Real Estate Appraisal Research Papers (original) (raw)

The paper addresses the need for embedding sustainability practice in Housing Development

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- Real Estate Appraisal

La vigente normativa bancaria prevede che il Loan-to-value (LTV) sia stimato in base al corrente valore di mercato e che le esposizioni pienamente e totalmente garantite da ipoteche sugli immobili possano beneficiare di una preferenziale ponderazione del rischio che richiede una minore allocazione del capitale. In quest'ottica il valore di credito ipotecario (Mortgage Lending Value) è finalizzato alla prudente valutazione della futura commerciabilità dell'immobile ma è crescente l'interesse scientifico-metodologico per il Long-Term Sustainable Value (LTS-V).

- by Giampiero Bambagioni
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- Real Estate Appraisal, Property Valuation, Banking and Finance

Dân số nhập cư về thành phố HCM tă ng nhanh một cách chóng mặt dẫn đến nhu cầu cấp thiết về vấn đề nhà tă ng cao, nhưng tài chính của người dân lại tương đối thấp chưa có đủ điều kiện để sở hữu mái ấm cho mình. Vinhome Grand Park (Vincity quận 9) ra đời như một giải pháp đáp ứng, giải quyết hết tâm tư sâu thẩm của người dân. Dự án sẽ biến ước mơ An cư-Lạc nghiệp của nhiều người trong tầm tay bạn. Dự án khu đô thị "hot" nhất nă m 2019 Vinhome Grand Park (Vincity quận 9) sẽ được mở bán vào quý II/2019. Dự án đã làm sôi sục, thu hút nhà đầu tư Bất Động Sản từ những ngày đầu nă m 2017 cho đến nay. Đây là dự án được rất nhiều nhà đầu tư, nhiều cư dân chờ đợi háo hức trong 2 nă m liền. Dự án được nhiều lần ấp ủ dự định mở bán, nay chủ đầu tư đã đưa ra 1 thông báo ấm lòng cho niềm chờ đợi của mọi người. Dự án Vinhome Grand Park (Vincity quận 9) được toạ lạc tại vị trí trung tâm quận 9 với quy mô diện tích lên tới 300ha gồm 71 toà nhà, gần 44.000 că n hộ chia thành 4 phân khu. Sau thành công vang dội của dự án cao cấp Vinhome Central Park, Vinhome Grand Park sẽ hứa hẹn làm biến động, làm thay đổi hoàn toàn bộ mặt quận 9 trên thị trường Bất Động Sản nă m 2019. Dự án Khu đô thị Vinhome Grand Park (Vincity quận 9) được chủ đầu tư nhắm vào đa dạng các phân khúc từ thấp đến cao. Chủ yếu là vào phân khúc tầm trung giá trẻ những gia đình có mức lương thấp. Đây sẽ là dự án giá hạt dẻ nhưng chất lượng nằm trong tiêu chuẩn 5 sao, sẽ làm thay đổi hoàn toàn tư duy về că n hộ giá rẻ của nhiều nhà đầu tư. Tổng quan về dự án Vinhome Grand Park (Vincity quận 9) Tên dự án: Vinhome Grand Park (Vincity quận 9) Chủ đầu tư: Tập đoàn Vingroup Đơn vị xây dựng (nhà thầu): Coteccons Đơn vị thiết kế: Artelia Vị trí dự án: Mặt tiền đường Nguyễn Xiển, Phường Long Thạnh Mỹ, Quận 9, Tp.HCM Tổng diện tích đất: 300ha Mật độ xây dựng: Từ 20%-25% Số Block và số tầng: Gồm 71 block cao từ 22-25 tầng Số căn hộ: 44.000 căn hộ, 1.700 căn nhà phố và biệt thự, 500 căn shophouse Loại hình đầu tư: Căn hộ chung cư, nhà phố, biệt thự, shophouse. Giá bán: Đang được chủ đầu tư cập nhật Diện tích căn hộ: Từ 43-81 m2 (từ 1-3 PN) Dự kiến mở bán: Quý II/2019 Ngân hàng hỗ trợ: Techcombank-cho vay 80% giá trị căn hộ thời gian 35 năm Dự kiến bàn giao: Quý IV/2020

