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Valuation and sustainability : are rating tools enough?

Warren-Myers, Georgia, Bienert, Sven and Warren, Clive 2009, Valuation and sustainability : are rating tools enough?, in ERES 2009 : Proceedings of the 16th Annual European Real Estate Society Conference, [European Real Estate Society], [Stockholm, Sweden].

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Title Valuation and sustainability : are rating tools enough?
Author(s) Warren-Myers, Georgia
Bienert, Sven
Warren, Clive
Conference name European Real Estate Society Conference (16th : 2009 : Stockholm, Sweden)
Conference location Stockholm, Sweden
Conference dates 24-27 June 2009
Title of proceedings ERES 2009 : Proceedings of the 16th Annual European Real Estate Society Conference
Editor(s) [Unknown]
Publication date 2009
Conference series European Real Estate Society Conference
Publisher [European Real Estate Society]
Place of publication [Stockholm, Sweden]
Summary The lack of sufficient financial drivers are preventing significant investment in sustainability because stakeholders have only very limited ability to measure the sustainability of the building or understand the impact upon the value. Valuers are unable to indicate or clarify whether sustainability is affecting market value as there is an absence of detailed market evidence, sales data and lease transactions of sustainable building. Leaving both Valuers and other stakeholders uncertain of the value implication as there is no reliable evidence as to whether sustainable buildings are feasible (Lutzkendorf and Lorenz, 2005). One of the key barriers is the confusion evident in the industry particularly the measurement of sustainability in commercial property. Although a range of environmental rating tools exist for buildings globally in commercial property, the synergy between these tools and identification of the relationship between the measurement and market value is inherently blurred due to the unique nature of the compilation of points attributed in the rating tools for sustainability or energy certificates in commercial property. The paper examines the challenges that face the Valuation profession in assessing the impact of sustainability on market value.
Language eng
Field of Research 159999 Commerce, Management, Tourism and Services not elsewhere classified
Socio Economic Objective 970115 Expanding Knowledge in Commerce, Management, Tourism and Services
HERDC Research category E1.1 Full written paper - refereed
Persistent URL http://hdl.handle.net/10536/DRO/DU:30034290

Document type: Conference Paper
Collection: School of Management and Marketing
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