Sustainable property investment: valuing sustainable buildings through property performance assessment

References

• Adair , A. , Downie , M. L. , McGreal , S. and Vos , G. 1996 . European Valuation Practice – Theory and Techniques , London : E&FN Spon .
   Google Scholar
• Amato , M. 2002 . Appraising property with rough set theory . Journal of Property Investment and Finance , 20 ( 4 ) : 406 – 418 .
   Google Scholar
• Assimakopoulus , V. , Pagourtzi , E. , Hatzichristos , T. and French , N. 2003 . Real-estate appraisal: a review of valuation methods . Journal of Property Investment and Finance , 21 ( 4 ) : 383 – 401 .
   Google Scholar
• Bakens , W. , Foliente , G. and Jasuja , M. 2005 . Engaging stakeholders in performance-based building: lessons form the Performance-Based Building (PeBBu) Network . Building Research & Information , 33 ( 2 ) : 149 – 158 .
   Web of Science ®Google Scholar
• Bartlett , E. and Howard , N. 2000 . Informing the decision makers on the cost and value of green building . Building Research & Information , 28 ( 5/6 ) : 315 – 324 .
   Web of Science ®Google Scholar
• Basel , Committee on Banking Supervision . 2004 . International Convergence of Capital Measurement and Capital Standards – A Revised Framework , Bank for International Settlements (available at: http://www.bis.org/publ/bcbs107.htm)(accessed on 25 July 2004)
   Google Scholar
• Bentivegna , V. , Curwell , S. , Deakin , M. , Lombardi , P. , Mitchell , G. and Nijkamp , P. 2002 . A vision and methodology for integrated sustainable urban development: BEQUEST . Building Research & Information , 30 ( 2 ) : 83 – 94 .
   Web of Science ®Google Scholar
• Beyer , D. 2002 . Sustainable Building and Construction – Initiatives and Regulatory Options towards a Sustainable Planning, Building, Design and Construction Sector in Western Australia Background Paper for the State Sustainability Strategy, Western Australia (available at: http://www.sustainability.dpc.wa.gov.au/docs/BGPapers/DavidBeyer.pdf)(accessed on 12 May 2004)
   Google Scholar
• Bluyssen , P. M. , Cox , C. , Maroni , M. , Boschi , N. , Raw , G. , Roulet , C. A. and Foradini , F. European project HOPE (Health Optimizing Protocol for Energy-efficient Buildings), in Proceedings of the 7th international Conference on Energy-efficient Healthy Buildings, Singapore . 2003 . 2003 .
   Google Scholar
• Bluyssen , P. M. and Loomans , M. A framework for performance criteria of healthy and energy-efficient buildings, in Proceedings of the 7th International Conference on Energy-efficient Healthy Buildings, Singapore . 2003 .
   Google Scholar
• Bordass , B. 2000 . Cost and value: fact and fiction . Building Research & Information , 28 ( 5/6 ) : 338 – 352 .
   Web of Science ®Google Scholar
• Bordass , B. , Leaman , A. and Ruyssevelt , P. 1999 . Probe Strategic Review 1999 – Report 4: Strategic Conclusions (available at: http://www.usablebuildings.co.uk)(accessed on 12 May 2003)
   Google Scholar
• Brindley , T. 2003 . The social dimension of the urban village: a comparison of models for sustainable urban development . Urban Design International , 8 ( 1–2 ) : 53 – 65 .
   Google Scholar
• Bruhns , H. 2003 . The Role of Information in a Sustainable Property Market RICS Foundation (available at: http://www.rics-foundation.org/publish/download.aspx?did = 3160)(accessed on 13 June 2004)
   Google Scholar
• Cole , R. J. and Sterner , E. 2000 . Reconciling theory and practice of life-cycle costing . Building Research & Information , 28 ( 5/6 ) : 368 – 375 .
   Web of Science ®Google Scholar
• Commission , of the European Communities . 2002 . Directive of the European Parliament and of the Council on the energy performance of buildings . Official Journal of the European Communities L1 , : 65 – 71 . 2002/91/EC
   Google Scholar
• Commission , of the European Communities . 2004a . Towards a Thematic Strategy on the Urban Environment , Brussels : CEC . COM(2004)60
   Google Scholar
• Commission , of the European Communities . 2004b . Mandate on the Development of Horizontal Standardised Methods for the Assessment of the Integrated Environmental Performance of Buildings , Brussels : CEC . European Commission's Standardisation Mandate to CEN M/350
   Google Scholar
• Cooper , I. 2001 . Post-occupancy evaluation – where are you? . Building Research & Information , 29 ( 2 ) : 158 – 163 .
