Sustainability - the crucial challenge for the valuation profession

Warren-Myers, Georgia 2011, Sustainability - the crucial challenge for the valuation profession, Pacific rim property research journal, vol. 17, no. 4, pp. 491-510.

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Title Sustainability - the crucial challenge for the valuation profession
Author(s) Warren-Myers, Georgia
Journal name Pacific rim property research journal
Volume number 17
Issue number 4
Start page 491
End page 510
Publisher PRRES
Place of publication Sydney, N. S. W.
Publication date 2011
ISSN 1444-5921
Keyword(s) sustainability
strategic knowledge development
valuation practice
Summary Valuation has a pivotal role in increasing the level of sustainability in the built environment. To date, sustainability has received limited attention in valuation practice, and as a result the relationship between sustainability and market value has not been clearly defined. As a consequence, the commercial investment community are hesitant to invest in sustainability beyond best practice management techniques. Valuers’ lack of acknowledgement of sustainability in valuation practice and its changing role in property investment in the built environment, has had a potentially detrimental impact by limiting investment in sustainability in commercial property. Consequently, this lack of acknowledgment and incorporation of sustainability in practice has the potential to cause chaos within the market in the future. It was found that valuers, per se, are inexperienced and have limited knowledge of sustainability in commercial property. Due to differences between generations of valuers, this paper examines whether ‘younger’ valuers’1 knowledge of sustainability, as a concept, measurement and any possible relationship with market value is more extensive than senior valuers. Or whether senior valuers experiences in the market are more sensitive to the change sustainability is having in the commercial property market. A key issue for the profession concerning sustainability and its effect on the market is the limited channels for knowledge development. The implications of this research are the need for increased curriculum in university education, so knowledge dissemination across the profession can be achieved. The development of knowledge of sustainability and its relationship in commercial property will progress the incorporation of sustainability in valuation practice. As a consequence, this will increase the investment in sustainability in the commercial property market.
Language eng
Field of Research 150403 Real Estate and Valuation Services
Socio Economic Objective 970115 Expanding Knowledge in Commerce, Management, Tourism and Services
HERDC Research category C1 Refereed article in a scholarly journal
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Document type: Journal Article
Collections: Faculty of Business and Law
School of Management and Marketing
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