Archive for the ‘– Josre Issues –’ Category

8.00 – Introduction

[embeddoc url=”” height=”250px” download=”all”]   Preface, acknowledgements, introduction and description of papers included in this volume of JOSRE.

8.01 – Energy Efficiency in Multifamily Rental Homes: An Analysis of Residential Energy Consumption Data

[embeddoc url=”” height=”250px” download=”all”]   In this paper, we examine how energy consumption  differs  among  different residential housing types. Most previous research suggests that apartments are less energy efficient than single-family homes, whether owner-occupied or rental. In addition, principal-agent problems in rental housing are said to lead to greater energy consumption by renters. Using microdata […]

8.02 – Commercial Buildings: Energy Efficiency and Reliability with Electric, Smart, and Microgrids

[embeddoc url=”” height=”250px” download=”all”]   In this paper, we examine energy storage, peak load minimization, and demand response and how these new technologies are allowing commercial building owners to capitalize these value streams by implementing new technologies. The use of smart grids in commercial buildings can reduce total carbon emissions, placing building owners in an […]

8.03 – Value Capitalization Effects of Golf Courses, Waterfronts, Parks, Open Spaces, and Green Landscapes — A Cross-Disciplinary Review

[embeddoc url=”” height=”250px” download=”all”]   This article is a cross-disciplinary  literature  review  of  eight  environmental amenities and their marginal price effect on nearby residential property values. The purpose of the article is to present variation in price contributing effects of amenities on home values and   to identify most commonly used value capturing measurement variables, proximity […]

8.04 – Understanding Sustainability and the Australian Property Professions

[embeddoc url=”” height=”250px” download=”all”]   As the built environment produces a third of total greenhouse gas  emissions, there is potential for the sector to lead in mitigating global warming. Many terms describe sustainable buildings (e.g., green, ecological, environmentally friendly) but are they the same? Could it mean our understanding of sustainability is fragmented or confused? […]

8.05 – Green Residential Appraisals in the United States Context: Challenges and Opportunities

[embeddoc url=”” height=”250px” download=”all”]   Rigorous consideration of  green  and  high-performance  attributes  is  rarely included in the residential property valuation process. Drawing upon the  literature and interviews of  property valuation professionals,  in this I identify key barriers to scale-up of this emerging practice and opportunities for overcoming them. Key categories of opportunities include elevating the […]

8.06 – The Resilience of the Premium for Homes in New Urbanist Neighborhoods

[embeddoc url=”” height=”250px” download=”all”]   In  this  study,  I  analyze  longitudinal   differences   in   single-family home prices in two new urbanist neighborhoods versus surrounding conventional neighborhoods. Using data on 78,513 single-family home sales transactions in Montgomery County, Maryland, I adopt a novel multilevel methodology to assess the effects of neighborhood demographic, economic, and locational characteristics as […]

8.07 – Sustainable Building Attributes that Contribute to Employees’ Productivity — From the Tenant Perspective

[embeddoc url=”” height=”250px” download=”all”]   In this study, I ask office building tenants whether a building’s   environments would impact their productivity at the workplace. Multilevel logistic regression analysis is employed to identify which sustainable building attributes are significantly associated with their perceptions. The findings indicate that 58% of respondents recognize  that a building’s environments influence […]

8.08 – A Class of its Own: The Role of Sustainable Real Estate in a Multi-Asset Portfolio

[embeddoc url=”” height=”250px” download=”all”]   In this paper, we analyze the effect of socially responsible investments within a multi-asset portfolio optimization model. We also attempt to bridge the gap in the real estate literature between sustainability principles and investment analysis. To this aim, listed real estate companies with an active sustainability agenda, identified through the […]

8.09 – 2015 ARES Journal Manuscript Prize Winners

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Complete Volume 8

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7.00 – Introduction

[embeddoc url=”” height=”250px” download=”all”]   Preface, acknowledgements, introduction and description of papers included in this volume of JOSRE.

