Uwarunkowania ekonomiczne inwestowania w budynki zrównoważone

• Authors: Stanisław Belniak , Michał Głuszak , Małgorzata Zięba

Title variants

EN

Economic Conditions for Investment in Sustainable Buildings

• Languages of publication: PL

Abstracts

EN

The paper presents problem of sustainable construction, and environmental and social impacts of buildings. The paper focuses on the results of research conducted so far in different countries and investigating factors affecting effectiveness of investment in sustainable buildings, i.e. rents, market value of buildings, maintenance costs and vacancies. The results of various research, that were presented and analyzed, generally prove higher market value of sustainable buildings and lower level of vacancies. Most research results also indicate lower maintenance costs, though these results are not unequivocal. According to research results, higher rents are charged in sustainable buildings, but tenants are also more eager to pay for sustainable office space. Numerous research results, that were presented and analyzed do not prove unconditionally higher economic effectiveness of investment in sustainable properties, but they do indicate factors clearly increasing the effectiveness of these investments, such as market value of tenants Willingness to Pay.

Keywords

PL

Budownictwo; Nieruchomości; Projekty inwestycyjne

EN

Construction sector; Investment project; Real estate

• Publisher: Uniwersytet Ekonomiczny w Katowicach
• Journal: Studia Ekonomiczne
• Year: 2013
• Volume: 155
• Pages: 13-27

Contributors

author

Stanisław Belniak

author

Michał Głuszak

author

Małgorzata Zięba

References

• CoStar: Commercial Real Estate and the Environment, CoStar Group 2008, http://www. costar.com/uploadedFiles/Partners/CoStar-Green-Study.pdf.
• CushWake: Landlord & Tenant Survey. Cushman & Wakefield, London 2007.
• CushWake: Landlord & Tenant Survey. Cushman & Wakefield, London 2009.
• Dator M.S.: Green Building Regulations: Extending Mandates to the Residential Sector. "Boston College Environmental Affairs Law Review" 2010, Vol. 37, No. 2.
• Eichholtz P., Kok N., Quigley J.M.: Doing Well by Doing Good? Green Office Buildings, Program on Housing and Urban Policy, Berkeley 2008.
• Falkenbach H., Lindholm A.-L., Schleich H.: Environmental Sustainability - Drivers for the Real Estate Investor. "Journal of Real Estate Literature" 2010, No. 18(2).
• Fuerst F., McAllister P.M.: Green Noise or Green Value? Measuring the Price Effects of Environmental Certification in Commercial Buildings. "Real Estate and Planning Working Paper" 2008, No. 09. Henley Business School, Reading University.
• Richardson G.R.A., Lynes J.K.: Institutional motivations and barriers to the construction of green buildings on campus: A case study of the University of Waterloo, Ontario. "International Journal of Sustainability in Higher Education" 2007, Vol. 8, Iss. 3.
• Kats G.: The Costs and Financial Benefits of Green Buildings. A Report to California's Sustainable Building Task Force, October 2003.
• Kibert Ch.J.: Sustainable Construction: Green Building Design and Delivery. John Wiley & Sons, Hoboken 2007.
• McNamara P.: Will Greener Buildings Bring Bigger Profits? "Professional Investor", Autumn 2008, www.cfauk.org.
• Medineckiene M., Turskis Z., Zavadskas E.: Sustainable construction taking into account the building impact on the environment. "Journal of Environmental Engineering and Landscape Management" 2010, Vol. 18 (2).
• Miller N., Spivey J., Florance A.: Does Green Pay Off? "Journal of Real Estate Portfolio Management" 2008, No. 14(4).
• Newell R.G., Jaffe A.B., Stavins R.N.: The Induced Innovation Hypothesis and Energy- Saving Technological Change. "The Quarterly Journal of Economics" 1999, No. 114(3).
• Pivo G., Fisher J.D.: Investment Returns from Responsible Property Investments: Energy Efficient. Transit-oriented and Urban Regeneration Office Properties in the US from 1998-2008. Responsible Property Investing Center, Boston College and University of Arizona, Benecki Center for Real Estate Studies, Indiana University 2009.
• Pivo G., Fisher J.D.: Income, Value and Returns in Socially Responsible Office Properties. "Journal of Real Estate Research" 2010, No. 32(3).
• Reed R., Bilos A., Wilkinson A., Schulte K.W.: International Comparison of Sustainable Rating Tools. "Journal of Sustainable Real Estate" 2009, No. 1(1).
• Royal Institute of Chartered Surveyors: Valuation Information Paper No. 13, RICS 2009.
• Sayce S., Ellison L., Parnell P.: Understanding Investment Drivers for UK Sustainable Property. "Building Research and Information" 2007, No. 35(6).
• Shiers D.E.: 'Green' Developments: Environmentally Responsible Buildings in the UK Commercial Property Sector. "Property Management" 1999, No. 18(5).
• Shiers D.E.: Environmentally Responsible Buildings in the UK Commercial Property Sector. "Property Management" 2000, No. 18(5).
• Wiley J., Benefield J., Johnson K.: Green Design and the Market for Commercial Office Space. "Journal of Real Estate Finance and Economics" 2010, No. 41(2).

Identifiers

ISSN

2083-8611