   Web of Science ®Google Scholar
• Curry , B. 2002 . Neural networks and non-linear statistical methods: an application to the modelling of price quality relationships . Computers and Operations Research , 29 ( 8 ) : 951 – 969 .
   Web of Science ®Google Scholar
• DCAT . 2001 . Public and Private Initiatives in Sustainable Building and Development Development Center for Appropriate Technology (available at: http://www.dcat.net)(accessed on 22 November 2003)
   Google Scholar
• Deloitte and Touche . 2002 . Socially Responsible Investment Survey 2002 (available at: http://www.deloitte.com/dtt/cda/doc/content/sociallyresponsible(1).pdf)(accessed on 26 June 2003)
   Google Scholar
• Der , Spiegel . 2002 . Kurseinbrüche durch Asbest-Klagen . Der Spiegel , No. 46 : 199 Ausgabe
   Google Scholar
• Derbyshire , A. 2001 . Editorial – Probe in the UK context . Building Research & Information , 29 ( 2 ) : 79 – 84 .
   Web of Science ®Google Scholar
• Doughty , M. and Hammond , P. 2004 . Sustainability and the built environment at and beyond the city scale . Building and Environment , 39 : 1223 – 1233 .
   Web of Science ®Google Scholar
• Dresner , S. 2002 . The Principles of Sustainability , London : Earthscan .
   Google Scholar
• Drouet , D. 2003 . Economic Instruments for Sustainable Construction – A Survey for the Paris Regional Agency for Environment and New Energies Recherche Dévelopment International, Paris (available at: http://rdi-consultant.com)
   Google Scholar
• Edge , J. 20 March 2002 . 20 March , London Personal interview
   Google Scholar
• Edwards , S. , Bartlett , E. and Dickie , I. 2000 . Whole life costing and life-cycle assessment for sustainable building design The Building Research Establishment (available at: http://www.brebookshop.com/details.jsp?id = 32991)(accessed on 26 May 2002)
   Google Scholar
• Egan , J. 1998 . Rethinking Construction: The Report of the Construction Task Force , London : HMSO . (available at: http://www.construction.detr.gov/rethink/)(accessed on 22 November 2002)
   Google Scholar
• “ EU Expert Working Group Sustainable Construction Methods Techniques(2004) ” . In Final Report – January 2004 (available at: http://europa.eu.int/comm/environment/urban/sustainable_urban_construction.htm)(available at 11 May 2004)
   Google Scholar
• Federal , Ministry of Transport , Housing and Building . 2001 . Guideline for Sustainable Building (available at: http://www.bbr.bund.de/bauwesen/nachhaltigbauen/download/leitfaden_engl.pdf)(accessed on 10 March 2003)
   Google Scholar
• Fisher , J. D. 2002 . Real time valuation . Journal of Property Investment and Finance , 20 ( 3 ) : 213 – 221 .
   Google Scholar
• French , N. and Wiseman , G. 2003 . The price of space: the convergence of value in use and value in exchange . Journal of Property Investment and Finance , 21 ( 1 ) : 23 – 30 .
   Google Scholar
• GRI . (accessed on 11 November 2003) 2002 . Sustainability Reporting Guidelines (accessed on 11 November 2003) , The Global Reporting Initiative (available at: http://www.globalreporting.org)
   Google Scholar
• Heerwagen , J. 2000 . Green buildings, organizational success and occupant productivity . Building Research & Information , 28 ( 5/6 ) : 353 – 367 .
