Sustainability in the commercial real estate sector: influence of the energy label on the rental value of offices
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2019-08-31
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en
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he growing economy and increase in technological development resulted in a boost of debates about scarcity in resources. In the beginning of the eighties, the concept sustainability entered the public dialogue and eventually the real estate sector. Different short- and long-term strategies, aimed at the reduction of greenhouse gas emission and energy savings, were established at the (inter)national level. Legislation focused on office owners. Office owners are obligated to have at least energy label C in 2023 and label A in 2030. This requires investments and raises questions. Is it feasible? Do office owners need to invest in the short term? Who is going to bear the investment costs? What is the influence on the rental value of offices? How do valuation professionals assess sustainability? Do sustainable offices have a green premium or a brown discount for unsustainable offices? These questions are discussed in a mixed methods research, including both data analysis and semi-structured interviews. Eventually, this research enlarges on the question:
‘To what extent are energy labels influencing the rental value of offices in the Netherlands, and how can these results add to the discussion about the implementation of sustainability into the valuation of commercial real estate?’
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Faculteit der Managementwetenschappen