Emerald | Property Management | Table of Contents

Sustainability and Real Estate Values: time for the Agenda to move on?

literatinetwork@emeraldinsight.com (Clive M J Warren) — Fri, 21 Jun 2013 00:00:00 +0100

Abstract

Not available.

Is Energy Performance Capitalised in Office Building Appraisals?

literatinetwork@emeraldinsight.com (Magnus Bonde, Han-Suck Song) — Fri, 21 Jun 2013 00:00:00 +0100

Abstract

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 selected 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.

Project delivery methods in European social housing energy renovations

literatinetwork@emeraldinsight.com (Tadeo Baldiri Salcedo Rahola, Ad Straub) — Fri, 21 Jun 2013 00:00:00 +0100

Abstract

Purpose - The aim of the present study was to characterize the main project delivery methods that are used for the renovation of social housing, and to analyse the advantages and disadvantages of their application for energy renovations in order to assist social housing organisations making an informed decision on the choice of a project delivery method that suit their organizational context. Design/methodology/approach - The study is based on a literature review, five case studies of renovation processes by five social housing organizations in four EU countries, a questionnaire completed by 36 social housing organizations from eight EU countries, and a series of 14 interviews with energy renovation experts from 10 EU countries.Findings - Four main project delivery methods were identified: iterative minor renovations, design–bid–build, design–build and design–build–maintain. Design–build–maintain has the maximum potential to deliver energy savings because it facilitates collaboration between the various actors and promotes their commitment to achieving project goals.Research limitations/implications - The presented data is not meant to be representative for a country or the sector as a whole, but aims to indicate the main characteristics of the current energy renovations carried out by European social housing organizations.Practical implications - Social housing organizations are provided with useful information about the advantages and disadvantages of different project delivery methods for energy renovation projects assisting them to choose for the option that suit their organizational context.Originality/value - This study fills a knowledge gap about the project delivery methods currently used in social housing energy renovations and their potential for energy renovations.

Marketing green buildings – Well structured process or forgotten minor detail? Evidence from Finland

literatinetwork@emeraldinsight.com (Henna Eerikäinen, Anna-Liisa Sarasoja) — Fri, 21 Jun 2013 00:00:00 +0100

Abstract

Purpose - The aim of this article is to examine the current marketing situation of green buildings from a Finnish real estate developer’s perspective and deepen the market’s understanding on this subject.Design/methodology/approach - The theoretical part of the paper is conducted through a literature study, and for the empirical part three different green building development projects were examined.Findings - Results indicate that the environmentally efficient characteristics of the buildings are not considered to be their major selling arguments but simply something that is expected in today’s market and thus the green marketing actions of the real estate development company were subtle and quite ineffective.Practical implications - It seems that at the moment, the marketing of green buildings lacks green ambition and not all are equally convinced about their differentiation potential. However, by increasingly concentrating on the different benefits of green buildings and effectively communicating those to the customers, greenness can be made into a truly competitive marketing argument.Originality/value - The technology needed to build environmentally efficient buildings and the knowledge about their benefits is available. However, the ways of marketing these benefits to the public and customers and, as a result, increasing the amount of green buildings, have not been a subject of much research.

The values of built heritage

literatinetwork@emeraldinsight.com (Lynne Armitage, Janine Irons) — Fri, 21 Jun 2013 00:00:00 +0100

Abstract

Purpose - This paper considers some of the approaches which have been developed to bring forward awareness of the role of built heritage and the ways in which it is valued by society. More specifically it looks at the emergence and dissemination of these issues through professional standards and guidelines for the management and valuation of historic property and also considers the practice of heritage management and assessment in Western Australia. Design/methodology/approach - The paper draws upon published literature, mainly from Australia but also from the United Kingdom especially with reference to international standards for professional practice in property.Findings - This paper finds that Australia has a well established system of heritage management but been slow to adapt to its responsibilities under international treaties in the area of sustainable practices in the property field but that there is evidence of progress to improve the situation.Research limitations/implications - The predominent focus of the paper is from an Australian perspective but with reference to the UK context.Practical implications - The findings of the paper may contribute to a closer examination of the use of heritage property to achieve more sustainable practices in the built environment.Originality/value - The contribution of this paper is that, by drawing attention to the value of built heritage as an expression of cultural worth, the demand for new structures can be constrained to some extent by reuse of existing buildings, resulting in more sustainable practices.

Conceptual understanding of sustainability in Australian property organisations.

literatinetwork@emeraldinsight.com (Sara Wilkinson) — Tue, 02 Apr 2013 00:00:00 +0100

Abstract

Purpose - The built environment is responsible for around half of total greenhouse gas emissions with the majority of emissions produced during the building lifecycle. As such the property sector has considerable potential through the adoption of sustainability to reduce lifecycle emissions and so contribute in mitigating global warming. However our conceptual understanding of sustainability is variable to the point of being disjointed and ambiguous and this implies our efforts to realise sustainability may not reach their full potential.Design/methodology/approach - Adopting a qualitative approach this study used published information on property organisation websites regarding sustainability in a quantitative content analysis to address the research questions; (a) what is the conceptual understanding of sustainability within five leading Australian property firms and, (b) what is the implication of this level of conceptual understanding with regards to delivering sustainability?Findings - There are distinct differences between the conceptual understanding of sustainability within the firms indicating a different worldview exists. It is probable the information is published without a conscious decision to represent a technocentric or ecocentric worldview, and as such it reflects the lack of breadth and depth of understanding in the current discourse regarding sustainability in property. Some elements of the sustainability discourse are omitted from their conceptual understanding. Academics have a responsibility and an opportunity to widen this discourse so that current and future generations are able to make informed decisions in respect of the degree of sustainability it is necessary to adopt.Research limitations/implications - The limitation of a quantitative content analysis approach is that there is no opportunity to explore deeper the underlying reasons to explain what is found. Thus the researcher is unable to ascertain whether omissions regarding the discourse of sustainability issues are conscious or sub-conscious, intended or unintended. Practical implications - The practical implications of the research are significant. If the current conceptual understanding of sustainability within the property industry and profession is weak, we are locked into delivery of weak sustainability. Weak sustainability is deemed insufficient to address the climate change problems we face. Practices will need to be changed and the pace and level of change needs to be increased substantially.Originality/value - There is a growing body of academic and industry focused work around property and sustainability. Most of which is focused on ways to implement sustainability or how sustainability is being integrated into property and the built environment. Little work is centered on the fundamentals of sustainability and understanding of the principles and how this impacts on the degree of sustainability practiced by those firms. The underlying hypothesis is that a weak conceptual understanding will only ever deliver weak sustainability at best. Weak sustainability is insufficient to avert the projected climate change outcomes forecast by the United Nations.

Reshaping Environments: An interdisciplinary approach to sustainability in a complex world.

literatinetwork@emeraldinsight.com (Clive M J Warren) — Fri, 21 Jun 2013 00:00:00 +0100

Abstract

Not available.