Sustainability in Real Estate Markets

Wetering, Jorn van de

doi:10.1002/9781119063834.ch3

Cited by 2 publications

(3 citation statements)

References 20 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…With the push for a stronger focus on sustainability in transportation practice, an increase in the amount of effort and attention paid to sustainability has occurred at the individual site level of commercial development (12,13). Driven by regulations, reputation, and financial benefits, environmental and social concerns have risen significantly in prominence in the decision-making process and calculation of the real estate industry (12,13). Additionally, increased demand is visible for sustainable, environmentally efficient buildings and services from the professional firms that lease urban commercial real estate (13).…”

Section: Sustainability and Developmentmentioning

confidence: 99%

“…Driven by regulations, reputation, and financial benefits, environmental and social concerns have risen significantly in prominence in the decision-making process and calculation of the real estate industry (12,13). Additionally, increased demand is visible for sustainable, environmentally efficient buildings and services from the professional firms that lease urban commercial real estate (13). For developers and tenants, TDM strategies built into the design of the building signal value of sustainability as well as provide a potential magnet for talent attraction.…”

Section: Sustainability and Developmentmentioning

confidence: 99%

See 1 more Smart Citation

Site-Specific Transportation Demand Management: Case of Seattle’s Transportation Management Program, 1988–2015

McKnight-Slottee

Bae

McCormack

2021

Transportation Research Record: Journal of the Transportation R

View full text Add to dashboard Cite

A central theme of U.S. transportation planning policies is to reduce single-occupancy vehicle (SOV) trips and promote transit and non-motorized transportation by coordinating land-use planning and transportation demand management (TDM) programs. Cities often implement TDM programs by intervening with new development during the municipal permit review process. Seattle’s Transportation Management Program (TMP) under a joint Director’s Rule (DR) requires a commitment from developers to adopt select strategies from six TDM element categories: program management, physical improvements, bicycle/walking programs, employer-based incentives, transit and car/vanpooling, and parking management. TMP targets new developments and requires some TDM elements, recommends others, and leaves the rest to negotiation. The result is an individualized TMP agreement that is site-specific, reflecting both city policy and developer needs. This case study presents a qualitative analysis of the guiding eight DRs and 41 site-specific TMP agreements in Seattle’s Downtown and South Lake Union (SLU) area since 1988. Overall, a content analysis of TMP documents reveals that the average number of elements adopted in an agreement falls short of requirements set by DRs (34%–61%). Major findings include developer preference toward non-traditional TDM measures such as physical improvement of frontage and urban design features, as well as parking management. High-occupancy vehicle (HOV) elements showed higher adoption rates (59%–63%) over biking/walking programs (< 1%). It is concluded that future TDM policies could benefit if future research includes examining the effectiveness of the range of management options stemming from the real estate trends toward green buildings, tenants’ values in sustainability, and city policy to reduce automobile trips.

show abstract

Section: Sustainability and Developmentmentioning

confidence: 99%

Section: Sustainability and Developmentmentioning

confidence: 99%

Site-Specific Transportation Demand Management: Case of Seattle’s Transportation Management Program, 1988–2015

McKnight-Slottee

Bae

McCormack

2021

Transportation Research Record: Journal of the Transportation R

View full text Add to dashboard Cite

show abstract

“…Figure 1 provides a theoretical view regarding how market pricing of property could be affected by benefits and risks related to sustainability. Sustainable buildings provide certain benefits that include operating cost savings (Aroul and Hansz, 2012; Fuerst, 2009; Fuerst and McAllister, 2011a, 2011b, 2011c; Harrison et al ., 2011; Pivo and Fisher, 2008), health benefits (Aroul and Hansz, 2012), waste and water efficiency (UKGBC, 2018; WGBC, 2018), reputational benefits (van de Wetering, 2018) as well as higher occupancy rates (Wiley et al ., 2010; Eichholtz et al ., 2010). Hypothetically, such benefits can create an increased willingness to pay (WTP), which then drives demand that, in turn, may impact on market pricing, particularly where there is a lack of supply in the short term.…”

Section: Introductionmentioning

confidence: 99%

UK commercial real estate valuation practice: does it now build in sustainability considerations?

Hossain

Wetering

Devaney

et al. 2023

JPIF

Self Cite

View full text Add to dashboard Cite

PurposeThis paper investigates the extent to which commercial property valuers in the UK refer to Royal Institution of Chartered Surveyors (RICS) professional standards and guidance on the inclusion of sustainability in valuation reports. Data collection, analysis and reporting related to sustainability attributes is examined, as well as the perceived importance of these attributes to clients and any value impacts that are associated with them.Design/methodology/approachAn online survey of UK commercial property valuers was conducted from July to September 2019. The survey included both structured and open-ended questions.FindingsReference to RICS standards and guidance on sustainability has improved since earlier research. However, progress on data collection is still limited. At the time of the survey, UK valuers indicated that sustainability attributes were of more importance to owner-occupiers than investors and lenders. UK valuers also indicated that, out of a range of sustainability attributes, only certification was influencing market value (MV) and investment value (IV) to any great extent.Research limitations/implicationsThe online survey had 53 responses and this limited the ability to draw definitive conclusions. Hence, whilst the results may be indicative of the perceptions of some valuers of the significance of sustainability-related matters in the UK, the sample is not large enough to be considered representative of the opinions of property valuers per se in the UK.Practical implicationsExplicit reflection of sustainability in market or investment values is still limited in the UK valuation practice, but there are challenges faced by valuers that need further investigation, including difficulties in pricing sustainability attributes.Originality/valueThis is the first empirical investigation of the perception of sustainability by valuers in the UK commercial property market since the 2012 survey reported by Michl et al. (2016).

show abstract

Sustainability in Real Estate Markets

Cited by 2 publications

References 20 publications

Site-Specific Transportation Demand Management: Case of Seattle’s Transportation Management Program, 1988–2015

Site-Specific Transportation Demand Management: Case of Seattle’s Transportation Management Program, 1988–2015

UK commercial real estate valuation practice: does it now build in sustainability considerations?

Contact Info

Product

Resources

About