Investment funds first appeared in the Netherlands in the late 18th century for the purpose of financing trade expeditions. The first modern fund was established in the United States, Massachusetts in 1924, in his first year of formation increased by 50,000 to 392,000 US dollars.
For Mark Tompkins of Montrose Capital is obvious that the time of investment funds in the country is yet to come. Trust is basically divided into indoor and outdoor (mutual funds) and private funds (hedge funds). According to the number and importance to have the dominant open funds. Private funds like Mark Tompkins Montrose Capital INC however, came twenty years later, also in the United States. After their features, these vary from open on the possibility to sell shares on the stock market (which is not allowed in the open funds) and thus effectively reduce the risk of existing positions (hedging), hence the name Hegde Fund. This feature is extremely important for Montrose Capital because in terms of a general decline in share prices on the stock exchange, private funds can still make profit (selling higher level and closing short positions at a lower price). The growth of Mark Tompkins Montrose Capital in recent times is accompanied by enormous growth in funds under management because of the exceptional techniques for hedging and introducing innovations in financial intermediation. Because these features are said hedge funds are able to generate alpha refund, which is an exercise over a benchmark such as yield annually the index S & P, and is due exclusively to the ability of Montrose Capital portfolio managers to create unique portfolios and strategies .

This study primarily investigates the impact of extreme financial leverage on UK unlisted property fund performance over a 11 year period, 2004 to 2014; accordingly the research problem is addressed applying a panel auto regression to an extended sample provided by the IPD Property Fund Vision Handbook covering funds information over a complete property cycle from 2004 to 2014. The results provide strong evidence in support of the traditional theory of capital structure asserting that financial leverage is a significant determinant of firm performance. A significant positive relationship is found between Leverage and performance of core and value added funds over the cycle but interestingly a significant negative association is seen for opportunistic funds as they underperformed through the cycle. Consequently, it is concluded that fund value may be enhanced by debt finance but must be kept at minimal levels, as an optimal debt finance level seems to exist considering the behaviour of Opportunistic funds over the investigated period. Key to the deduction is that irrespective of investment style (gearing intensity) through the cycle, performance persistence seems to sum the success or failure of UK unlisted property funds as lagged return showed a significant positive relationship in all regression results. Therefore the question of whether an unlisted fund persists in performance becomes even more decisive in determining how investors should select funds and develop investment strategies.

- by Oluwaseun Fajana and +1
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- Real Estate, Real Estate Finance, Real estate investment, International Finance

The Real Estate Valuation Standard in Italy, published on 2016

- by Giampiero Bambagioni
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- Real estate valuation, Real Estate Appraisal

Awareness of the distribution of a data is one of the main prerequisites of a deep data analysis towards decision making. As per that, the frequency, mean, standard deviation are most commonly considered. The frequency of a particular observation is, the number of times the observation occurs in the dataset. The distribution of a variable is the pattern of frequencies of the observation. Frequency distributions are portrayed as frequency tables, histograms etc.
Real estate market analysts are keen on considering the distribution of land values, rentals values, property sales prices etc of an area for their decision making purpose—real estate valuer also looks forward to collect as much as possible data specific to the subject property as well as related data from the market. Further, the average values, minimum-maximum, range, mode and median etc are the key indices used. Finally, the aim is to come up with a reasonable estimation for the subject property.

After socialist systems demolition and formation as an independent country in Georgia legal and tax regulations of real estate market were not paid a proper attention and the market has evolved spontaneously. There was no scientific study of real estate market and teaching in this direction too and appropriate of this there’s lack of specialists in that field. Despite some steps in this direction, on Georgian real estate market there is no refined legal system that would regulate the real estate appraisal standards. Due to lack of the relevant specialists on real estate market, appraisal is being performed by incompetent staff, this action inhibits trade relations on the market and hinders its further development. In the research process of mentioned issue, our goal is to manage the adjustment and adaptation of real estate Western appraisal methods to Georgian market conditions. Georgian real estate market has specific characteristics, which should be taken into account in the appraisal process. One of the tasks is to develop real estate appraisal unified format – URAR (Universal Residential Appraisal Rapport) adjusted version for Georgian market. Using mentioned format of appraisal will dramatically improve situation in this field as the URAR is the most objective method in standard cases of appraisal and been used mostly on the real estate trade market.