   Web of Science ®Google Scholar
• Heerwagen , J. (accessed on 10 April 2004) 2002 . Sustainable Design Can Be an Asset to the Bottom Line, , expanded Internet edn (accessed on 10 April 2004) , Environmental Design & Construction (available at: http://www.edcmag.com/CDA/ArticleInformation/features/BNP_Features_Item/0,4120,80724,00.html)
   Google Scholar
• IMT . (accessed on 15 May 2004) 2003 . Hidden Value: Recognizing the Asset Value of High-performance Buildings (accessed on 15 May 2004) , Institute for Market Transformation (available at: http://www.getf.org/file/toolmanager/CustomO16F35741.pdf)
   Google Scholar
• ISO CD 21929 . 2004a . Sustainability Indicators – Part 1: Framework for Development of Indicators for Buildings International Organization for Standardization, Standard Under Development
   Google Scholar
• ISO CD 21930 . 2004b . Environmental Declaration of Building Products International Organization for Standardization, Standard Under Development
   Google Scholar
• ISO CD 21931 . 2004c . Framework for Methods for Assessment of Environmental Performance of Construction Works – Part 1 – Buildings International Organization for Standardization, Standard Under Development
   Google Scholar
• ISO DIS 15686-5 . 2004d . Buildings and Constructed Assets – Service Life Planning – Part 5: Whole Life Costing International Organization for Standardization, Standard Under Development
   Google Scholar
• ISO WD 15392 . 2004e . Sustainability in Building Construction – General Principles International Organization for Standardization, Standard Under Development
   Google Scholar
• IVSC . 2003 . International Valuation Standards 2003 , London : International Valuation Standards Committee .
   Google Scholar
• Jacob , J. 1996 . “ Platform Home Loans Ltd v Oyston Shipways Ltd, 1996, 2 EGLR 110, in Johnson, T., Davies, K. and Shapiro, E ” . In Modern Methods of Valuation of Land, Houses and Buildings, , 9th Edn , London : Estates Gazette .
   Google Scholar
• Janssen , C. , Sderberg , B. and Zhou , J. 2001 . Robust estimation of hedonic models of price and income for investment property . Journal of Property Investment and Finance , 19 ( 4 ) : 342 – 360 .
   Google Scholar
• Kats , G. , Alevantis , L. , Berman , A. , Mills , E. and Perlman , J. (accessed on 22 January 2004) 2003 . The Costs and Financial Benefits of Green Buildings – A Report to California's Sustainable Building Task Force (accessed on 22 January 2004) , (available at: http://www.usgbc.org/Docs/News/News477.pdf)
   Google Scholar
• Kauko , T. and d'Amato , M. 2004 . “ Mass appraisal valuation methodologies – between orthodoxy and heresy, in Proceedings of the 11th European Real Estate Society Conference ” . Milan, Italy . ERES 2004)
   Google Scholar
• Kauko , T. 2003a . On current neural network applications involving spatial modelling of property prices . Journal of Housing and the Built Environment , 18 : 159 – 181 .
   Google Scholar
• Kauko , T. 2003b . Residential property value and locational externalities . Journal of Property Investment and Finance , 21 ( 3 ) : 250 – 270 .
   Google Scholar
• Kishk , M. and Al-Hajj , A. (accessed on 28 January 2002) 1999 . “ An integrated framework for life cycle costing in buildings ” . (accessed on 28 January 2002) , paper for the RICS COBRA Conference 1999 (available at: http://www.rics-foundation.org)
   Google Scholar
• Kohler , N. and Lützkendorf , T. 2002 . Integrated life-cycle analysis . Building Research & Information , 30 ( 5 ) : 338 – 348 .
   Web of Science ®Google Scholar
• Kumar , S. and Fisk , W. (accessed on 9 March 2004) 2002 . The Role of Emerging Energy-Efficient Technology in Promoting Workplace Productivity and Health: Final Report (accessed on 9 March 2004) , (available at: http://www.ihpcental.org)
   Google Scholar
• Leaman , A. and Bordass , B. 1999 . Productivity in buildings: the ‘killer’ variables . Building Research & Information , 27 ( 1 ) : 4 – 19 .
   Web of Science ®Google Scholar
• Linne , M. R. , Kane , M. S. and Dell , G. 2000 . A Guide to Appraisal Valuation Modelling , IL : Appraisal Institute .
   Google Scholar
• Lorenz , D. , Wilhelm , M. and Lützkendorf , T. (ERES 2004) 2004 . “ Real-estate portfolio assessment – merging portfolio management and property valuation, in Proceedings of the 11th European Real Estate Society Conference ” . (ERES 2004) , Milan, Italy .
   Google Scholar
• Lützkendorf , T. and Bachofner , M. The consideration of ecological quality in the valuation and funding of buildings – a methodical overview, in . 2002 . Sustainable Building 2002. Summary Book of the 3rd International Conference on Sustainable Building, EcoBuild , Edited by: Pettersen , T. Oslo, Norway .
   Google Scholar
• Lützkendorf , T. and Lorenz , D. Integrating the concept of ‘environmental performance’ into decision making process along the life-cycle of buildings, in Proceedings of the Central and Eastern European Conference on Sustainable Building . 2004 . Warsaw, Poland .
