Doing Well by Doing Good? Green Office Buildings

Eichholtz, Piet; Kok, Nils; Quigley, John M.

doi:10.1257/aer.100.5.2492

Cited by 815 publications

(562 citation statements)

References 23 publications

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“…The regression model coefficients suggested that LEED buildings commanded a 9.2% higher rent, and a 31% higher sale price. Other recent and similar analyses [Eichholtz et al, 2008;Miller et al, 2008] drawing on the same large database as Fuerst & McAllister, also find a statistically significant positive effects for Energy Star buildings, but only non-significant positive trends for LEED buildings. These analyses are hampered by the relatively small number of LEED buildings in the sample, compared to the large variability between buildings.…”

Section: Discussionmentioning

confidence: 57%

Do LEED-certified buildings save energy? Yes, but…

Newsham

Mancini

Birt

2009

Energy and Buildings

498

240

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/npsi/ctrl?lang=en http://nparc.cisti-icist.nrc-cnrc.gc.ca/npsi/ctrl?lang=fr Access and use of this website and the material on it are subject to the Terms and Conditions set forth at http://nparc.cisti-icist.nrc-cnrc.gc.ca/npsi/jsp/nparc_cp.jsp?lang=en NRC Publications Archive Archives des publications du CNRCThis publication could be one of several versions: author's original, accepted manuscript or the publisher's version. / La version de cette publication peut être l'une des suivantes : la version prépublication de l'auteur, la version acceptée du manuscrit ou la version de l'éditeur. For the publisher's version, please access the DOI link below./ Pour consulter la version de l'éditeur, utilisez le lien DOI ci-dessous.http://dx.doi.org/10. 1016/j.enbuild.2009.03.014 Energy and Buildings, 41, 8, pp. 897-905, 2009-08-01 Do LEED-certified buildings save energy? Yes, but... Newsham, G. R.; Mancini, S.; Birt, B. AbstractWe conducted a re-analysis of data supplied by the New Buildings Institute and the US Green Buildings Council on measured energy use data from 100 LEED certified commercial and institutional buildings. These data were compared to the energy use of the general US commercial building stock. We also examined energy use by LEED certification level, and by energy-related credits achieved in the certification process. On average, LEED buildings used 18-39% less energy per floor area than their conventional counterparts. However, 28-35% of LEED buildings used more energy than their conventional counterparts. Further, the measured energy performance of LEED buildings had little correlation with certification level of the building, or the number of energy credits achieved by the building at design time. Therefore, at a societal level, green buildings can contribute substantial energy savings, but further work needs to be done to define green building rating schemes to ensure more consistent success at the individual building level. Note, these findings should be considered as preliminary, and the analyses should be repeated when longer data histories from a larger sample of green buildings are available.

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Section: Discussionmentioning

confidence: 57%

Do LEED-certified buildings save energy? Yes, but…

Newsham

Mancini

Birt

2009

Energy and Buildings

498

240

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“…Another study of a national sample of US buildings has revealed that buildings with a "green rating" command on an average 3% higher rent and 16% higher selling price. 9 Whether in the US or India, improvements to energy efficiency can often be attained through no--cost or low--cost ECMs that lower the first costs of construction and equipment. Optimizing building loads can lead to lower first costs and operating costs.…”

Section: Benefitsmentioning

confidence: 99%

Best Practices Guide for High-Performance Indian Office Buildings

Singh¹

2013

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This document provides best practice guidance and energy--efficiency recommendations for the design, construction, and operation of high--performance office buildings in India. Through a discussion of learnings from exemplary projects and inputs from experts, it provides recommendations that can potentially help achieve (1) enhanced working environments, (2) economic construction/faster payback, (3) reduced operating costs, and (4) reduced greenhouse gas (GHG) emissions. It also provides ambitious (but achievable) energy performance benchmarks, both as adopted targets during building modeling (design phase) and during measurement and verification (operations phase). These benchmarks have been derived from a set of representative best--in--class office buildings in India. The best practices strategies presented in this guide would ideally help in delivering high--performance in terms of a triad-of energy efficiency, cost efficiency, and occupant comfort and well--being. These best practices strategies and metrics should be normalized-that is, corrected to account for building characteristics, diversity of operations, weather, and materials and construction methods. Best practices should start by using early design principles at the whole building level. Optimal energy efficiency can be achieved through an integrated design process (IDP), with stakeholder buy--in from the beginning at the conceptual design phase. Early in the project, the focus of the stakeholder group should be on maximizing energy efficiency of the building as a whole, and not just on the efficiency of an individual building component or system. Through multi--disciplinary interactions, the design team should explore synergies between systems such as mutually resonating strategies; or sweet spots between inharmonious strategies. Buildings are the most energy efficient when designers and operators ensure that systems throughout the building are both efficient themselves, and work efficiently together. Systems integration and operational monitoring at the whole building level can help push the envelope for building energy efficiency and performance to unprecedented levels. Whole--building systems integration throughout the building's design, construction, and operation can assure high performance, both in terms of ensures the energy efficiency and comfort/service levels. A Life cycle Performance Assurance Framework emphasizes the critical integration between the buildings' physical systems and the building information technologies. The building physical systems include envelope, HVAC, plugs, lighting and comfort technology systems. Whereas, building information technologies provide information on the design and functioning of the building physical systems. This can be done--first, by performing building energy simulation and modeling at the design phase one can estimate the building's energy performance and code compliance; second, by integrating controls and sensors for communications, one can track real--time performance at the building phase, r...

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“…The best known empirical study is by Eichholtz et al (2009) who use an hedonic framework to investigate the effect of the LEED and Energy Stat eco-label on the asking rents of 694 offi ce buildings. Using GIS techniques, they control for location effects by identifying other offi ce buildings in the CoStar database within a radius of 0.2 miles of each labelled building.…”

Section: The Eco-labelling Of Commercial Propertymentioning

confidence: 99%

Assessing the valuation implications of the eco-labelling of commercial property assets

McAllister

2009

J Retail Leisure Property

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Pat McAllisteris a senior lecturer in real estate appraisal at the School of Real Estate and Planning at the University of Reading. Pat ' s principal research interests are in real estate appraisal and pricing. He has conducted a number of studies examining the effects of environmental certifi cation of real estate assets on occupancy rates and prices.ABSTRACT This article evaluates the valuation issues raised by voluntary and mandatory eco-labelling of commercial property assets. The role of appraisers in property investment markets and the objectives and methods of property valuations are discussed. The diffi culties of incorporating the (potential) price effects of sustainable characteristics into property valuations are identifi ed and evaluated. It is concluded that, although the evidence base for the benefi ts of eco-labelled buildings is robust, the evidence base to estimate price differentials between eco-labelled and non-labelled buildings is lacking. However, as the market penetration of voluntary and mandatory eco-labels increases, valuers are more likely to be able to obtain evidence of price effects.

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Doing Well by Doing Good? Green Office Buildings

Cited by 815 publications

References 23 publications

Do LEED-certified buildings save energy? Yes, but…

Do LEED-certified buildings save energy? Yes, but…

Best Practices Guide for High-Performance Indian Office Buildings

Assessing the valuation implications of the eco-labelling of commercial property assets

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