There is an increasing concern that land transactions in Papua New Guinea are perceived by some landowners and key government officials as unsustainable due to inequitable sharing of benefits among the tripartite stakeholders. This paper investigates issues surrounding the perceived inequality of benefits derived from land transactions in forestry, mining, oil and gas projects in the South Pacific country using contiguous Western and Hela Provinces as case study. With regards to the land leasing practices of indigenous customary landowners, the paper adopts stratified random sampling to collect primary data from a representative sample of 180 indigenous landowners, state land officials and project operators in the two provinces. One research question and one overarching hypothesis are used to probe whether forestry and mining land transactions and profits sharing in the projects' areas are sustainable. Based on a chi square value of 2.133 and a p-value of 0.85% that are statistically significant at 0.01 levels, the paper accepts the hypothesis, which strongly suggests that land transactions and profits sharing in the two contiguous provinces are sustainable, contrary to criticisms. Since PNG's 22 provinces are largely homogeneous in terms of common land tenure, local Melanesian culture and languages spoken, it is contended that land transactions are consistent with PNG's national land policy. Results also suggest that project stakeholders in the country are consistently adopting land transactions that are convenient and sustainable. The paper, therefore, calls for government intervention to streamline national land transactions for consistency and sustainability under a common national land policy.

- by Jacob Babarinde
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- Land management, Property, Real Estate Appraisal, Land Use

FINANCING, ECONOMICS & APPRAISAL for Real Estate Brokerage Board Examination

SOSTENIBILITA' DEL VALORE NEL FINANIAMENTO IMMOBILIARE.
Long Term Sustainable Value (LTSV), stima delle caratteristiche Green e High-Performance degli immobili, Valutazione della sostenibilità dei finanziamenti, dei progetti infrastrutturali e di sviluppo immobiliare, alla luce degli Orientamenti EBA in materia di concessione e monitoraggio dei prestiti e dei fattori Environmental Social and Governance (ESG).
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Sostenibilità del valore nel finanziamento immobiliare.
"The theory of value needs to be reconsidered in terms of long-term sustainability. Especially when the value is associated with a property which is a collateral for a mortgage." The essay on the Sustainability of Value in Property Financing (i.e. "Sostenibilità del valore nel finanziamento immobiliare"), provides an innovative conceptual framework for understanding the correlations between Long-term sustainable value, Sustainable lending, Sustainable finance associated with Environmental Social and Governance (ESG) factors, Market sustainability and Economic development. This book (currently in Italian only) is based on an international perspective in order to contribute to the analysis of issues of increasing importance for the stakeholders of the banking and financial industry.

Three months ago, no one would have believed that a virus could cause tens of thousands of deaths worldwide and bring major economies to their knees. Sadly, it became more of a bitter reality. Our way of life and social interaction will never be the same again and our way of conducting business will certainly be different in many aspects. The impact of covid-19 on world economy has been horrendous. The International Monetary Fund "IMF" estimates that the world has already entered a recession that will be far worse than the global financial crisis in 2008. Hence, the world economic outlook doesn't seem to be bright in the short and mid-terms. Many industries will suffer from the economic shock caused by the covid-19 pandemic, including real estate. In this unusual context, it is relevant to discuss the prospects regarding the dynamic of the real estate market in Morocco, on the light of the unforeseeable economic impacts that might arise from this pandemic. Many Moroccan real estate operators were hoping for 2020 to be the year of a long-awaited recovery of the property market, as the sector's main indicators 1 have been underperforming for almost 6 years. In 2019 alone, property transactions decreased by 10.80% 2 , the market supply dropped by 4.23%, and Foreign Direct Investment "FDI" in real estate shrank by a staggering 25.07%, all asset classes combined. In view of this current economic turmoil, it appears unrealistic to expect a quick upturn in the upcoming months. This is mainly due to the uncertainty regarding the end of this pandemic and the risk of a second wave of infections. Consequently, the market's response witnesses delays in decision making on both sides, supply and demand. The lockdown measures, implemented by the government in order to contain the virus's expansion, have had a negative impact on real estate, such as:-A significant decrease in property transactions, estimated to 95% 3 ,-Major disruption in the construction supply chain due to the home confinement of the workforce and a decrease in the flow of construction materials. This situation has caused many construction projects to be suspended sine die,-Several assignments frozen for real estate professionals, namely those whose scope of work involves site investigation (e.g. surveyors), contact with clients (e.g. agents or architects), or consulting public institutions to accomplish legal formalities or pay taxes and fees (e.g. notaries). Considering this current economic momentum, it is injudicious to make assumptions about the market's mid and long-terms dynamics. Listed below is a proposed brief assessment of the immediate implications of this crisis by real estate sector.

