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A Review of the Impact of Green Building Certification on the Cash Flows and Values of Commercial Properties

Sustainability, 2020-04, Vol.12 (7), p.2729 [Peer Reviewed Journal]

2020. This work is licensed under http://creativecommons.org/licenses/by/3.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 2071-1050 ;EISSN: 2071-1050 ;DOI: 10.3390/su12072729

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  • Title:
    A Review of the Impact of Green Building Certification on the Cash Flows and Values of Commercial Properties
  • Author: Leskinen, Niina ; Vimpari, Jussi ; Junnila, Seppo
  • Subjects: Buildings ; Capital expenditures ; Cash flow forecasting ; Certificates ; Certification ; Corporate image ; Discounted cash flow ; Emission standards ; Emissions ; Empirical analysis ; Energy consumption ; Energy efficiency ; Green buildings ; Green development ; Income ; Markets ; Portfolio management ; Property values ; Real estate ; Reviews ; Studies ; Sustainability
  • Is Part Of: Sustainability, 2020-04, Vol.12 (7), p.2729
  • Description: This study aims to review empirical research concerning the impact of green certificates on property cash flows and values, particularly from professional property investors’ perspective. The study uses discounted cash flows (DCF), a widely used property valuation method in income-generating properties, as a methodological framework. In this study, over 70 peer-reviewed studies were identified, categorized, and analyzed in the DCF framework. The reviewed studies indicated that certificates might increase the rental income and decrease the operating expenses, vacancy, and risks of a property. Together with the brand value of certificates, these enhancements should lead to an increase in property value. The number of studies has grown rapidly during the 2010s. Lately, studies have developed from asset-level to portfolio-level examinations. Although the reviewed studies found certification to be beneficial, the range of reported benefits was wide, and over half of the studies concentrated on U.S. commercial real estate markets, with a strong focus on LEED and ENERGY STAR certificates. From a property valuation perspective, applying these results to other markets and certificates might be challenging. Property values that fully reflect the environmental performance of properties would be a key to motivate mainstream investors to adopt sustainable property features.
  • Publisher: Basel: MDPI AG
  • Language: English
  • Identifier: ISSN: 2071-1050
    EISSN: 2071-1050
    DOI: 10.3390/su12072729
  • Source: Geneva Foundation Free Medical Journals at publisher websites
    AUTh Library subscriptions: ProQuest Central
    ROAD: Directory of Open Access Scholarly Resources
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