Change search
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf
Green Buildings: Exploring performance and thresholds
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.ORCID iD: 0000-0003-4921-9479
2016 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

The overall aim of this research project is to study green/energy-efficient real estate from an economic perspective. The thesis summarizes the results from five different studies with a connection to green/energy-efficient real estate.The aim of the first paper (paper A) is to study how tenants perceive the indoor environment in green-rated premises, and to compare these results with tenants’ perception of a conventional building’s indoor environment. The main result is that the tenants in the green-rated building are more satisfied with the indoor environment than the tenants in the conventional building.Papers B and C assess whether energy efficiency has an impact on buildings’ income and market values using Swedish real-estate data. The key result is that although there is a small impact on building-related income, this does not seem to translate into a higher market value.The last two papers included in this thesis study hindrances to a more energy-efficient building sector. In paper D, two office buildings are used as baseline cases to provide insights into the difficulties that can arise when trying to upgrade a building to make it more energy efficient. The results indicate that changing existing leases is a prohibitive process and that it is often difficult to evaluate the final impact of an energy upgrade. The last paper focuses on why it may be rational to postpone green refurbishments even if they are profitable. The main result is that it may be rational to postpone such refurbishments. However, by introducing different financial penalties and/or subsidies, these investments could be triggered today.To sum up, the results indicate that green buildings are preferred by tenants, but that there still appear to be economic barriers to a greener building sector.

Abstract [sv]

Det övergripande syftet med denna avhandling är att studera grön/energieffektiva byggnader ur ett ekonomiskt perspektiv. Avhandlingen består av en kappa och fem separata studier, vilka belyser tre olika forskningsfrågor.

Syftet med den första studien är att studera hur hyresgäster upplever inomhusmiljön i gröna byggnader. I studien jämförs inomhusmiljön i en grön byggnad med inomhusmiljön i en likvärdig konventionell byggnad. Resultatet visar, på det stora hela, att hyresgästerna är mer nöjda med inomhusmiljön i den gröna byggnaden. De nästföljande studierna, B respektive C, undersöker om byggnadens energiprestanda har någon inverkan på dess hyra respektive marknadsvärde. Resultaten visar på en liten signifikant hyrespåverkan, dock verkar denna inte ha någon effekt på byggnadernas marknadsvärdebedömningar. Skälet till detta kan vara att hyrespremien anses för liten för att ha någon signifikant inverkan på byggnadens marknadsvärde, alternativt att fastighetsvärderare inte beaktar energiprestanda när en fastighet värderas.

De två sista studierna studerar varför vissa, tillsynes lönsamma, energiinvesteringar inte genomförs. Resultaten från studie D visar på svårigheterna med att ingå ett samarbetsavtal (för att eliminera felaktiga incitament) mellan hyresgäst och hyresvärd. Sådana avtal tar lång tid att förhandla fram och det uppkommer ofta svårigheter med att utvärdera de tänkta energiinvesteringarnas ekonomiska utfall. Studie E utgår ifrån en realoptionsmodell, vilken används för att utvärdera när ”gröna” renoveringar bör genomföras i en befintlig byggnad. Studien visar att det kan vara rationellt att vänta trots att investeringen idag är lönsam. Vidare visar resultaten att det är möjligt att via byggsubventioner/finansiella ”straff” påverka aktörer att tidigarelägga energieffektiviseringsåtgärder.  Dock är det viktigt att dessa utformas korrekt så att det inte skapar några snedvridna incitament.

Övergripande visar resultaten att gröna byggnader är att föredra ur ett brukarperspektiv men att det fortfarande finns ekonomiska hinder för en mer hållbar byggsektor.

Nyckelord: gröna byggnader, energieffektiva byggnader, EPC, inomhusmiljö, Realoptioner, fastighetsekonomi.

Place, publisher, year, edition, pages
Stockholm: KTH Royal Institute of Technology, 2016. , x, 31 p.
Series
TRITA-FOB, 2016:3
Keyword [en]
Green Buildings, Energy-Efficient Buildings, EPC, Indoor Environment Quality (IEQ), Real Options Analyses (ROA), Real-Estate Economics
National Category
Economics
Research subject
Real Estate and Construction Management
Identifiers
URN: urn:nbn:se:kth:diva-184874ISBN: 978-91-85783-65-6 (print)OAI: oai:DiVA.org:kth-184874DiVA: diva2:917276
Public defence
2016-04-29, Sal F3, Lindstedtsvägen 26, KTH, Stockholm, 14:00 (English)
Opponent
Supervisors
Note

QC 20160407

Available from: 2016-04-07 Created: 2016-04-06 Last updated: 2016-04-07Bibliographically approved
List of papers
1. Difficulties in changing existing leases - one explanation of the "energy paradox"?
Open this publication in new window or tab >>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
Abstract [en]

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.

