innovation has been the use of financial calculations to estimate the extent to which policies on planning obligations for actual, proposed development projects and in plan making affect the financial viability of development. This paper assesses the extent to which the use of financial appraisals has provided a robust, just and practical procedure to support land value capture. It is concluded that development viability appraisals are saturated with intrinsic uncertainty and that land value capture that is based on such calculations is, to some extent, capricious. In addition, clear incentives for developers and land owners to bias viability calculations, the economic dependence of many viability consultants on developers and land owners, a lack of transparency, contested or ambiguous guidance and the opportunities created by input uncertainty for bias are further failings. It is argued that how viability calculations are applied has been, is being and will continue to be shaped by power relations.