7.01 – Heterogeneous Price Premiums in Sustainable Real Estate? An Investigation of the Relation between Value and Price Premiums

[embeddoc url=”” height=”250px” download=”all”]   Focusing on the voluntary LEED and ENERGY STAR environmental certification schemes in the United States, we investigate whether price premiums exist across all building value categories or are localized to specific value segments. We find that the largest value building segment does not demonstrate any price premiums, while the smallest […]

7.02 – Incorporating Green Building Features and Initiatives into Commercial Property Valuation

[embeddoc url=”” height=”250px” download=”all”]   The rapid acceptance of green buildings internationally has led to awareness of green building features and initiatives (GBFIs) in the South African property industry; however, among South African valuers, it seems the awareness is still in its infancy. Semi-structured interviews were conducted with valuers of varying degrees of experience in […]

7.03 – The Relevance of Green Building Practice in Emerging Markets: A Perceptual Analysis of Commercial and Industrial Building Users in Ibadan, Nigera

[embeddoc url=”” height=”250px” download=”all”]   In this study, we examine the operational challenges of existing green building related features / systems to develop hypotheses about factors that will increase the demand for green buildings. We test these hypotheses by examining the potential green building advantages that will influence users’ adoption of green practices and their […]

7.04 – Factors Influencing U.S. Homebuilders’ Adoption of Green Homebuilding Products

[embeddoc url=”” height=”250px” download=”all”]   While many researchers have analyzed the obstacles to the diffusion of innovation in building construction, little empirical evidence has been gathered about the factors associated with U.S. homebuilders’ adoption of innovative  building  products. In this paper, we develop  a theory- driven diffusion of innovation conceptual model of homebuilders’ adoption of […]

7.05 – Measuring Highway Impacts on House Prices Using Spatial Regression

[embeddoc url=”” height=”250px” download=”all”]   Generally  accepted real estate valuation theory, augmented by ample empirical evidence, supports the notion of significant impacts on prices of residential properties near highways. Houses adjacent to highways are exposed to potentially increased traffic noise, although these homeowners may benefit from increased accessibility to highway systems. This study is prompted […]

7.06 – LEED Certification of Campus Buildings: A Cost-Benefit Approach

[embeddoc url=”” height=”250px” download=”all”]   This is the first comprehensive  cost-benefit analysis of Leadership in Energy and Environmental Design (LEED) buildings certified within the higher education sector. Sixteen institutions of higher education (IHEs) were surveyed with the findings focused on the upfront green premium and down the line energy savings. The net present value (NPV), […]

7.07 – Appraising Sustainable Building Features: A Colorado Case Study

[embeddoc url=”” height=”250px” download=”all”]   We  investigate  the  current  status  of  sustainable  value  integration  in Colorado’s real estate markets, an area with limited current / historical value attributed to sustainability. The property appraiser has an opportunistic position to influence stakeholders and potentially increase demand  for  sustainable  building.  The  appraisal  process,  necessary inputs, and rules and […]

7.08 – Californian Realtors’ Perceptions towards Energy-Efficient “Green” Housing

[embeddoc url=”” height=”250px” download=”all”]   Realtors are seen as important enablers of behavior change toward a low-carbon future through the communication of sustainability measures to home buyers and sellers. In 2012 / 2013, research was conducted to assess Californian Realtors’ knowledge of, and perceptions towards, sustainable housing using an online survey instrument. The majority of […]

7.09 – Is Green (still) a Matter of Prime? Stylized Facts about the Location of Commercial Green Buildings

[embeddoc url=”” height=”250px” download=”all”]   We investigate the status quo of commercial green building locations and changes made over time in 103 metropolitan statistical areas (MSAs) to detect indications of the maturity of the commercial green building market. The findings of the descriptive analysis, based on LEED data provided by the U.S. Green Building Council, […]

7.10 – Assessing the Implementation of Mandating Energy Efficiency: Boulder, Colorado’s Implementation of SmartRegs

[embeddoc url=”” height=”250px” download=”all”]   On January 3, 2011, the City of Boulder, Colorado implemented the SmartRegs ordinances updating the city’s housing and rental licensing code by mandating baseline efficiency requirements for rental housing units. We examine the SmartRegs inspector training program relative to the prescriptive path checklist for compliance and quality assurance controls from […]

7.11 – 2014 ARES Journal Manuscript Prize Winners

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6.00 – Introduction

[embeddoc url=”” height=”250px” download=”all”]   Preface, acknowledgements, introduction and description of papers included in this volume of JOSRE.

6.01 – Chemical Hazardous Sites and Residential Prices: Determinants of Impact

[embeddoc url=”” height=”250px” download=”all”]   The Emergency Planning and Community Right-to-Know Act (EPCRA) requires reporting of potential chemical hazardous sites to the Environmental Protection Agency (EPA). The EPA discloses some sites on the Internet while others are not. I investigate whether Internet disclosure makes a difference on the impact a hazardous site has on nearby […]

6.02 -Value Capitalization Effect of Protected Properties: A Comparison of Conservation Easement with Mixed-Bag Open Space

