Does sustainability affect real estate market values? Empirical evidence from the office buildings market in Milan (Italy)

Sustainability (Switzerland)

Volumn 11, Issue 1, 2019, Pages

  Mangialardo, Alessia ^a   Micelli, Ezio ^a   Saccani, Federica ^b  

^a UNIVERSITY IUAV OF VENICE   (Italy)

^b Building Consultancy and Sustainability   (Italy)

Author keywords

Construction industry; Green buildings; LEEDcertification; Real estate innovation; Sustainability

Indexed keywords

BUILDING; CERTIFICATION; CONSTRUCTION INDUSTRY; DEVELOPMENT PROJECT; EMPIRICAL ANALYSIS; INNOVATION; MARKET CONDITIONS; PROPERTY MARKET; SUSTAINABILITY; WORKPLACE;

ITALY; LOMBARDY; MILAN [MILANO]; MILANO [LOMBARDY];

EID: 85059124966     PISSN: None     EISSN: 20711050     Source Type: Journal    
DOI: 10.3390/su11010012     Document Type: Article

References (44)

1. IPCC. Global Warming of 1.5 C. 2018. Available online: http://www.ipcc.ch/report/sr15/ (accessed on 13 November 1988)
2. RICS. Supply, Demand and the Value of Green Buildings. Rics Research. 2012. Available online: http://www.breeam.es/images/recursos/inf/informe_rics_supply_demand_and_the_value_of_ green_buildings.pdf (accessed on 21 October 2018)
3. Micelli, E.; Mangialardo, A. Recycling the City-New Perspective on the Real-estate Market and Construction Industry. In Smart and Sustainable Planning for Cities and Regions; Bisello, A., Vettorato, D., Stephens, R., Elisei, P., Eds.; Springer: Cham, Switzerland, 2015; pp. 115-125
4. Brown, D.; Dillard, J.; Marshall, R.S. Triple Bottom Line: A Business Metaphor for a Social Construct; School of Business Administration, Portland State University: Portland, OR, USA, 2006
5. McGraw Hill Construction. Green Building Smart Report; McGraw Hill: Bedford, UK, 2008
6. Fuerst, F.; Mcallister, P. Green Noise or Green Value? Measuring the Price Effects of Environmental Certification in Commercial Buildings; School of Real Estate and Planning, Henley Business School, University of Reading: Reading, MA, USA, 2008
7. Fuerst, F.; Mcallister, P. Pricing sustainability: An empirical investigation of the value impacts of green building certification. In Proceedings of the American Real Estate Society Conference, Captiva Island, FL, USA, 10-14 April 2008
8. Attardi, R.; Cerreta, M.; Sannicandro, V.; Torre, C.M. Non-compensatory composite indicators for the evaluation of urban planning policy: The Land-Use Policy Efficiency Index. Eur. J. Oper. Res. 2018, 264, 491-507
9. Boyd, T.; Kimmet, P. The Triple Bottom Line Approach to Property Performance Evaluation; School of Construction Management and Property, Queensland University of Technology: Brisbane, Australia, 2006
10. Fedrizzi, R.S.; Morri, G.; Pavesi, A.S.; Soffietti, F.; Verani, E. Uno strumento per la creazione di valore nella realizzazione di edifici sostenibili: La certificazione LEED. Territorio Italia 2016, 2, 37-47
11. Morri, G. Greenbuilding sustainability and market premium in Italy. J. Eur. Real-Estate Res. 2013, 6, 303-332
12. Matisoff, D.C.; Noonan, D.S.; Mazzolini, A.M. Performance or market benefits? The case of LEED certification. Environ. Sci. Technol. 2014, 48, 2001-2007
13. Energy and Sustainability. Available online: https://www.cbre.it/it-it/servizi/settori/energy-and-sustainability (accessed on 13 November 2018)
14. Documenti e Risorse. Available online: http://www.gbcitalia.org (accessed on 13 November 2018)
15. Chappell, T.W.; Corps, C. High Performance Green Building: What's It Worth? Investigating the Market Value of High Performance Green Buildings; Cascadia Region Green Building Council: Seattle, WA, USA, 2010
16. Pavesi, A.S.; Verani, E. Introduzione Alla Certificazione LEED®: Progetto, Costruzione, Gestione-Ottimizzazione del Processo Edilizio Secondo i Principi Della Sostenibilità; Maggioli Editore: Rimini, Italy, 2012
17. Chegut, A.; Eicholtz, P.; Kok, N. The Value of Green Buildings-New Evidence from the United Kingdom. Available online: http://immobilierdurable.eu/images/2128_uploads/Chegut_Eichholtz_Kok_green_ value_in_the_uk.pdf (accessed on 13 November 2018)
18. Robinson, S.; McAllister, P. Heterogeneous Price Premiums in Sustainable Real Estate? An Investigation of the Relation between Value and Price Premiums. Joisre 2015, 1, 1-20
19. Antoniucci, V.; Marella, G. The influence of building tipology on the economic feasibilityof urban developments. Int. J. Appl. Eng. Res. 2018, 15, 4946-4954
20. Antoniucci, V.; Marella, G. Is social polarization related to urban density? Evidence from the Italian housing market. Landsc. Urban Plan. 2018, 177, 340-349
21. Del Giudice, V.; Salvo, F.; DE Paola, P. Resampling Techniques for Real Estate Appraisals: Testing the Bootstrap Approach. Sustainability 2018, 10, 3085
