Operating expenses and the rent premium of energy star and LEED Certified Buildings in the Central and Eastern U.S.

Journal of Real Estate Finance and Economics

Volumn 49, Issue 3, 2014, Pages 413-433

  Reichardt, Alexander ^a  

^a EBS BUSINESS SCHOOL   (Germany)

Author keywords

Eco certification.Energy Star; LEED; Operatingexpenses; Rent premium; Sustainable real estate; Triple net lease

Indexed keywords

EID: 84883093154     PISSN: 08955638     EISSN: 1573045X     Source Type: Journal    
DOI: 10.1007/s11146-013-9442-z     Document Type: Article

References (35)

1. Barrientos, J. L., Bhattacharjee, U., Martinez, T., & Duffy, J. J. (2007). Green buildings in Massachusetts: Comparison between actual and predicted energy performance. Proceedings of the American Solar Energy Society.
2. Betterbricks, & Cushman &Wakefield, (2010). Green Building Opportunity Index: National Overview: Central Business Districts. http://betterbricks.com/images/gbi_pdf/GreenBuildingIndex-NationalOverview.pdf. Accessed 27 June 2011.
3. Dixon, T., Ennis-Reynolds, G., Roberts, C., & Sims, S. (2009). Is there demand for sustainable offices? An analysis of UK business occupier moves (2006-2008). Journal of Property Research, 26(1), 61-85.
4. Eichholtz, P., Kok, N., & Quigley, J. M. (2010a). Doing well by doing good? Green office buildings. American Economic Review, 100(5), 2492-2509.
5. Eichholtz, P.,Kok, N.,&Quigley, J. M. (2010b). Sustainability and the dynamics of green building: New evidence on the financial performance of green office buildings in the USA. London, UK: RICS Research Report.
6. Ekeland, I., Heckman, J. J., & Nesheim, L. (2002). Identifying hedonic models. American Economic Review, 92(2), 304-309.
7. Fowler, K. M., & Rauch, E. M. (2008). Assessing green building performance: A post occupancy evaluation of 12 GSA buildings. Richland, Washington: Pacific Northwest National Laboratorym Report number PNNL-17393.
8. Frombrun, C., & Schanley, M. (1990). What's in a name? Reputation building and corporate strategy. The Academy of Management Journal, 33(2), 233-258.
9. Fuerst, F., & McAllister, P. (2009). New evidence on the green building rent and price premium. Monterey, California: Paper presented at the Annual Meeting of the American Real Estate Society.
10. Fuerst, F., & McAllister, P. (2011a). Green noise or green value? Measuring the effects of environmental certification on office values. Real Estate Economics, 39(1), 1-25.
11. Fuerst, F., & McAllister, P. (2011b). Eco-labeling in commercial office markets: do LEED and energy star offices obtain multiple premiums? Ecological Economics, 70(6), 1220-1230.
12. Hinnels, M., Bright, S., Langley, A., Woodford, L., Schiellerup, P., & Bosteels, T. (2008). The greening of commercial leases. Journal of Property Investment and Finance, 26(6), 541-551.
13. Hirano, K., Imbens, G. W., & Ridder, G. (2003). Efficient estimation of average treatment effects using the estimated propensity score. Econometrica, 71(4), 1161-1189.
14. Kats,G. (2003). The costs and financial benefits of green buildings.AReport toCalifornia's Sustainable Building task Force.
15. Kats, G., & Perlman, J. (2006). Summary of financial benefits of energy star labeled office buildings. http:// www.energystar.gov/ia/partners/publications/pubdocs/ Summary_ of_the_Financial_Benefits_23June06_ FINAL.pdf. Accessed 27 July 2011.
16. Khandker, S. R., Koolwahl, G. B., & Samad, H. A. (2010). Handbook on impact evaluation-Quantitative methods and practice. Washington, DC: The World Bank.
17. Kok, N., Eichholtz, P., Bauer, R., & Peneda, P. (2010). Environmental performance-A global perspective on commercial real estate. Maastricht: Maastricht University School of Business and Economics, The European Centre for Corporate Engagement.
18. LeonardoAcademy Inc. (2009). The economics of LEED for existing buildings. http://www.leonardoacademy.org/ download/Economics%20of%20LEED-EB%2020090222.pdf. Accessed 10 August 2011.
19. Matthiessen, L., & Morris, P. (2007). Cost of green revisited: Reexamining the feasibility and cost impact of sustainable design in the light of increased market adoption. Santa Monica: Davis Langdon.
20. Miller, N., Spivey, J., & Florance, A. (2008). Does green pay off? Journal of Real Estate Portfolio Management, 14(4), 385-399.
21. Miller, N., Pogue, D., Gough, Q. D., & Davis, S. M. (2009). Green building and productivity. Journal of Sustainable Real Estate, 1(1), 65-91.
22. Miller, N., Pogue, D., Saville, J., & Tu, C. (2010). The operations and management of green buildings in the United States. Journal of Sustainable Real Estate, 2(1), 51-66.
23. Mooradian, R. M., & Yang, S. X. (2002). Commercial real estate leasing, asymmetric information, and monopolistic competition. Real Estate Economics, 30(2), 293-315.
24. Muldavin, S. C. (2010). Value beyond cost saving: How to underwrite sustainable properties. San Rafael: Green Building Finance Consortium.
25. Nelson, A. J. (2007). The greening of U.S. investment real estate-Market fundamentals, prospects and opportunities. San Francisco, CA: RREEF Research Report Number 57.
26. Newsham, G. R., Mancini, S., & Birt, B. J. (2009). Do LEED-certified buildings save energy? Yes, but…. Energy and Buildings, 41(8), 897-905.
27. Pivo, G., & Fischer, J. D. (2010). Income, value and returns in socially responsible office properties. Journal of Real Estate Research, 32(3), 243-270.
28. Reichardt, A., Fuerst, F., Rottke, N., & Zietz, J. (2011). Sustainability and the rent premium: a panel data approach. Journal of Real Estate Research, 34(1), 99-126.
29. Romm, J., & Browning, W. D. (1998). Greening the building and the bottom line: Increasing productivity through energy-efficient design. Snowmass: Rocky Mountain Institute.
30. Rosen, K. (1974). Hedonic prices and explicit markets: production differentiation in pure competition. Journal of Political Economy, 82(1), 34-55.
31. Rosenbaum, P. R., & Rubin, D. B. (1983). The central role of propensity score in observational studies for causal effects. Biometrika, 70(1), 41-55.
32. Scofield, J. (2009).Do LEED-certified buildings save energy? Not really…. Energy and Buildings, 41(12), 1386-1390.
33. Turban, D. B., & Greening, D. W. (1997). Corporate social performance and organizational attractiveness to prospective employees. Academy of Management Journal, 40(3), 658-672.
34. Turner, C., & Frankel, M. (2008). Energy performance of LEED for new construction buildings. Vancouver: New Buildings Institute.
35. Wiley, J. A., Benefield, J. D., & Johnson, K. H. (2010). Green design and the market for commercial office design. Journal of Real Estate Finance and Economics, 41(2), 228-243.