[embeddoc url=”” height=”250px” download=”all”]   In this paper, I examine the impact of open space restrictions on neighboring house prices using hedonic modeling framework and GIS. The comparison is between two groups of parcels in Worcester, Massachusetts: one has a mixture of open space restrictions that limit or prohibit development and the other has a […]

6.03 – Power Lines and Perceived Home Prices: Isolating Elements of Easement Rights and Noise Pollution

[embeddoc url=”” height=”250px” download=”all”]   This study is the first to use experimental design to look beyond the overall impact of power lines on property values by examining specific easement rights and noise pollution concerns. I find that in isolation, easement rights are associated with a non-significant reduction in property value, whereas noise pollution statistically […]

6.04 – “Not in My Backyard”: The Effect of Substance Abuse Treatment Center s on Property Values

[embeddoc url=”” height=”250px” download=”all”]   Residential treatment centers offer the most intense form of treatment for substance abuse and are often embedded in residential neighborhoods. As a result of the Patient Protection and Affordable Care Act, the number of treatment centers has been forecasted to burgeon. We examine the external effect of residential rehab centers […]

6.05 – The Effect of a Large Hog Barn Operation on Residential Sales Prices in Marshall County, KY

[embeddoc url=”” height=”250px” download=”all”]   In this paper, we examine the economic impact of a tightly clustered complex of hog barns, a type of concentrated animal feeding operation (CAFO) on residential property in a rural area near Benton, Kentucky. The operation creates noxious and offensive odors associated with swine-raising and waste disposal activities. Theory and […]

6.06 – A Study of LEED vs . Non- LEED Office Buildings Spatial & Mass Transit Proximity in Downtown Chicago

[embeddoc url=”” height=”250px” download=”all”]   Although the number of Leadership in Energy and Environmental Design (LEED) certified office buildings continues to increase, research on their spatial distributions in comparison to non-LEED buildings and mass transit links need to be explored in depth. This paper focuses on these aspects using all the downtown Chicago Class A […]

6.07 – Monte Carlo Cash Flows and Sustainability: How to Decide on Going Green

[embeddoc url=”” height=”250px” download=”all”]   Green, sustainable or energy-efficient buildings apparently outperform other buildings with respect to rental level, value, and/or occupancy rates according to empirical findings. Most studies focus on commonly accepted databases to analyze the value or rent differences from a top-down perspective, that is, investigating value or rent differences between subject and […]

6.08 – The Effect of Sustainability on Retail Values , Rents, and Investment Performance: European Evidence

[embeddoc url=”” height=”250px” download=”all”]   This paper is the first to focus on the effects of sustainability on the investment performance of a European retail portfolio comprising 128 properties in the Netherlands and extends the existing range of studies on the office and residential sectors in the United States. As the data sample is an […]

6.09 – Walk Score: The Significance of 8 and 80 for Mortgage Default Risk in Multifamily Properties

[embeddoc url=”” height=”250px” download=”all”]   In this paper, I use logistic regression to study the relationship between walkability and mortgage default risk in multifamily housing in a pool of nearly 37,000 Fannie Mae loans. Walkability is measured with Walk Score, a widely available metric. Controls were introduced for loan terms, property characteristics, neighborhood conditions, and […]

6.10 – Green Office Buildings: A Qualitative Exploration of Green Office Building Attributes

[embeddoc url=”” height=”250px” download=”all”]   In this paper, we identify specific green building attributes important to tenants using a mixed-industry series of focus-groups in Chicago, Denver, Washington D.C., and the San Francisco Bay Area. The focus groups reveal the relative importance of green office building attributes and further explore the qualitative reasons for those rankings. […]

6.11 – 2014 ARES Journal Manuscript Prize Winners

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5.00 – Introduction

[embeddoc url=”” height=”250px” download=”all”]   Preface, acknowledgements, introduction and description of papers included in this volume of JOSRE.

5.01 – The Relationship between the Occupation of Residential Green Buildings and Pro-environmental Behavior and Beliefs

[embeddoc url=”” height=”250px” download=”all”]   The United Nations strives to promote a healthier society and to develop sustainability, with initiatives such as the New Green Economy, which is part of the United Nations Environment Programme (UNEP). This paper uses a survey of owners and occupiers, using two conceptual frameworks known as the Four Myths of […]

5.02 – LEED and Energy Efficiency: Do Owners Game the System?

