Responsible Property Investment criteria developed using the Delphi method (original) (raw)
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Actors in property and construction markets can make an important contribution to sustainable development through the design and construction of high-quality buildings, effective facilities' management and through the modernisation of the existing buildings stock. Great progress has been made in the application of innovative building products, materials and systems, in the development of design strategies and planning tools as well as in the development and application of building assessment methods. These progresses have been presented at previous conferences within the worldwide series of 'Sustainable Building' conferences. However, equally important for the successful implementation of sustainable building practices is the task of integrating sustainability issues into property professionals' profitability analyses, risk assessments and investment decision making. This results in an approach to the issue of sustainable development through decision making PROCESSES and with strong focus on the financial interests of the actors concerned. In general, the approach of taking responsibility towards the environment and society while doing business (i.e. CSR-corporate social responsibility and SRI-socially responsible investment) has therefore emerged in the wider business environment. Translated to the property sector and to buildings as a separate asset-class this approach is termed 'socially responsible property investment'. On the basis of typical procedures for the conception and assessment of socially responsible investments it is possible to develop investment strategies and appropriate investment products for the property sector. This can strengthen the demand for and lead to a broader market penetration of sustainable buildings. One precondition, however, is the development and application of methods and instruments that allow for both describing, assessing and communicating the contribution of buildings to sustainable development as well as for expressing and communicating the economic advantages of applying sustainable building and management practices.
Most studies in literature have concentrated on sustainability issues relating to residential and commercial property investment, development and Management, deep retrofit values, and risk related perspectives, without real consideration for impact assessment that places emphasis on delivering positive net sustainability gains into the future for industrial real estates, where no market exists. This study, using the delphi research strategy, provides a detailed example of a study to incorporate sustainability issues into valuation of industrial real estates from the impact perspective, and illustrates the design choices that may be involved. The delphi strategy belongs to the subjective-intuitive methods of foresight: Designed to find consensus among experts who have differing views and perspectives, and gather inputs without requiring them to work face to face. This way, it enables group problem-solving using the iterative process, feedbacks, revisions, and conclusion reporting. Th...
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The implementation of rating procedures is associated with searching for tools that provide an objective and standardized assessment of investment risk. For this reason, rating is an important and often essential element of investment decision-making processes which determines the development of the capital market, including the real estate investment market. In the investment property market, not only does rating provide transparency of property risk, but it can also be used for real estate portfolio analysis, investment controlling, and the analysis of factors determining investment decisions (ESV 2012). In this article, the authors present an assessment of the suitability of the rating recommended by TEGoVA for properties considered as active investments, namely properties in the course of development and intended for future development projects. The analysis will include criteria affecting the assessment of property quality and risk, taking into account four classes: market, loc...
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This paper considers the application of methodology for the defining the utility and market value of a real estate. The theoretical basis of the methodology is developed. The proposed methods, the method of multiple criteria complex proportional assessment (COPRAS) and the method of defining the utility and market value of a real estate assume the dependence of priority, utility degree and value of investigated versions on a system of criteria adequately describing the alternatives and their direct proportionality to the values and weights of these criteria. The procedure of the defining the utility and market value of a real estate is discussed using an example.
European Real Estate Society 20 th Annual Conference-3 rd6 th July 2013
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The recovery of brownfield sites has been in the past, and still is today, at the centre of urban policies which have established and, in some cases, completed key urban transformation projects. In this regard, it should be noted that a preliminary remediation is often required for large transformation areas before urban functions can be established. Among other things, the recovery of these areas represents a matter of public interest in connection with environmental protection and public health goals. Investment decisions in relation to the development of brownfields are affected, primarily, by two critical variables: the remediation costs and market value of the area after the environmental recovery has been completed. This is in fact a complex process, which cannot be estimated with certainty, and which is influenced by a large number of variables. These include, for example, the characteristics of the project, the timing, the technology and the level of uncertainty in achieving...
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Purpose - This paper seeks to help those making investment decisions on existing commercial real estate portfolios to understand how environmental, social, and governance (ESG) issues impact the current value and prospective investment performance of the assets they own and manage. Design/methodology/approach - The issues and literature related to ESG issues in property investing are reviewed and examples of what