Socially Responsible Property Investment: Quantifying the Relationship between Sustainability and Investment Property Worth

Ellison, Louise; Sayce, Sarah; Smith, Judy

doi:10.1080/09599910701599266

Cited by 70 publications

(57 citation statements)

References 8 publications

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“…The lakóparks are almost completely seller-driven, which generates unsustainable tendencies in the price setting. 8 The situation is similar in other types of property. The prevailing 'anything should go' mentality contradicts an establishment of buyer-driven frameworks that sustainability would require.…”

Section: Property Pricingmentioning

confidence: 80%

“…Accessibility (i.e. of households and businesses to shops, schools, public transit, health services and so forth) is a good example of an expected sustainability effect which concerns at least two of the three dimensions; accessibility generates economic benefits through time-saving and environmental benefits through reduction in pollution caused by slow car traffic, but on the other hand the same accessibility improvement can also be unsustainable socially if this involves forced location choices by a government who forces the residents or firms to relocate [8].…”

Section: Evaluation Criteria For Sustainable Urban Property Developmentsmentioning

confidence: 99%

“…Political issues: Changes in land ownership and land use involve myopic political and lobbying practicescorruption too -that are extremely unsustainable in 8 For the supply-driven process of establishing gated residential parks, see also [33] for a comparison of Budapest and Berlin. the long run.…”

Section: Property Pricingmentioning

confidence: 99%

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On Sustainable Property Development – The Case of Budapest

Kauko¹

2013

TOUSJ

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Sustainable development is conceptualised along three dimensions: environmental-ecologic, social-cultural and economic-financial. In this study sustainability is defined in terms of three specific evaluation criteria: quality, affordability and diversity. Evidence from Budapest suggests that quality varies (new versus old in particular), affordability is low and diversity, while high overall, is very limited within new developments. While the situation for property developments are weak, fortunately, amid an otherwise bleak situation, prospects for a minority of innovative and adaptable developers who operate in market niches are encouraging as these foster a relatively sustainable development in terms of one or more of the three dimensions. Moreover, in the longer term particular opportunities for sustainable development are likely to open as the maintenance of the new stock is more affordable and of better quality than the old stock.

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Section: Property Pricingmentioning

confidence: 80%

Section: Evaluation Criteria For Sustainable Urban Property Developmentsmentioning

confidence: 99%

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On Sustainable Property Development – The Case of Budapest

Kauko¹

2013

TOUSJ

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“…[NOTE: Include UN discussion on the difference between RPI and SPI; Pivo, 2008;Ellison and Sayce, 2007] While there have been significant efforts to standardize investment performance data and reporting systems within the investment community, this has not yet trickled into the sustainability debate related to real estate assets. "For the demand side of the property industry to make effective progress in understanding, measuring and improving sustainability of commercial real estate a common set of metrics through which sustainability performance can be measured in required" (Ellison and Brown, 2010).…”

Section: Implications For the Commercial Real Estate Marketmentioning

confidence: 99%

Assessing Assessment: Toward a More Holistic Rating System for Sustainability Performance

Christensen¹

2011

Proceedings of the 18th Annual European Real Estate Society Conference - Eindhoven, the Netherlands

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This paper investigates the evolution of the multitude of alternative building certification/ assessment rating systems around the world. In addition, the paper compares best practices, with a particular focus on the two most commonly used and/or modified environmental assessment systems -LEED (Leadership in Environmental and Energy Design) and BREEAM (Building Research Establishment Environmental Assessment Method).In order for these certification/assessment rating systems to continue to push for innovation, it will be important that they begin to converge and speak the same language, so this paper will explore the different philosophies and business models from which they have evolved. Similarities will be identified, topics of significant difference will be highlighted, and strengths and weaknesses of each system currently being applied will be described. Issues that remain to be tackled by the rating systems -e.g. such as a need to move beyond checklists to better performance indicators that measure performance more holistically -are identified for further research.

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“…The last of these three traditions can be split into two converging research directions: on one hand the 'urban sustainability' (or urban biased regional sustainability) literature (e.g. Wallner et al, 1996;Bitušiková and Luther, 2010;Talen, 2011;Hoornweg et al, 2011;Joss, 2011); on the other hand the 'real estate sustainability' literature Ellison et al, 2007;Lorenz et al, 2008;Eichholz et al, 2009Eichholz et al, , 2010Fuerst and McAllister, 2011;Lützkendorf et al, 2011;Leopoldsberger et al, 2011;Cajias et al, 2012;Geiger et al, 2013). Moreover, Jones and Watkins (1996), Hemphill et al (2004a,b), Dixon (2007), Jones et al (2009), Prince's Foundation (2010, Raslanas et al (2010), and Ratcliffe et al (2010) cover elements from both traditions (and in various others) in their cross-disciplinary dealings of sustainability of real estate developments in an urban setting, as do Pareja Eastaway and Støa (2004) when combining housing and urban sustainability.…”

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confidence: 99%

Innovation in real estate and evolutionary agendas

Kauko¹,

Rebelo²

2014

Proceedings of the 21st Annual European Real Estate Society Conference

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Structured Abstract: Ideally, the notion of innovation enables paving the avenue of research towards evaluation of sustainability in all research areas dealing with the built environment, also real estate. While innovativeness can be understood as an extension of the current paradigm in urban real estate economics, it can also be understood as an alternative paradigm involving more evolutionary perspectives. What happens in the mother discipline of general economics is a reasonable prediction of what eventually will happen in applied disciplines such as real estate economics. However, given the vast differences between physical and asset-oriented views of real estate, it is realistic to assume inertia among real estate economists trained in neoclassical economics in adapting new concepts such as evolutionary dynamics, in which case some other discipline (economic geography, for instance) must set the cross-disciplinary agenda. This paper reviews various literatures involved in this adaption of the innovation-concept and seeks to make connections across them. It argues for the need for real estate economists to open up horizons for dialogue with other disciplines.

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Socially Responsible Property Investment: Quantifying the Relationship between Sustainability and Investment Property Worth

Cited by 70 publications

References 8 publications

On Sustainable Property Development – The Case of Budapest

On Sustainable Property Development – The Case of Budapest

Assessing Assessment: Toward a More Holistic Rating System for Sustainability Performance

Innovation in real estate and evolutionary agendas

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