We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
Green Noise or Green Value? Measuring the Effects of Environmental Certification on Office Values.
- Authors
Fuerst, Franz; McAllister, Patrick
- Abstract
This study investigates the price effects of environmental certification on commercial real estate assets. It is argued that there are likely to be three main drivers of price differences between certified and noncertified buildings. These are additional occupier benefits, lower holding costs for investors and a lower risk premium. Drawing upon the CoStar database of U.S. commercial real estate assets, hedonic regression analysis is used to measure the effect of certification on both rent and price. The results suggest that, compared to buildings in the same submarkets, eco-certified buildings have both a rental and sale price premium.
- Subjects
ESTATE assets; COMMERCIAL real estate; LEADERSHIP in Energy &; Environmental Design; ESTATE distributions; RISK premiums; REGRESSION analysis; HOME prices; RENT (Economic theory); ENERGY Star (Program)
- Publication
Real Estate Economics, 2011, Vol 39, Issue 1, p45
- ISSN
1080-8620
- Publication type
Article
- DOI
10.1111/j.1540-6229.2010.00286.x