Purpose-This paper examines the experience of the UK office market in embracing green buildings. The empirical analysis considers the spatial pattern and growth of green buildings in cities since 1990. It examines the perceived industry wisdom that the establishment of a green premium for occupation is the key to greening the office stock Design/methodology/approach-The paper begins by looking at the concept of a green office and then examines the evolving attitudes towards these offices and the issues for local market dynamics. The empirical analysis examines the current spatial pattern of green office buildings in the UK and then their impact on city office markets where there is a major concentration. The latter part of the paper examines the growth of green offices since 1990. It begins with national trends and then examines the evolution of green development in individual cities. Findings-The initial adoption of green offices was slow. There has been a dramatic rise in green offices at the peak of the last decade's development boom and in the immediate years that follow. Market acceptance of the importance of greenness appears still to be in the melting pot with limited market transactions since 2008. Green offices represent only 2.7% of office buildings and 12% of total space in the market. Most green offices are in the principal cities with the largest concentration in London. London represents the only potential locality where a green market could have been established so far. Practical implications-The paper provides an empirical assessment of the growth of green offices in the UK. Originality/value-This is the first paper to consider the development and scale of green offices in the context of local markets. It challenges the perceived wisdom that a green premium is central to the green transformation to date.
Purpose Improving valuation accuracy, especially for sale and acquisition purposes, remains one of the key targets of the global real estate research agenda. Among other recommendations, it has been argued that the use of technology-based advanced valuation methods can help to narrow the gap between asset valuations and actual sale prices. The purpose of this paper is to investigate the property valuation methods being adopted by Australian valuers and the factors influencing their level of awareness and adoption of the methods. Design/methodology/approach An online questionnaire survey was conducted to elicit information from valuers practising in Australia. They were asked to indicate their level of awareness and adoption of the different property valuation methods. Their response was analysed using frequency distribution, χ2 test and mean score ranking. Findings The results show that the traditional methods of valuation, namely, comparative, investment and residual, are the most adopted methods by the Australian valuers, while advanced valuation methods are seldom applied in practice. The results confirm that professional bodies, sector of practice and educational institutions are the three most important drivers of awareness and adoption of the advanced valuation methods. Practical implications There is a need for all the property valuation stakeholders to synergise and transform the property valuation practice in a bid to promote the awareness and adoption of advanced valuation methods, (e.g. hedonic pricing model, artificial neural network, expert system, fuzzy logic system, etc.) among valuers. These are all technology-based methods to improve the efficiency in the prediction process, and the valuer still needs to input reliable transaction data into the systems. Originality/value This study provides a fresh and most recent insight into the current property valuation methods adopted in practice by valuers practising in Australia. It identifies that the advanced valuation methods could supplement the traditional valuation methods to achieve good practice standard for improving the professional valuation practice in Australia so that the valuation profession can meet the industry’s expectations.
Access to this document was granted through an Emerald subscription provided by emerald-srm:198285 [] For AuthorsIf you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractPurpose -Occupier satisfaction has received noticeable attention in recent years due to the perceived relationship between satisfaction and investment performance which has led to property investors giving an increased priority to creating good landlord-tenant relationship. The purpose of this paper is to assess the occupier satisfaction on management of commercial properties in Nigeria using Akure as the research site. Design/methodology/approach -Based on a total population of 160 and employing random sampling technique, 142 questionnaires were administered on the occupiers of shopping complexes along the major routes of the city namely Oba-Adesida and Oyemekun, out of which 98 were returned and found adequate for analysis. Data analysis were done using weighted mean score and paired t-test. Findings -The result revealed that there is significant difference between occupiers' expected and actual satisfaction. The paper recommends a tenant-oriented management style for better performance. Originality/value -The most important contribution of the paper is to underline the need for pragmatic and tenant-oriented management as a means to achieving increased occupier satisfaction in commercial properties.
This paper examines the relationship between Nigeria equity real estate investment trusts (REITs), with focus on Nigeria First REIT (Skye Shelter) and money market indicators (MMI), such as Treasury bill (TBR), Prime lending rate (PLR), Currency-in-Circulation (CIC), injection to corporate private sector (CPS) and Broad Money Supply to the economy (BMS) in the period 2008-2016 in an attempt to document the statistical significance of the indicators on N-REITs dividend returns. Design/Methodology/Approach-Quarterly data on dividend returns of Skye Shelter REIT were used as proxy for listed N-REITs return, while data on MMI were extracted from published Central Bank of Nigeria (CBN) and National Bureau of Statistics (NBS) bulletins from 2008-2016. The study deployed Augmented Dickey-Fuller test statistic (ADF t-statistic) to test for unit root and stationarity status of deterministic trend in the data collected. The degree of association, the existence of co-integration and the test for statistical significance between N-REITs and MMI were conducted by correlation analysis, Johansen Co-Integration Test and granger causality test of VAR and VECM respectively. Finding: At p-value <0.05; the data passed the ADF t-test using Schwarz information criterion (SIC) at 1 st Difference indicating stationary data series as required for granger causality model, while Trace and Max-Eigen statistics indicate co-integration confirming a long term relationship among the variables. The predicted granger causality analysis of an insignificant long term _______________________________________________________ 308 The 18 th AFRES ANNUAL CONFERENCE 2018 causal relationship and a short run significant causal relationship between N-REITs returns and MMI were confirmed. Practical implications: Information on MMI indicators simulates caution signal and provide informed decision for investors in the Nigeria real estate sector. The study is important to investment analysts and capital market players. Originality/Value: This study is first to investigate the causal relationship of money market indicators and N-REITs returns. Whereas, previous studies examined the performance of indirect property investment including REITs, effects of macroeconomic factors on REITs and MMI in isolation.
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