- by Adnane Bajeddi
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- Real Estate, Real Estate Economics, Corporate Real Estate, Real Estate Development

Global challenges of failing real estate investments, falling market prices of real assets and the steady decline in environmental quality informed the need to study the concept of Real Asset Devaluation. This research was done with particular attention paid to developing countries like Nigeria. The objective of this study was to examine the impact of oil pollution on residential and agricultural property values in Ogoni land. Ogoni land was chosen as the study area due to incessant pollutions in the recent past. It is therefore expected that it would provide the much needed information for this research. The researchers worked with a sample size of 100, randomly selected 25 each from the four local government areas that make up Ogoni land representing a fine blend of both residential and agricultural properties. Field survey, oral interview and questionnaire were used for data collection. Multiple Regression analysis was used to study the relationship between environmental quality and property values. Likert scale was used to analyze the data and Z-test was also used to test the significance of the coefficient of correlation at 5% level of significance. Findings showed that oil pollution had a devastating effect on agricultural and residential property values. The researchers recommends (among others) that immediate and effective action should be taken by the oil companies responsible for the oil spillages in the host communities to clean up the affected areas; while effort should be made to repair all damaged pipelines and replace those that have exhausted their useful life so as to prevent future spillage.

- by Joseph C H U K W U D I Onyejiaka
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- Real Estate Appraisal

This paper investigates Shariah compliant real estate development financing and investment in the Gulf Cooperation Council (GCC). The growth of Islamic finance has increased exponentially in the GCC and around the world. The GCC is the Islamic financial centre of the world. As at 2008, $262 billion worth of Shariah compliant assets was managed in the Gulf States. In this paper, we discuss comparative differences between conventional finance and Islamic finance and its applications in real estate development and investment and we also investigate the investment choice of real estate investors in the GCC. We find that equity Shariah instruments are in high demand by real estate investors, however rarely offered by Islamic banks. In addition, our survey results confirm that Islamic financiers tend to partner real estate companies through land acquisition to post construction, contrary to how conventional financiers operate therefore reducing moral hazard issues. Our survey also point to the importance of political environments, legal and institutional framework and human capital expertise as factors real estate firms consider when considering real estate investment decisions. Finally we highlight the challenges, problems and issues faced in Shariah-compliant real estate industry and the need to address them to spur further growth.
Keywords: Real Estate Development & Investment, Shariah Compliance, Gulf Cooperation Council

How to understand the difference between these two value approaches

- by Muwonge Raphael
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- Real Estate, Economics, Real Estate Economics, Real estate valuation

Palavras-chave: Avaliação de ativos imobiliários, Método do Custo, Abordagem Pseudo-dinâmica Resumo. Apresenta-se uma abordagem para a atribuição de valores de ativos imobiliários com base no chamadò`Método do Custo''. O Método do Custo pressupõe a determinação dos custos associados a todo o processo do investimento, custos diretos – terreno, projetos, construção e custos indiretos – comercialização e outros encargos, aos quais se " adiciona " um valor que corresponderá a uma putativa margem do investidor. Esta " margem " – quase sempre considerada – " de lucro " nas avaliações não é coerente com o próprio método em si, pois a " margem " , como o próprio nome indica é escolhida à margem dos prazos de realização e de transação dos ativos, razão pela qual se designa esta abordagem por " estática ". Para estimar o valor de um ativo o avaliador, ou ignora a variável tempo e segue uma " abordagem estática " ou baseia-se num cronograma de execução estabelecendo um cash-flow previsional, situação que corresponde a realizar uma abordagem dinâmica. A primeira, muito simplista considera todas as componentes do investimento (custos e proveitos) a ocorrerem num dado e mesmo instante, incluindo e pressupondo assim, uma dada " margem " geralmente positiva, dita de lucro. A segunda, obrigando a uma análise menos grosseira, considera as mesmas componentes do investimento (custos e proveitos), afectando-os contudo aos prazos de realização e aos instantes de início/fim de ocorrência. Os valores de cada componente da avaliação é atualizado ao momento da avaliação, a uma taxa, dita de actualização. Apresenta-se uma abordagem, dita pseudo-dinâmica, que tem a dupla vantagem de refletir o retorno do investimento na avaliação considerando prazos e durações das atividades. Os custos e encargos são actualizados considerando que cada componente dos custos ou proveitos ocorre num único momento e num dado instante após o início do investimento. Os valores obtidos comparam bem com os de um cash-flow previsional o que não acontece com a tradicional abordagem do método estático e a sua " margem de lucro " .

