11Green buildings increasingly attract attention in the real estate sector, and the United States is no exception. Studies indicate that 12 green rated buildings may bring higher rents and sales prices. One reason for this inequity is that the indoor environment of these build-13 ings may outperform conventional buildings. The main objective of this paper is to conduct a post-occupancy evaluation (POE) to com-14 pare the indoor environment in a LEED certified, on-campus residence hall with a similar, non-green rated residence hall. Results are 15 evaluated to determine if green buildings really outperform. The results suggest that the green rated building outperformed the conven-16 tional building in the majority of the indoor environmental aspects, but not all. These results can inform a cost-benefit analysis of green 17 features for new construction and refurbishments. 18
PurposeThe purpose of this paper is to investigate if a green lease could eliminate the split incentive problem in two office buildings located in Stockholm, Sweden. It aims to provide a theoretical overview concerning the “energy paradox” and to describe a case study in which a green lease was to be implemented in the legal framework for two office buildings in the Stockholm region.Design/methodology/approachThis paper documents a case study, in which a green lease was to be implemented in the legal framework for two office buildings, to promote a more active engagement in the buildings energy performance. In order to accomplish this, a project group was formed which consisted of representatives from the building owners, tenant, property manager, energy consultants and KTH, Royal Institute of Technology, Stockholm.FindingsThis paper reveals that it is very hard to alter already legally binding agreements. Furthermore, it shows that the separation of ownership and usage of a building may not be optimal from an energy efficiency point of view.Originality/valueThe paper gives an empirical explanation as to why at times energy efficiency measures are not undertaken, even though the investments themselves bring about a positive net present value. In addition, the paper analyses the situation where property maintenance is outsourced to a property management firm, which is a common but seldom discussed situation in the literature.
Purpose -Since 2009, all commercial buildings in Sweden should have undergone an energy performance rating in accordance with the European Union directive on the Energy Performance of Buildings. The main purpose of this rating is to illustrate a building's energy performance in an easy, straightforward, manner. In doing so, it becomes easier for the actors on the real estate market to assess the building's energy performance, which in the end should be reflected in the capital value of the property. The aim of this paper is to study the EU Energy Performance Certificates impact on office buildings' capital values.Design/methodology/approach -In this paper an econometric approach is used to estimate the energy performance impact on buildings' capital values. A panel data set was constructed using economic data from IPD Nordic and Energy Performance Certificates from the Swedish National Board of Housing, Building and Planning.Findings -This study shows that a building's energy performance has no impact on its capital value.
Environmental rating systems typically focus on building characteristics at a specific point in time. From an investment and valuation perspective, actual performance over time should be the most important. This paper investigates how frontrunners on the Swedish green building market actually monitors their new buildings. Newly constructed commercial buildings today usually come with a high degree of technically advanced installations and a wide range of monitoring possibilities. This provides us with the possibility to monitor a buildings in-use performance. By performing a selected case study, conducting a survey and follow-up interviews among Swedish real estate companies and finally study available industry information, this paper studies what key performance indicators real estate developers choose to monitor as well as how they go about to collect and use the data. By doing this, we can get an idea of what is already monitored and to which extent. The case study also provides insight into what is technologically possible. A comparison of this gathered data is then made with information that investors and property valuers can be expected to be interested in and it is found that this to a large extent is information that the frontrunners already gather, but it is not made publicly available. One area where important information is lacking is however data about indoor climate.
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