[embeddoc url=”” height=”250px” download=”all”]   By meeting a set of predetermined requisites and guidelines in the construction or retrofitting process, building owners are able to obtain a Leadership in Energy and Environmental Design (LEED) certification. Given that owners of LEED-certified buildings are often rewarded with financial incentives such as tax breaks and zoning allowances, it […]

5.03 – The Feasibility of Reducing Greenhouse Gas Emissions in Residential Buildings

[embeddoc url=”” height=”250px” download=”all”]   The American Clean Energy and Security Act of 2009, the so-called Waxman-Markey cap and trade bill, proposed that all residential buildings be renovated to meet existing energy codes upon sale to minimize emissions. In this paper, we examine existing and suggested International Energy Conservation Codes (IECC) and how they compare […]

5.04 – Impact of Energy and Environmental Factors in the Decision to Purchase or Rent an Apartment: The Case of Sweden

[embeddoc url=”” height=”250px” download=”all”]   In this paper, I examine the importance of environmental factors in the residential property market. The paper presents results from a quasiexperimental study and survey responses from 733 occupants of green and conventional buildings. The findings show that energy and environmental building performance factors have rather a minor impact on […]

5.05 – The Operating Expense Puzzle of U.S. Green Office Buildings

[embeddoc url=”” height=”250px” download=”all”]   Cost savings from efficiency gains are at the core of the green building business case. Significantly lower energy bills are said to be a major factor in the green rent premium observed in earlier studies. Our study tests this relationship by inferring energy costs from operating expenses for a large […]

5.06 – Willingness to Pay for Green Buildings: Empirical Evidence from Switzerland

[embeddoc url=”” height=”250px” download=”all”]   The demand for green buildings and to what extent firms will pay a premium price compared to conventional buildings is a lively debate. Policy instruments like the Swiss CO2-enactment and the Swiss Building Program encourage and incentivize investments in energy-efficient properties. Based on a corporate real estate survey, I investigate […]

5.07 – The Green Building Technology Model: An Approach to Understanding the Adoption of Green Office Buildings

[embeddoc url=”” height=”250px” download=”all”]   This article investigates the economic and non-economic factors that influence the willingness of building professionals to adopt green office building technology. We developed a model that analyzes the impact of four variables on the intention to adopt green building technology, as measured by the adoption of LEED and ENERGY STAR […]

5.08 – The Effect of Sustainability Features on Mortgage Default Prediction and Risk in Multifamily Rental Housing

[embeddoc url=”” height=”250px” download=”all”]   This study examines the relationship between transportation-, location-, and affordability-related sustainability features and default risk in multifamily housing. It finds that sustainability features can be used to improve the prediction of mortgage default and reduce default risk. The study uses 37,385 loans in the Fannie Mae multifamily portfolio at the […]

5.09 – Does Greater Energy Performance have an Impact on Real Estate Revenues?

[embeddoc url=”” height=”250px” download=”all”]   In order to further mitigate negative environmental impact, the European Union (EU) has adopted the so called ‘‘20-20-20’’ goals, in which a (primary) energy reduction target is included. Subsequently, the Energy Performance Certificate (EPC) for buildings (via the Directive on the Energy Performance of Buildings) has been implemented in EU […]

5.10 – Transpired Solar Air Collectors: An Energy Efficient Technology for Commercial Builders

[embeddoc url=”” height=”250px” download=”all”]   Buildings account for 41% of energy consumption in the United States. Eighty-five percent of this energy comes from non-renewable fossil fuels. There are several ways to use energy more efficiently and produce energy using renewable energy sources. In this paper, we examine three types of solar technologies—photovoltaic (PV), solar water […]

5.11 – Investigating Deep Retrofits for Toronto’s Financial District Office Towers

[embeddoc url=”” height=”250px” download=”all”]   In response to a perceived shift towards green building practices and an increased focus on energy efficiency in commercial office facilities management, in this report I examine the barriers and drivers related to deep retrofits for the purpose of developing recommendations for increasing the energy efficiency goals of future retrofit […]

5.12 – 2013 ARES Journal Manuscript Prize Winners

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4.00 – Introduction

[embeddoc url=”” height=”250px” download=”all”]   Preface, acknowledgements, introduction and description of papers included in this volume of JOSRE.