Keyword
Green leases, Energy efficiency, Energy consumption, Split incentives, Office buildings, Energy paradox, Energy efficiency gap, Sweden
National Category
Economics
Identifiers
urn:nbn:se:kth:diva-116374 (URN)10.1108/14630011211231446 (DOI)
Note

QC 20130121

Available from: 2013-01-17 Created: 2013-01-17 Last updated: 2017-12-06Bibliographically approved
2. A Post Occupancy Evaluation of a green rated and conventional residence hall
Open this publication in new window or tab >>A Post Occupancy Evaluation of a green rated and conventional residence hall
2015 (English)Report (Other academic)
Abstract [en]

Green buildings increasingly attract attention in the real estate sector, and the US sector is no exception. Studies indicate that green rated buildings may bring higher rents and sales prices.   One reason for this inequity is that the indoor environment of these buildings may outperform conventional buildings. The main objective of this paper is to conduct a post-occupancy evaluation (POE) to compare the indoor environment in a LEED certified, on-campus residence hall with a similar, non-green rated hall. Results are evaluated to determine if green buildings really outperform. The results suggest that the green rated building outperformed the conventional building in the majority of the indoor environmental aspects, but not all.  These results can inform a cost-benefit analysis of green features for new construction and renovation.   

Place, publisher, year, edition, pages
KTH Royal Institute of Technology, 2015. 28 p.
Series
Working Paper Series, Department of Real Estate and Construction Management & Centre for Banking and Finance (cefin), 15/6
Keyword
POE; Post-occupancy evaluation; Residence halls; Green building; Perceived indoor environment; LEED building
National Category
Economics
Identifiers
urn:nbn:se:kth:diva-166704 (URN)
Note

QC 20150603

Available from: 2015-05-13 Created: 2015-05-13 Last updated: 2016-04-07Bibliographically approved
3. Is energy performance capitalized in office building appraisals?
Open this publication in new window or tab >>Is energy performance capitalized in office building appraisals?
2013 (English)In: Property Management, ISSN 0263-7472, E-ISSN 1758-731X, Vol. 31, no 3, 200-215 p.Article in journal (Refereed) Published
Abstract [en]

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. Research limitations/implications: There may be a selection bias in the sample as the study is dependent on data from IPD Nordic. Originality/value: This is one of the first papers that study the EU Energy Performance Certificates' impact on office buildings' capital values in Sweden.

Keyword
Capital value, Energy Performance Certificate, EPC, Hedonic price model, Office buildings, Sweden
National Category
Economics and Business
Identifiers
urn:nbn:se:kth:diva-116502 (URN)10.1108/02637471311321450 (DOI)2-s2.0-84878882456 (Scopus ID)
Note

QC 20140617

Available from: 2013-01-21 Created: 2013-01-21 Last updated: 2017-12-06Bibliographically approved
4. Does greater energy performance have an impact on real estate revenues?
Open this publication in new window or tab >>Does greater energy performance have an impact on real estate revenues?
2013 (English)In: The Journal of Sustainable Real Estate, ISSN 1949-8276, E-ISSN 1949-8284, Vol. 5, no 1, 174-185 p.Article in journal (Refereed) Published
Place, publisher, year, edition, pages
American Real Estate Society, 2013
National Category
Economics
Identifiers
urn:nbn:se:kth:diva-184914 (URN)
Note

QC 20160407

Available from: 2016-04-07 Created: 2016-04-07 Last updated: 2017-11-30Bibliographically approved
5. "Green" refurbishments under uncertainty
Open this publication in new window or tab >>"Green" refurbishments under uncertainty
2015 (English)Report (Other academic)
Abstract [en]

It is often argued that great energy savings can be accomplished by upgrading existing energy-inefficient building stock. However, even if these investments are profitable at the time, it might be even better to postpone these measures as even better investments can be realized later on. Such behavior can be analyzed by applying the real options analysis (ROA) framework. In addition, the retrofit scenario differs from the new development case, as the former is affected by the value of the already existing building, since this value must be "surrendered" in order to acquire revenues from the retrofitted building. The main purpose of this paper is to evaluate green refurbishments using the real options methodology. In doing so, we are able to accurately estimate the "embedded" real option values of deferring green refurbishments, thereby adding to current explanations of the energy-efficiency gap. This paper also discusses policy suggestions to reduce the value of waiting and thus trigger these refurbishments today.

Place, publisher, year, edition, pages
Stockholm: KTH Royal Institute of Technology, 2015. 17 p.
Series
Working Paper Series, Department of Real Estate and Construction Management & Centre for Banking and Finance (cefin), KTH, 2015:11
Keyword
Refurbishment, Real options, Green building, Timing option, Real estate
National Category
Economics and Business
Identifiers
urn:nbn:se:kth:diva-181323 (URN)
Note

QC 20160225

Available from: 2016-02-01 Created: 2016-02-01 Last updated: 2016-04-07Bibliographically approved

Open Access in DiVA

fulltext(498 kB)494 downloads
File information
File name FULLTEXT01.pdfFile size 498 kBChecksum SHA-512
9f9325ed3279406566f1093c8dfcae7be371c73c407cebd79542af8582c818ad0ca08346f35dde8fd51faac9b35034c50ec1ce58a0635b1433fd07e2f92968db
Type fulltextMimetype application/pdf

Authority records BETA

Bonde, Magnus

Search in DiVA

By author/editor
Bonde, Magnus
By organisation
Building and Real Estate Economics
Economics

Search outside of DiVA

GoogleGoogle Scholar
Total: 494 downloads
The number of downloads is the sum of all downloads of full texts. It may include eg previous versions that are now no longer available

isbn
urn-nbn

Altmetric score

isbn
urn-nbn
Total: 496 hits
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf