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The business case for incorporating sustainability in office buildings : the adaptive reuse of existing buildings

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conference contribution
posted on 2008-01-01, 00:00 authored by Richard Reed, Sara Wilkinson
The effect of climate change and global warming has received increased attention in society with constant reminders about the importance of energy efficiency and sustainability in buildings. Whilst the focus is often placed on smaller items such as plastic bags, air conditioners and motor vehicles, the emphasis has recently shifted to structures in the built environment. Office buildings have been identified as contributing significantly to global warming during their building lifecycle with a substantial contribution to CO2 omissions. In response, building designs and construction techniques have evolved over time to improve energy efficiency and reduce CO2 omissions. Whilst property valuers, managers and analysts must remain up-to-date regarding changes, relatively little research has been conducted about whether and how increased sustainability, such as signified in a Green Star rating affects a property’s highest and best value and long-term lifecycle. This study investigates the degree to which sustainability is understood in the property marketplace, especially in relation to property values with the emphasis placed on a cost- benefit analysis from both an owner’s and tenant’s perspective. Whilst it may be argued that incorporating sustainability into a new office building is cost prohibitive on a financial cost-benefit analysis, often various minor steps can be taken to upgrade the sustainability of an existing building. This project examines recent trends in capital expenditure to increase the sustainability of offices and where Green Star ratings have been applied to establish whether any corresponding increase in value is evident. In order to develop a researchframework, a thorough literature review will be conducted of recent Australian and overseas studies. This will enable links between sustainability and office buildings to be highlighted, and vitally how they affect a property’s value in both the short and long-term.

History

Event

Conference of the Pacific Rim Real Estate Society (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

Conference Program : http://www.prres.net/Conference/Conference2008/PRRES_2008_Conference_Program.pdf

Publication classification

E2 Full written paper - non-refereed / Abstract reviewed

Copyright notice

2008, Pacific Rim Real Estate Society

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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