   Google Scholar
• Lützkendorf , T. and Speer , T. 2005 . Alleviating asymmetric information in property markets: building performance and product quality as signals for consumers . Building Research & Information , 33 ( 2 ) : 182 – 195 .
   Web of Science ®Google Scholar
• Mackley , C. J. Unlocking the value in sustainable buildings . 2002 . Sustainable Building 2002. Summary Book of the 3rd International Conference on Sustainable Building, EcoBuild , Edited by: Pettersen , T. Oslo, Norway . sustainable building
   Google Scholar
• Matrosov , Y. , Chao , M. and Goldstein , D. (accessed on 15 May 2004) 2003 . The Fruit has Ripened: Energy Code Implementation and Market Transformation at the Federal and Regional Levels in Russia (accessed on 15 May 2004) , Russian Center for Energy Efficiency (available at: http://www.cenef.ru/home-pg/PAPER.92E.pdf)
   Google Scholar
• Matthiessen , L. and Morris , P. (accessed on 22 June 2004) 2003 . Costing Green: A Comprehensive Cost Database and Budgeting Methodology , (accessed on 22 June 2004) , Davis Langdon Adamson . (available at: http://www.davislangdon-usa.com/images/pdf_files/costinggreen.pdf)
   Google Scholar
• McNamara , P. August 2002 2002 . “ Towards a research agenda for socially responsible investment in property, speech held at the European Real Estate Society ” . August 2002 , (available at: http://www.ishareowner.com/pdf/SRI-in-property.pdf) (accessed on 26 August 2003)
   Google Scholar
• Meacham , B. , Bowen , R. , Traw , J. and Moore , A. 2005 . Performance-based building regulation: current situation and future needs . Building Research & Information , 33 ( 2 ) : 91 – 106 .
   Web of Science ®Google Scholar
• Mills , E. 2003a . The insurance and risk management industries: new players in the delivery of energy-efficient and renewable energy products and services . Energy Policy , 31 : 1257 – 1272 .
   Web of Science ®Google Scholar
• Mills , E. 2003b . Climate change, insurance and the buildings sector: technological synergisms between adaptation and mitigation . Building Research & Information , 31 ( 3–4 ) : 257 – 277 .
   Web of Science ®Google Scholar
• Murphy , C. J. (accessed on 28 January 2003) 2002 . The Profitable Correlation – Between Environmental and Financial Performance: A Review of the Research , (accessed on 28 January 2003) , Light Green Advisors . (available at: http://www.lightgreen.com/files/pc.pdf)
   Google Scholar
• Nevin , R. and Watson , G. 1998 . Evidence of rational market valuations for home energy efficiency . Appraisal Journal , October (available at: http://www.natresnet.org/herseems/appraisal.htm) (accessed on 26 June 2002)
   Google Scholar
• OECD . 2003 . Environmentally Sustainable Buildings – Challenges and Policies , OECD, Paris .
   Google Scholar
• Parkin , S. 2000 . Sustainable development: the concept and the practical challenge, in Proceedings of the Institution of Civil Engineers . Civil Engineering , 138 : 3 – 8 .
   Web of Science ®Google Scholar
• Porritt , J. 2000 . Playing Safe: Science and the Environment , London : Thames & Hudson .
   Google Scholar
• Preiser , W. 2002 . Improving Building Performance Washington, DC National Council of Architectural Registration Boards
   Google Scholar
• RICS . 1997 . The Calculation of Worth: An Information Paper , London : Royal Institution of Chartered Surveyors .
   Google Scholar
• RICS . February 2003 . “ New markets in energy efficient Europe ” . In Environment Faculty News Bulletin February , (available at: http://www.rics.org/downloads/env_fac_newsletter_0103.pdf)(accessed on 15 April 2003)
   Google Scholar
• Rocky , Mountain Institute . (accessed on 28 January 2002) 1998 . Greening the Building and the Bottom Line – Increasing Productivity Through Energy-efficient Design (accessed on 28 January 2002) , (available at: http://www.rmi.org)
   Google Scholar
• Rydin , Y. (accessed on 13 June 2004) 2003 . In Pursuit of Sustainable Development: Rethinking the Planning System (accessed on 13 June 2004) , RICS Foundation (available at: http://www.rics-foundation.org/publish/document.aspx?did = 3170)
   Google Scholar
• Sayce , S. , Ellison , L. and Smith , J. 2004b . Milan, Italy . Incorporating sustainability in commercial property appraisal: evidence from the UK, in Proceedings of the 11th European Real Estate Society Conference (ERES 2004)
   Google Scholar
• Sayce , S. , Walker , A. and McIntosh , A. 2004a . Building Sustainability in the Balance: Promoting Stakeholder Dialogue , London : Estates Gazette .