22. Warren-Myers, G. The value of sustainability in real estate: A review from a valuation Perspective. J. Prop. Invest. Financ. 2012, 30, 115-144
23. Mangialardo, A.; Micelli, E. Rethinking the Construction Industry Under the Circular Economy: Principles and Case Studies. In Smart and Sustainable Planning for Cities and Regions; Bisello, A., Vettorato, D., Laconte, P., Costa, S., Eds.; Springer: Cham, Switzerland, 2018
24. Fuerst, F.; McAllister, P. New evidence on the green building rent and price premium. In Proceedings of the Annual Meeting of the American Real Estate Society, Monterey, CA, USA, 3 April 2009
25. Entrop, A.G.; Brouwers, H.J.H.; Reinders, A.H.M.E. Evaluation of energy performance indicators and financial aspects of energy saving techniques in residential real estate. Energy Build. 2010, 42, 618-629
26. D'Alpaos, C.; Bragolusi, P. Approcci valutativi alla riqualificazione energetica degli edifici: Stato dell'arte e future sviluppi. Valori e Valutazioni 2018, 20, 1-15
27. Altomonte, S.; Schiavon, S. Occupant satisfaction in LEED and non-LEED certified buildings. Build. Environ. 2013, 68, 66-76
28. Mangialardo, A.; Micelli, E. Off-site Retrofit to Regenerate Multi-family Homes: Evidence from Some European Experiences. In International Symposium on New Metropolitan Perspectives; Calabrò, F., Della Spina, L., Bevilacqua, C., Eds.; Springer: Cham, Switzerland, 2018
29. McGraw Hill Construction. Green Building Smart Report; McGraw Hill: Bedford, UK, 2009
30. Warren-Myers, G.; Reed, R. Sustainability: Measurement and valuation?-Insight from Australia and New Zealand. In Proceedings of the 15th Annual Pacific Rim Real Estate Society Conference, Sydney, Australia, 18-21 January 2009
31. Zieba, M.; Belniak, S.; Gluszak, M. Demand for sustainable Office space in Poland: The results from a conjoint experiment in Krakow. Prop. Manag. 2013, 31, 404-419
32. Gabe, J.; Rehm, M. Do tenants pay energy efficiency rent premiums? J. Prop. Invest. Financ. 2014, 32, 333-351
33. Pivo, G.; Fisher, J.D. Investment Returns from Responsible Property Investments: Energy Efficient, Transit-Orientated and Urban Regeneration Office Properties in the US from 1998-2008; Working Paper; Responsible Property Investing Center, Boston College and University of Arizona Benecki Center for Real Estate Studies, Indian University: Boston, MA, USA, 2009
34. Forte, F.; Russo, Y. Evaluation of users satisfaction in public residential housing-A study in the outskirtsof Naples, Italy. In IOP Conference Series: Materials Science and Engineering; IOP Publishing: Bristol, UK, 2017; Volume 245, pp. 52-63
35. Fuerst, F.; McAllister, P. Green noise or green value? Measuring the effects of environmental certification on office value. Real Estate Econ. 2011, 39, 45-69
36. Kok, N.; Kahn, M.E. The Value of Green Labels in the California Housing Market, 2012, UCLA Institute of the Environment and Sustainability. Available online: http://www.environ-ment.ucla.edu/newsroom/thevalue-of-green-la-bels-in-the-california-housing-market/ (accessed on 13 November 2018)
37. Bienert, S.; Schuzenhofer, C.; Leopoldberger, G.; Bobsin, K.; Leugtob, K.; Huttler, W.; Popescu, D.; Mladin, E.C.; Iasi, T.; Rodica, B.; et al. Integration of Energy Performance and life-Cicle Costing into Property Valuation Practice, 2011. Report Summary. Available online: http://immovalue.e-sieben.at/pdf/ immvalue_result_oriented_report.pdf (accessed on 13 November 2018)
38. Meins, E.; Burkhard, H.-P. Der Nachhaltigkeit von Immobilien Einen Finanziellen Wert Geben; ESI Immobilienbewertung-Nachhaltigkeit inclusive: Zürich, Switzerland, 2009
39. RICS. Supply, Demand and the Value of Green Buildings. Available online: https://www.isurv. com/downloads/download/1492/supply_demand_and_the_value_of_green_buildings_rics (accessed on 13 November 2018)
40. Hyland, M.; Lyons, R.C.; Lyons, S. The value of domestic building energy efficiency-Evidence from Ireland. Energy Econ. 2012, 40, 943-952
41. Brounen, D. Kok, N. On the economics of energy labels in the housing market. J. Environ. Econo. Manag. 2011, 62, 166-179
42. SBi. Cost-optimal Levels ofMinimum Energy Performance Requirements in the Danish Building Regulations. Available online: https://sbi.dk/Pages/Cost-optimal-levels-of-minimum-energy-performance-requirementsin-the-Danish-Building-Regulations.aspx (accessed on 13 November 2018)
43. Popescu, D.; Bienert, S.; Schutzenhofer, C.; Bozau, R. Impact of energy efficiency measures on the economic value of buildings. Appl. Energy 2012, 89, 454-463
44. Audanaert, A.; De Boeck, L.; Roelants, K. Economic analysis of the profitability of energy-Saving architectural measures for the achievement of the EPBD standard. Energy 2010, 35, 2965-2971