4.01 – The Economics of Green Retrofits

[embeddoc url=”” height=”250px” download=”all”]   This is the first study focused on the economics of green renovations. Our findings are focused on Leadership in Energy and Environmental Design (LEED) buildings certified under the Existing Building: Operations and Maintenance (EBOM) certification scheme during the 2005–2010 period. We compare rents and occupancy rates, and investigate the types […]

4.02 – LEED US Commercial Office Market : Market Effects and the Emergence of LEED in Existing Buildings

[embeddoc url=”” height=”250px” download=”all”]   In 1998, the United States Green Building Council (USGBC) developed the Leadership in Energy and Environmental Design (LEED) system as a certification program for sustainable building standards in new developments. The LEED system has garnered a great degree of attention from owners and developers in the U.S. commercial real estate […]

4.03 – Key Drivers and Barriers to the Sustainable Development of Commercial Property in New Zealand

[embeddoc url=”” height=”250px” download=”all”]   In 2011 research was conducted to identify the key drivers and barriers to the sustainable development of commercial property in New Zealand (NZ) by surveying a cross-section of these market participants. The overall aim of the research was to identify any barriers that need to be overcome so that progress […]

4.04 – Sustainability and Income-Producing Property Valuation: North American Status and Recommended Procedures

[embeddoc url=”” height=”250px” download=”all”]   The valuation of property with “sustainability” aspects is not a new property type nor does it call for a deviation from the traditional valuation methods for the appraisal of income-producing properties. However, there can be numerous and significant differences between sustainable and traditional properties that appraisers must consider, research, and […]

4.05 – A Market Evaluation of Colorado’s High-performance Commercial Buildings

[embeddoc url=”” height=”250px” download=”all”]   Colorado’s real estate industry leaders remain skeptical about the financial benefits of high-performance commercial buildings. A survey and index were developed to understand the industry’s perspectives on public policies, programs, and market mechanisms. Additionally, a secondary data analysis was conducted to determine if these buildings command financial benefits for the […]

4.06 – Comparative Analysis of Housing in Conservation Developments: Colorado Case Studies

[embeddoc url=”” height=”250px” download=”all”]   Conservation development (CD) is an approach to the site design of a development property that combines residential development and land conservation. CD has been heralded as an environmentally-friendly development alternative and a means to finance land conservation. We employ a Box-Cox hedonic methodology using transaction data for all CD subdivisions […]

4.07 – Sustainable Management of Real Estate: Is It Really Sustainability?

[embeddoc url=”” height=”250px” download=”all”]   This paper investigates from a management perspective exactly what building owners and managers of commercial real estate are actually doing in the guise of sustainability. This research investigates key owners of real estate portfolios in Australia and New Zealand, and examines what they perceive sustainability to mean to their commercial […]

4.08 – Landscape Restoration and Stewardship Funded in Perpetuity Through Home-site and Golf Course Development

[embeddoc url=”” height=”250px” download=”all”]   A challenge for sustainable development on restored landscapes is to secure funding in perpetuity for restoration. We report on a project that has provided a stable source of long-term funding for restoration in conjunction with development of housing, a golf course, and other amenities. At the restored site, historic grazing […]

4.09 – Sustainability for Suburbs

[embeddoc url=”” height=”250px” download=”all”]   The purpose of this paper is to encourage dialogue resulting in action to address unsustainable suburban sprawl. This paper focuses upon suburbs out of recognition that regional and global sustainability is not approachable until the adverse impacts of suburban sprawl and decline are resolved.   Author: Errol Cowan

4.10 – 2012 ARES Journal Manuscript Prize Winners

[embeddoc url=”” height=”250px” download=”all”]   2012 American Real Estate Society Manuscript Prizes

3.00 Introduction

[embeddoc url=”” height=”250px” download=”all”]   Preface, acknowledgements, introduction and description of papers included in this volume of JOSRE.

3.01 – Dynamics of Green Rentals over Market Cycles: Evidence from Commercial Office Properties in San Francisco and Washington DC

[embeddoc url=”” height=”250px” download=”all”]   This study examines the rental rate dynamics of green commercial office properties in the San Francisco and Washington DC metropolitan areas. Similar to previous studies, we find that green office properties enjoy rental rate premiums over comparable non-green buildings. Our models also suggest that green property rents may provide a […]

3.02 – Residential Land Values and Walkability

[embeddoc url=”” height=”250px” download=”all”]   The aim of this paper is to determine to what extent the benefits of walkable neighborhoods are reflected in land values. We find that after controlling for population growth and lot size, land values generally increase with walkability and that this result is stable over time.   Authors: Stephanie Yates Rauterkus […]

3.03 – The Political Economy of Green Industrial Warehouses

[embeddoc url=”” height=”250px” download=”all”]   This investigation into the effects of environmental certification on commercial real estate properties expands our understanding of environmental certification and valuation effects by examining a previously unexplored property type: industrial warehouse facilities.   Authors: David M. Harrison and Michael J. Seiler

3.04 – Greening the Regulatory Landscape: The Spatial and Temporal Diffusion of Green Building Policies in U.S. Cities