- by Rui de Sousa Camposinhos (PhD EUR-ING) and +2
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- Real Estate, Real estate valuation, Real Estate Appraisal
- by Shravan Bishnoi
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- Real Analysis, Logic, Real Estate Appraisal

Development of Mobile technology, the surge in the use of social media networks and easiness to interact with potential clients are the prime reasons for every realtor to choose social media as vital part of their business. Social Media... more

- by Gopika Krishnan
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- Real Estate, Real Estate Economics, Social Networking, Digital Media

What happens to property values after a catastrophic climate event such as flood, or wildfire? This study examines how North American Real Estate markets respond after catastrophic events. The study explores the present and future risks to property valuation and insuranability. The study concludes with a recommendation for the creation of a Real Estate Climate Risk Index, as an intervention for creating market stability in the face of increasing frequency and scale of property damage from climate events.

all about Namasuba and a snapshot on Land values and rent...

- by Muwonge Raphael
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- Real Estate, Urban Geography, Humanities, Real estate valuation

Service Delivery constitutes an activity or series of activities of a more or less intangible nature that normally, but not
necessarily, takes place in interactions between the customers and the service providers, which are provided as solutions to
customers' problems. Since services are meant to be solutions to consumers' problem, the wishes and desires of the consumer
must be taken into consideration. The aim of this study is to appraise the criteria that influence clients in selecting estate firms
in agency consultancy jobs using mixed methods of research. The results show various criteria the consumers use to classify
the firms regarding the satisfaction the consumers derive from these firms based on certain variables. The paper concludes by
suggesting a way forward for the firms to retain their existing clients, whilst attracting more clients through excellent service
delivery

- by david ayock D A I ishaya
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- Real Estate, Real Estate Appraisal

All that you need to know about the Residual Method of Valuation: Issues, Practice & Challenges

Pelabuhan Garongkong terletak di Kabupaten Barru sekitar ± 102 km dari Kota Makassar, dibangun pada tahun 2008. Pelabuhan Garongkong merupakan pelabuhan alam yang terlindung oleh Pulau Panikiang di depannya. Pada tahun 2022, Pelabuhan Makassar butuhkan lahan seluas total 35 Ha, dan pada tahun 2024 dibutuhkan lahan seluas 46 Ha. Oleh karena itu, Pelabuhan Garongkong direkomendasi untuk pengembangan terminal curah non pakan Pelabuhan Makassar. Pelabuhan Garongkong memiliki kedalaman kolam Pelabuhan Garongkong mencapai -20 m LWS, dan kedalaman pada dermaga mencapai -15 mLWS. Pelabuhan Garongkong berpotensi sebagai terminal bagi kapal – kapal breakbulk dan multi purpose berukuran besar (35.000 s/d 60.000 DWT). Ukuran dermaga eksisting saat ini 200 m x 20 m dan sedang dalam tahap pembangunan seluas 50m x 20m. Untuk menuju pelabuhan Garongkong telah tersedia jalan akses langsung dari jalan utama Trans Sulawesi. Jarak antara jalan utama Trans Sulawesi menuju ke lokasi Pelabuhan Garongkong adalah sekitar ± 1,5 km. Penilaian pelabuhan laut adalah perkiraan manfaat ekonomi dari suatu pelabuhan laut yang dinilai pada satu ukuran waktu tertentu dan definisi nilai yang tertentu pula. Analisis ini bertujuan untuk menjabarkan cara-cara untuk menilai Pelabuhan Garongkong menggunakan pendekatan biaya untuk seluruh bangunannya dan pendekatan data pasar untuk tanah dibawahnya.

- by Zakie Muhammad
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- Marine Engineering, Real Estate Appraisal, Valuation, Seaport development

The aim of this study is to assess the trend of residential properties proximate to Federal Polytechnic Ede, Nigeria with a view to providing information for real estate investment decisions. The study was carried out by means of questionnaire survey. The population for the study consisted of Estate Surveyors and Valuers, Landlords, and the staff of the Management Information System (MIS) Unit of the Federal Polytechnic Ede. The areas covered for this study includes Agbale, Rombay, Ogberin and main gate areas which are neighborhoods proximate to the institution. Both descriptive statistical tools such as percentages, weighted mean scores and averages as well as inferential statistical tools such as correlation and regressions models were used in analysis of the data obtained. The study found that there was a steady and consistent increase in students' enrolment from 2007 to 2016. Similarly there was a significant increase in the rental values of residential properties in the neighborhoods around the institution. Both the correlation and regression analysis showed a significant positive relationship between students' enrolment and the rental values of residential properties in the study area. The implication of this is that investors in the real estate sector could consider investing in properties proximate to such institutions so as to address the mismatch between supply and demand for students' accommodation and enjoy high returns on investments.

