Eres2010 45 Pres Parker Impact of Green Feat

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Impact of Green Features on CBD Office

Building Rentals: An Adelaide Case Study

Work in rogress

European Real Estate Society Conference

Milan, Italy, June 2010

Professor David ParkerDr alerie !upke, Dr S"aron #a$Dr %eoff Pa&e, 'rian ()Calla&"an


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Slide !

(vervie*

+ i$ of Paper

+ -iterature Revie* . %reen /eatures

+ Data Collection . 'uildin& Sa$ple+ Data nalysis

+ Preli$inary /indin&s

+ Preli$inary Conclusions

+ reas for /urt"er Researc"


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i$ (f Paper

+ -iterature revie* to identify features of &reen officeuildin&s t"at are likely to influence rental value

+ Identify a sa$ple of &reen and non.&reen officeuildin&s in t"e delaide C'D

+ Collect data on rentals and &reen features

+ uantify i$pact on rental value of eac" &reenfeature


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-iterature Revie*%reen /eatures

+ %eneral &reen uildin& features

Ener&y efficiency

3ater conservation Passive ventilation

3aste $ini$isation

Convenient access to alternative transportation

Sustainale uildin& $aterials


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Ener&y efficiency specific susets4+ Separate $eterin&

+ Motion control li&"tin& devices

+ lternative ener&y 5e& solar panel6

+ Ma7i$isation of natural8day li&"t 5e& open plan6


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3ater conservation specific susets4+ 3ater recyclin&8reuse

+ Restrictive plu$in& devices 5e& aerators6

+ (t"er *ater resources 5e& rain *ater6

+ Effective landscapin& 5e& native plants, recyclin& of&rey *ater6


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Passive ventilation specific susets4+ 9atural ventilation 5openin& *indo*s6

+ Individual co$fort 8 te$perature control

+ %reen air.conditionin& tec"nolo&y


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3aste $ini$isation specific susets4+ Recyclin& pro&ra$$e for paper, alu$iniu$, etc

Convenient access to alternative transportation specific susets4

+ 'icycle rack

+ Close to us routes

Sustainale uildin& $aterials 5e& far$ed ti$er6


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-iterature Revie*%reen 'uildin& 'enefits

+ Corporate enefits

%ood i$a&e for pulic, s"are"olders and clients

De$onstration of corporate social responsiility

Evidence of sustainaility opportunity fordifferentiation


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+ 'uildin& enefits

-o*er services and $aintenance costs %ivin& individuals &reater control over t"eir*orkspace environ$ent

I$proved indoor air :uality


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+ People enefits

Increased staff productivity

Reduced asenteeis$

-o*er *orkforce turnoverttract talented e$ployees

Reduce "ealt" and safety risks

-ess clai$s $ade on "ealt" costs 5e& $edical, liti&ation6

;ser satisfaction


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+ (t"er enefits

Reduced &reen"ouse &as e$ission 3aste $ini$isation

Mini$ise site i$pact 5e& t"rou&" t"ou&"tfullandscapin&6


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+ i$ of Paper







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Data Collection

+ 'uildin& sa$ple &reen star as uilt and non.&reenuildin&s

+ Control for4

-ocation&e


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+ i$ of Paper







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Preli$inary /indin&s

Rental Differences + Green ,s -on.Green Buildings

Source: Aut/ors

air A air B air C

0arge

9on %reen %overn$ent %overn$ent Private

%reen Private %overn$ent Private

Difference > Difference ?

@>100ps$@ABB?

@>Aps$@F?

@>BAps$@A2A?

Small

%reen 98 %overn$ent Private

Difference > Difference ?

9898

@>0ps$@1AB?

@>10Fps$@GF?


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General Green Building Features

Source: Aut/ors


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Specific Green Building Features

Source: Aut/ors


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Green Building Benefits

Source: Aut/ors


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Source: Aut/ors


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Source: Aut/ors


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Source: Aut/ors


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Source: Aut/ors


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Source: Aut/ors


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Source: Aut/ors


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Source: Aut/ors


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Source: Aut/ors


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Preli$inary Conclusions

+ Everyt"in& t"at is &reen is i$portant

+ -i$itations of s$all sa$ple

+ ariations in rankin& of features and enefits

+ (nly lo* ranked feature passive 8 natural ventilation

+ Corporate and People enefits rank "i&"er t"an

'uildin& enefits


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reas for /urt"er Researc"

+ Survey &reater nu$er of s$all tenants in delaidesa$ple uildin&s

+ nalyse rental data and &reen features data fro$

delaide sa$ple+ Investi&ate issues surroundin& price $akers

vs price takers

+ Survey lar&e tenants in ot"er cities for co$parativeanalysis


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+ i$ of Paper







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Eres2010 45 Pres Parker Impact of Green Feat

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