   Google Scholar
• Sexton , M. and Barret , P. 2005 . Performance-based building and innovation: balancing client and industry needs . Building Research & Information , 33 ( 2 ) : 142 – 148 .
   Web of Science ®Google Scholar
• Lawrence , S. St. 2004 . Review of the UK corporate real-estate market with regard to availability of environmentally and socially responsible office buildings . Journal of Corporate Real Estate , 6 ( 2 ) : 149 – 161 .
   Google Scholar
• Sustainable , Buildings Task Group . (accessed on 10 December 2004) 2004 . Better Buildings – Better Lives: The Sustainable Buildings Task Group Report (accessed on 10 December 2004) , (available at: http://www.dti.gov.uk/construction/sustain/EA_Sustainable_Report_41564_2.pdf)
   Google Scholar
• Szigeti , F. and Davis , G. (accessed on 10 April 2004) 2003 . Matching People and their Facilities: Using the ASTM/ANSI Standards on Whole Building Functionality and Serviceability (accessed on 10 April 2004) , Performance Based Building Thematic Network (available at: http://www.pebbu.nl/resources/literature/)
   Google Scholar
• Szigeti , F. , Davis , G. , Dempsey , J. , Hammond , D. , Davis , D. , Colombard-Prout , M. and Catarina , O. 2004 . “ Defining performance requirements to assess the suitability of constructed assets in support of the mission of the organization ” . Toronto, Canada : Proceedings of the CIB World Congress 2004 .
   Google Scholar
• TEGoVA . (accessed on 10 January 2004) 2003 . European Property and Market Rating (accessed on 10 January 2004) , (available at: http://www.tegova.org/reports/EPMR.pdf)
   Google Scholar
• Then , D. and Clowes , A. Stakeholders' perspectives in defining asset performance, in . 2004 . Toronto, , Canada : Proceedings of the CIB World Building Congress 2004 .
   Google Scholar
• Todd , J. A. , Crawley , U. , Geissler , S. and Lindsey , G. 2001 . Comparative assessment of environmental performance tools and the role of the Green Building Challenge . Building Research & Information , 29 ( 5 ) : 324 – 335 .
   Web of Science ®Google Scholar
• Trotz , R. Speech given at the Annual General Meeting of the International Valuation Standards Committee . 2001 . October 2001 . Bangkok, Thailand (available at: http://www.ivsc.org/pubs/address011001.html) (accessed on 10 April 2002).
   Google Scholar
• UNEP . (accessed on 15 April 2002) 1997a . Statement by Financial Institutions on the Environment and Sustainable Development (accessed on 15 April 2002) , UNEP Finance Initiative 1997 (available at: http://unepfi.net/fii/english.htm)
   Google Scholar
• UNEP . (accessed on 15 April 2002) 1997b . Statement of Environmental Commitment by the Insurance Industry (accessed on 15 April 2002) , UNEP Finance Initiative 1997 (available at: http://unepfi.net/iii/statemen.htm)
   Google Scholar
• WHO . World Health Organization's Technical Meeting on Housing-Health Indicators . 2004 . January 15–16 . Rome, Italy
   Google Scholar
• Wilson , A. , Uncapher , J. , McManigal , L. , Hunter Lovins , L. , Cureton , M. and Browning , W. D. 1998 . Green Development: Integrating Ecology and Real Estate , New York : Wiley .
   Google Scholar
• World , Commission on Environment and Development . 1987 . Our Common Future , New York : Oxford University Press .
   Google Scholar
• Yates , A. (accessed on 22 November 2001) 2001 . Quantifying the Business Benefits of Sustainable Buildings (accessed on 22 November 2001) , The Building Research Establishment (available at: http://www.bre.co.uk)
   Google Scholar
• Zimmermann , A. and Martin , M. 2001 . Post-occupancy evaluation: benefits and barriers . Building Research & Information , 29 ( 2 ) : 168 – 174 .
   Web of Science ®Google Scholar
• Zimring , C. and Reizenstein , J. E. 1980 . Post-occupancy evaluation: an overview . Environment and Behaviour , 12 : 429 – 450 .
   Web of Science ®Google Scholar