[embeddoc url=”” height=”250px” download=”all”]   This paper explores the determinants of green building policy adoption and the spatial and temporal diffusion of such policies.   Authors: Constantine E. Kontokosta

3.05 – Explaining LEED Concentration: Effects of Public Policy and Political Party

[embeddoc url=”” height=”250px” download=”all”]   This study investigates the factors that influence the spatial concentration of Leadership in Energy and Environmental Design (LEED) certified buildings in the United States.   Authors: Eugene Choi and Norman G. Miller

3.06 – Valuing Green Home Designs: A Study of ENERGY STAR Homes

[embeddoc url=”” height=”250px” download=”all”]   A number of researchers have attempted to isolate the incremental effect of energy efficiency on home value; however, few studies have benefited from the availability of a comprehensive and continuous indicator of home energy efficiency such as the ENERGY STAR program.   Authors: Bryan Bloom, MaryEllen C. Nobe, and Michael D. […]

3.07 – The Demand for Green Housing Amenities

[embeddoc url=”” height=”250px” download=”all”]   This study begins to fill the research void on this topic by examining how important green amenities are in the search for a home to purchase.   Author: Kimberly R. Goodwin

3.08 – The Role of Dual-pane Windows and Improvement Age in Explaining Residential Property Values

[embeddoc url=”” height=”250px” download=”all”]   The results from a hedonic pricing model indicate a positive and statistically significant direct effect for residential transactions with improvements possessing the dual-pane window feature.   Authors: Ramya R. Aroul and J. Andrew Hansz

3.09 – Green Mark Certification: Does the Market Understand?

[embeddoc url=”” height=”250px” download=”all”]   This results of this study found that, although green certification commands a statistically significant premium, the different tiers of certification create confusion among market participants.   Authors: Kwame Addae-Dapaah and Su Jen Chieh

3.10 – The Process for Adopting an Energy Efficiency Code in Existing Homes: A Case Study of Boulder, Colorado’s SmartRegs Program

[embeddoc url=”” height=”250px” download=”all”]   This study analyzes the process the City of Boulder endured to adopt SmartRegs by performing a content analysis of public meeting minutes and conducting interviews with decision makers to identify barriers and success factors.   Authors: Laura Barrett, Scott Glick, and Caroline Clevenger

3.11 – Does Sustainability Pay Off for European Listed Real Estate Companies? The Dynamics between Risk and Provision of Responsible Information

[embeddoc url=”” height=”250px” download=”all”]   This paper follows the guidelines of the Global Reporting Initiative and the European Public Real Estate Association to investigate the quality of real estate-related sustainability information provided by European listed real estate companies in 13 countries.   Authors: Marcelo Cajias and Sven Bienert

3.12 – Facility Sustainment and Firm Value: A Case Study Based on Target Corporation

[embeddoc url=”” height=”250px” download=”all”]   This paper argues that increasing the level of facility sustainment (maintenance and repair) funding can increase firm value.   Author: Robert Beach

3.13 – The Cost of LEED: An Analysis of the Construction Costs of LEED and Non-LEED Banks

[embeddoc url=”” height=”250px” download=”all”]   This study is an analysis of the initial building costs for two Leadership in Energy and Environmental Design (LEED) banks and eight non- LEED banks with similar building types and sizes located in western Colorado.   Authors: Chad Mapp, MaryEllen C. Nobe, and Brian Dunbar

3.14 – Creative Construction: The Capacity for Environmental Innovation in Real Estate Development Firms

[embeddoc url=”” height=”250px” download=”all”]   This paper examines three hypotheses: (1) green development adopters and their investors take a longer-term stake in projects; (2) price competition is less important than competition over quality, and (3) the developer takes greater control, especially in the provision of design and construction services.   Author: William B. Bradshaw II

3.15 – Sustainability and Graduate Business Education: An Analysis of the Need, Best Efforts to Date, and Curriculum Recommendations

[embeddoc url=”” height=”250px” download=”all”]   This paper examines the current state of green education by identifying the top graduate business programs that offer high quality education, relevant coursework, and sustainable campus-wide operations.   Author: Marnie L. Abramson

3.16 – 2011 ARES Journal Manuscript Prize Winners

[embeddoc url=”” height=”250px” download=”all”]   2011 American Real Estate Society Manuscript Prizes

2.0 Introduction

[embeddoc url=”” height=”250px” download=”all”]   Preface, acknowledgements, introduction and description of papers included in this volume of JOSRE.

