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Investor perception of the business case for sustainable office buildings : evidence from New Zealand

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conference contribution
posted on 2008-01-01, 00:00 authored by G Myers, Richard Reed, J Robinson
Over recent years the global market for sustainable commercial property has been growing in importance, with rapid growth occurring overseas that has led to substantial changes in the property markets. The New Zealand property industry has been recently introduced to the concept of sustainability, and although still at an early stage is already noticing the accelerating uptake of sustainability in the industry. Although certain measures have been taken by the New Zealand Green Building Council and government mandates, there remains still a common assumption that there is considerable hesitation and skeptism in the market from both an investor’s and a building owner’s perspective.

The research presented in this paper reports on the results of an investigation into the market perception toward sustainable buildings from the investment community in New Zealand. Property developers and investors from New Zealand were surveyed about their perception of sustainable buildings in New Zealand and their actions with regards to their own commercial portfolios, as well as the impact sustainability is having upon investment decisions. This paper presents the results of research conducted into the relationship between the elements of sustainability and the market value of an office building. The paper provides an insight into the rapidly evolving area of sustainability and office buildings, with the emphasis placed on the valuation process that seeks to assess a hypothetical purchaser’s perspective of this relationship.

History

Event

Pacific Rim Real Estate Society. Conference (14th : 2008: Kuala Lumpur, Malaysia)

Pagination

1 - 18

Publisher

Pacific Rim Real Estate Society

Location

Kuala Lumpur, Malaysia

Place of publication

[Kuala Lumpur, Malaysia]

Start date

2008-01-20

End date

2008-01-23

Language

eng

Notes

Reproduced with the kind permission of the copyright owner.

Publication classification

E2 Full written paper - non-refereed / Abstract reviewed

Copyright notice

2008, PRRES

Title of proceedings

PRRES 2008 : Investing in Sustainable Real Estate Environment: Proceedings of the 14th Annual Conference of the Pacific Rim Real Estate Society

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