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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$inary Conclusions
+ reas for /urt"er Researc"
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Slide "
i$ (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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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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Slide %
-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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-iterature Revie*%reen /eatures
+ %eneral &reen uildin& features
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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-iterature Revie*%reen /eatures
+ %eneral &reen uildin& features
3ater conservation specific susets4+ 3ater recyclin&8reuse
+ Restrictive plu$in& devices 5e& aerators6
+ (t"er *ater resources 5e& rain *ater6
+ Effective landscapin& 5e& native plants, recyclin& of&rey *ater6
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-iterature Revie*%reen /eatures
+ %eneral &reen uildin& features
Passive ventilation specific susets4+ 9atural ventilation 5openin& *indo*s6
+ Individual co$fort 8 te$perature control
+ %reen air.conditionin& tec"nolo&y
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-iterature Revie*%reen /eatures
+ %eneral &reen uildin& features
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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-iterature Revie*%reen 'uildin& 'enefits
+ 'uildin& enefits
-o*er services and $aintenance costs %ivin& individuals &reater control over t"eir*orkspace environ$ent
I$proved indoor air :uality
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-iterature Revie*%reen 'uildin& 'enefits
+ People enefits
Increased staff productivity
Reduced asenteeis$
-o*er *orkforce turnoverttract talented e$ployees
Reduce "ealt" and safety risks
-ess clai$s $ade on "ealt" costs 5e& $edical, liti&ation6
;ser satisfaction
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-iterature Revie*%reen 'uildin& 'enefits
+ (t"er enefits
Reduced &reen"ouse &as e$ission 3aste $ini$isation
Mini$ise site i$pact 5e& t"rou&" t"ou&"tfullandscapin&6
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(vervie*
+ i$ of Paper
+ -iterature Revie* . %reen /eatures
+ Data Collection . 'uildin& Sa$ple+ Data nalysis
+ Preli$inary /indin&s
+ Preli$inary Conclusions
+ reas for /urt"er Researc"
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Slide )%
Data Collection
+ 'uildin& sa$ple &reen star as uilt and non.&reenuildin&s
+ Control for4
-ocation&e
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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$inary Conclusions
+ reas for /urt"er Researc"
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Slide )(
(vervie*
+ i$ of Paper
+ -iterature Revie* . %reen /eatures
+ Data Collection . 'uildin& Sa$ple+ Data nalysis
+ Preli$inary /indin&s
+ Preli$inary Conclusions
+ reas for /urt"er Researc"
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Slide !*
Preli$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$@GF?
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Slide !)
Preli$inary /indin&s
General Green Building Features
Source: Aut/ors
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Slide !!
Preli$inary /indin&s
Specific Green Building Features
Source: Aut/ors
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Slide !"
Preli$inary /indin&s
Green Building Benefits
Source: Aut/ors
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Slide !#
Preli$inary /indin&s
General Green Building Features
Source: Aut/ors
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Slide !$
Preli$inary /indin&s
Specific Green Building Features
Source: Aut/ors
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Slide !%
Preli$inary /indin&s
Green Building Benefits
Source: Aut/ors
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Slide !&
Preli$inary /indin&s
General Green Building Features
Source: Aut/ors
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Slide !'
Preli$inary /indin&s
Specific Green Building Features
Source: Aut/ors
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Slide !(
Preli$inary /indin&s
Green Building Benefits
Source: Aut/ors
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Slide "*
Preli$inary /indin&s
General Green Building Features
Source: Aut/ors
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Slide ")
Preli$inary /indin&s
Specific Green Building Features
Source: Aut/ors
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Slide ""
(vervie*
+ i$ of Paper
+ -iterature Revie* . %reen /eatures
+ Data Collection . 'uildin& Sa$ple+ Data nalysis
+ Preli$inary /indin&s
+ Preli$inary Conclusions
+ reas for /urt"er Researc"
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Slide "#
Preli$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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Slide "$
(vervie*
+ i$ of Paper
+ -iterature Revie* . %reen /eatures
+ Data Collection . 'uildin& Sa$ple+ Data nalysis
+ Preli$inary /indin&s
+ Preli$inary Conclusions
+ reas for /urt"er Researc"
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Slide "%
reas for /urt"er Researc"
+ Survey &reater nu$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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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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