2.01 – Green on Buildings: The Effects of Municipal Policy on Green Building Designations in America’s Central Cities

[embeddoc url=”” height=”250px” download=”all”]   This study quantitatively examines the effect of municipal policies on commercial green office building designations.   Author: Eugene Choi

2.02 – Corporate Real Estate and Corporate Sustainability Reporting: An Examination and Critique of Current Standards

[embeddoc url=”” height=”250px” download=”all”]   This article examines Global Reporting Initiative’s (GRI) corporate sustainability reporting standards and identifies existing and missing linkages with corporate real estate disclosures.   Authors: Steven P. Laposa and Sriram Villupuram

2.03 – The Operations and Management of Green Buildings in the United States

[embeddoc url=”” height=”250px” download=”all”]   This study examines the performance of green buildings from the operation and management perspective.   Authors: Norman G. Miller, Dave Pogue, Jeryldine Saville, and Charles Tu

2.04 – Carbon Markets: A Hidden Value Source for Commercial Real Estate?

[embeddoc url=”” height=”250px” download=”all”]   Real estate is one of the largest contributors to CO2 emissions yet the industry knows very little about this topic.   Authors: Aaron G. Binkley and Brian A. Ciochetti

2.05 – Indoor Air Quality and Office Property Value

[embeddoc url=”” height=”250px” download=”all”]   Urbanization and technological advancement have resulted in many urbanites working in window-sealed high-rise office buildings.   Authors: Kwame Addae-Dapaah, Tham Kok Wai, Mohd Jaafar Bin Dollah, and Yvonne Foo

2.06 – Location Efficiency and Mortgage Default

[embeddoc url=”” height=”250px” download=”all”]   Using a sample of over 40,000 mortgages in Chicago, Jacksonville, and San Francisco, we model the probability of mortgage default based on differences in location efficiency.   Authors: Stephanie Y. Rauterkus, Grant I. Thrall, and Eric Hangen

2.07 – Capital Markets and Sustainable Real Estate : What Are the Perceived Risks and Barriers?

[embeddoc url=”” height=”250px” download=”all”]   This paper examines the perceptions of the real estate capital market players regarding green buildings.   Authors: Louis A. Galuppo and Charles Tu    

2.08 – Uncertainty, Real Option Valuation, and Policies toward a Sustainable Built Environment

[embeddoc url=”” height=”250px” download=”all”]   Real option value can severely hinder investments in energy conservation in real estate.   Author: Emiel van der Maaten

2.09 – Owner-Tenant Engagement in Sustainable Property Investing

[embeddoc url=”” height=”250px” download=”all”]   When it comes to sustainability, improving existing buildings is arguably more important than developing better new facilities.   Author: Gary Pivo

2.10 – The Challenges of Identifying and Examining Links between Sustainability and Value: Evidence from Australia and New Zealand

[embeddoc url=”” height=”250px” download=”all”]   A commonly-accepted observation by industry stakeholders is that the financial benefits of sustainable real estate investment are inherently difficult to quantify (RICS, 2009).   Authors: George Warren-Myers and Richard Reed

2.11 – Integrating Sustainability and Green Building into the Appraisal Process

[embeddoc url=”” height=”250px” download=”all”]   Sustainability’s key concepts and impacts on real estate valuation have been largely sidestepped to date.   Authors: Timothy P. Runde and Stacey Thoyre

2.12 – Implementing ESG in Private Real Estate Portfolios: The Case of U.S. and Pan-Europe Core Fund Managers

[embeddoc url=”” height=”250px” download=”all”]   This paper provides an overview of current environmental, social, and governance (ESG) practice with some of the leading U.S. and pan-Europe institutional real estate open-end fund managers.   Author: Tamara Larsen

2.13 – Reducing Greenhouse Gases from Buildings in the San Diego Region: An Analysis of Local Government Policy Options

[embeddoc url=”” height=”250px” download=”all”]   This paper evaluates a range of policies within local government authority to reduce greenhouse gas (GHG) emissions from electric and natural gas use associated with buildings.     Author: Scott Anders

2.14 – Energy Efficiency Improvements: Do they Pay?