The purpose of this paper is to demonstrate the application of real options analysis in the appraisal of commercial real estate development using a case study project. The study compared the appraisal outputs of the traditional DCF(NPV) under three scenarios of most optimistic, most likely and most pessimistic, against the results obtained from the ROA, using the Samuelson McKean formula. The findings revealed that uncertainties and risks are better predicted and analysed in development projects with the use of real options analysis, as opposed to relying solely on traditional DCF (NPV) appraisal method. Also, the ROA provides in vestors with a better context in which to make informed decisions about the development project. The paper emphasized the relevance of real options analysis and the analysis of investment risk in project decisions with the aim of enhancing investment decision making. The paper is one of the few attempts that seek to demonstrate the practical application of ROA.

This paper reports on an approach to mass appraisal modeling that uses an automated sales comparison model centered around three modifiable parameters; 1) size of the submarket used to create adjustment values, 2) number of comparables, and 3) sensitivity to geographic distance. An iterative approach is employed that searches the parameter space for the most accurate model in terms of prediction error distributions. We conclude by testing this model against traditional regression models with spatial and submarket techniques. While results and data are model dependent, this approach produced comparable or superior error distributions in the market we analyzed.

- by Andy Krause
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- Real Estate Appraisal, Property Tax Assessment

South Africa implemented the REIT structure in 2013 with the intention of encouraging local and international investment. A year after implementation South African listed property was reported to have performed better than the UK, European, and Asian REITs. This study assesses the initial performance of South African REITs and their portfolio diversification benefits when paired with shares, bonds, T-bills, and other listed property in a mixed-asset portfolio, over the period May 2013 to December 2015. The findings show that shares are the best performing asset, risk-adjusted. REITs are a return-enhancer when included in a mixed-asset portfolio, and tend to contribute at the higher end of the risk spectrum. This paper contributes to the performance of REITs, as a limited knowledge exists on emerging markets, it is a study of the only major REITs market in Africa, and is significant as it discusses South African REITs from their implementation.

Berdasarkan hasil analisa dan penilaian terhadap objek pajak, serta mempertimbangkan berbagai faktor yang mempengaruhi nilai, kami menyimpulkan bahwa Nilai Jual Objek Pajak MASJID ASSYUHADA di Jalan Ceger Raya, Jurang Mangu Timur, Pondok... more

Tugas mata kuliah Aplikasi dan Metode Penilaian II

- by Sumayyah M. Nuh
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- Real Estate Appraisal, ASR, Penilaian, Appraisals

Conducting real estate business before the pandemic was more or less through traditional that require physical presence of actors. This seems to be not yielding the desired result and comes with attendant challenges, hence a call for shift from traditional to ICT based and other innovations. This study dealt with the estate surveyors and valuers response to use of modern technology. It also identified the practitioners' level of advancement in the use of modern technology, the use of various social media in the business of real estate, attendance of online/virtual training and seminars during the lockdown. The study adopted descriptive method of data analysis using simple tables and percentages. The findings indicated that while many practitioners were aware of use and existence of certain software in valuation, greater number have not in any way used same in the valuation exercise, many are also aware of the use of drone and its application to real estate but have not had access to the same. It was also found out that Whatsapp and Facebook were commonly used for marketing, the majority of the respondents were said to attend virtual/online seminar/training via Zoom, Whatsapp, Facebook and Google meet/Google classroom.

This study analyzes the demand for green office building features among US office tenants. An on-line survey of a random sample of office tenants in 17 major US markets is employed, with 708 responses representing a 23% response rate. Tenants provided their perspective on green buildings and their stated willingness to pay for individual green features. Office tenants have the highest willingness to pay for improved indoor air quality and access to natural light. The results show that public firms, along with those in the Energy and Information Technology industries are most likely to pay for green labeled buildings. Regional and demographic preferences are shown in both willingness to pay and attribute ranking. The findings provide implications for policy-makers and real estate property developers in terms of which green building features are considered to be most important for green building practices, and how demand for green features potentially differ across regions.

- by Spenser Robinson
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- Real Estate, Corporate Real Estate, Real Estate Development, Real Estate Finance