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Title: Price effects of ecolabels for commercial offices in the UK
Author: Wetering, Johannes Theodorous van de
Awarding Body: University of Reading
Current Institution: University of Reading
Date of Award: 2013
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Over the last decade, a number of ecolabels have emerged in the UK that attempt to inform real estate market participants by reporting the environmental impacts of buildings. Emerging research has suggested that market participants use ecolabels to express their preferences for envirorunentally efficient buildings through price premiums, yet little evidence exists in the UK to substantiate these claims. This thesis investigates whether there is evidence in the real estate office market in the United Kingdom that the adoption of superior ecolabels leads to price premiums. Separate datasets are used to measure the impact on market decisions of the three most widely implemented UK ecolabels: the mandatory Energy Performance Certificate (EPC) and Display Energy Certificate (DEC) energy assessment tools and the voluntary Building Research Establishment Environmental Assessment Method (BREEAM) environmental assessment tool. The EPC study results indicate that a significant rental premium exists for energy-efficient buildings and that this premium appears to be driven in the main by the youngest cohort of state-of-the-art energy-efficient buildings. The DEC study results reveal that occupants are expressing their preferences for space that has not necessarily achieved the highest typical and operational energy efficiency standards, although some signals are found that may indicate a preference for comparative energy efficiency. Finally, the BREEAM study results reveal that a premium exists for BREEAM-certified buildings compared to non-rated buildings. The results also indicate that this premium remained relatively constant during the study period from 2006 to 2010. This research makes a significant contribution to existing research as it has benefited from large datasets on ecolabels, observed contract rents and building characteristics in the UK which have not been previously available to researchers. Furthermore, the study highlights significant barriers which may provide challenges as the sustainability agenda becomes more firmly embedded in property thinking.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available