Difficulties in changing existing leases - one explanation of the "energy paradox"?
2012 (English)In: Journal of Corporate Real Estate, ISSN 1463-001X, E-ISSN 1479-1048, Vol. 14, no 1, 63-76 p.Article, review/survey (Refereed) Published
Purpose – The purpose of this paper is to investigate if a green lease could eliminate the splitincentive problem in two office buildings located in Stockholm, Sweden. It aims to provide a theoreticaloverview concerning the “energy paradox” and to describe a case study in which a green lease was tobe implemented in the legal framework for two office buildings in the Stockholm region.
Design/methodology/approach – This paper documents a case study, in which a green lease wasto be implemented in the legal framework for two office buildings, to promote a more activeengagement in the buildings energy performance. In order to accomplish this, a project group wasformed which consisted of representatives from the building owners, tenant, property manager,energy consultants and KTH, Royal Institute of Technology, Stockholm.
Findings – This 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 optimalfrom an energy efficiency point of view.
Originality/value – The paper gives an empirical explanation as to why at times energy efficiencymeasures are not undertaken, even though the investments themselves bring about a positive netpresent value. In addition, the paper analyses the situation where property maintenance is outsourcedto a property management firm, which is a common but seldom discussed situation in the literature.
Place, publisher, year, edition, pages
2012. Vol. 14, no 1, 63-76 p.
Green leases, Energy efficiency, Energy consumption, Split incentives, Office buildings, Energy paradox, Energy efficiency gap, Sweden
IdentifiersURN: urn:nbn:se:kth:diva-116374DOI: 10.1108/14630011211231446OAI: oai:DiVA.org:kth-116374DiVA: diva2:589176
QC 201301212013-01-172013-01-172016-04-07Bibliographically approved