[embeddoc url=”” height=”250px” download=”all”]   This study attempts to quantify the economic gains associated with investment in energy efficiency improvements (EEI) for commercial real estate.   Authors: Brian A. Ciochetti and Mark D. McGowan

2.15 – Teaching Sustainability: Applying Studio Pedagogy to Develop an Alternative Post-Hurricane Housing Solution Using Surplus Shipping Containers

[embeddoc url=”” height=”250px” download=”all”]   This paper illustrates the use of studio teaching as a technique for promoting an interdisciplinary approach to teaching students about sustainability.   Authors: Pernille Christensen and Elaine Worzala

2.16 – “Hey, Your Tree Is Shading My Solar Panels”: California’s Solar Shade Control Act

[embeddoc url=”” height=”250px” download=”all”]   This paper explores laws adopted in the United States at the state level to ensure that a property owner has access to direct sunlight.   Authors: Scott Anders, Taylor Day, and Carolyn Adi Kuduk

2.17 – Wind Farm Announcements and Rural Home Prices : Maxwell Ranch and Rural Northern Colorado

[embeddoc url=”” height=”250px” download=”all”]   This study examines the announcement affect of a proposed wind farm development on an 11,000-acre ranch in Northern Colorado on surrounding rural housing prices.   Authors: Steven P. Laposa and Andrew Mueller

2.18 – Journal Manuscript Prize Winners

[embeddoc url=”” height=”250px” download=”all”]   2010 American Real Estate Society Manuscript Prizes

1.1 – International Comparison of Sustainable Rating Tools

[embeddoc url=”” height=”250px” download=”all”]   This paper undertakes an international comparison of global sustainability tools and examines their characteristics and differences.   Authors: Richard Reed, Anita Bilos, Sara Wilkinson, and Karl-Werner Schulte

1.2 – Effect of LEED Ratings and Levels on Office Property Assessed and Market Values

[embeddoc url=”” height=”250px” download=”all”]   This study examines the effect of Leadership in Energy and Environmental Design (LEED) ratings and certification levels on Assessed (AV) and Market Values (MV), while controlling for a property’s characteristics and its location.   Author: Sofia V. Dermisi

1.3 – An Investigation of the Effect of Eco-Labeling on Office Occupancy Rates

[embeddoc url=”” height=”250px” download=”all”]   This paper investigates the effect of eco-labeling on the occupancy rates of commercial offices in the United States.   Authors: Franz Fuerst and Patrick McAllister

1.4 – Green Buildings and Productivity

[embeddoc url=”” height=”250px” download=”all”]   The cost to provide healthier environments is modest compared to the benefits.   Authors: Norm G. Miller, Dave Pogue, Quiana D. Gough, and Susan M. Davis

1.5 – How Risky Are Sustainable Real Estate Projects?

[embeddoc url=”” height=”250px” download=”all”]   Recent empirical evidence on rent and occupancy premiums associated with sustainable buildings is used to evaluate risks and returns associated with green real estate development projects.   Author: Jerry Jackson

1.6 – Removing Market Barriers to Green Development

[embeddoc url=”” height=”250px” download=”all”]   This paper examines how the market may intentionally or unintentionally create barriers to green development practices.   Author: Christopher Choi

1.7 – The Effect of State and City Green Policies on the Market Penetration of Green Commercial Buildings

[embeddoc url=”” height=”250px” download=”all”]   Pro-green building policies originated in the not-for-profit sector, and have worked their way into public policy since their inception in the early 1990s.   Authors: Robert A. Simons, Eugene Choi, and Donna M. Simons

1.8 – Sustainable Real Estate Development: The Dynamics of Market Penetration

[embeddoc url=”” height=”250px” download=”all”]   This paper uses three different data sources to examine the rate of growth of sustainable development practices.   Author: John Goering

1.9 – Sustainability of Sustainable Real Property Development

[embeddoc url=”” height=”250px” download=”all”]   This paper investigates commercial buildings users’ perception of the benefits of green buildings and how this perception influences their decision to occupy and/or invest in them.   Authors: Kwame Addae-Dapaah, Liow Kim Hiang, and Neo Yen Shi, Sharon

1.10 – Step-by-Step to Sustainable Property Investment Products

[embeddoc url=”” height=”250px” download=”all”]   This paper sets out a strategy for the development, implementation, and widespread dissemination of sustainable investment products (sustainable property funds) for the property industry.   Authors: Christoph Rohde and Thomas Lu

1.11 – The Green Building Impact Report 2008

[embeddoc url=”” height=”250px” download=”all”]   This is the executive summary of the first annual Green Building Impact Report, an in-depth look at how LEED-certified and built-to-LEED buildings are affecting land, water, energy, materials, and employee productivity.   Author: Rob Watson

1.12 – Personal Perspectives on LEED Management and Investment

[embeddoc url=”” height=”250px” download=”all”]   In May of 2009, Jason Tuomey conducted interviews that provide some in-the-trench perspectives on the sustainability trends in real estate.   Author: Jason Tuomey

1.13 – Journal Manuscript Prize Winners

[embeddoc url=”” height=”250px” download=”all”] 2009 American Real Estate Society Manuscript Prizes  

The Journal of Sustainable Real Estate