Environmental certification schemes and property values: evidence from the Hong Kong prime commercial office market
Abstract
A barrier to green-building development is the uncertainty and scepticism about the financial implications. This study aimed to investigate whether the green-certification schemes help buyers to recognize the benefits of green office buildings by their willingness to pay a premium for such buildings. The study used a hedonic-model based on a sample of 67 prime office buildings (including non-green comparables) certified by HKBEAM, BEAM-Plus and LEED in Hong Kong. The empirical findings suggest that green certification schemes add extra value to an office property. The rental value of office properties certified by HKBEAM, BEAM Plus and LEED is about 10.9% higher than for non-certified office buildings. More specifically, tenants/users are willing to pay a premium of 10.9% for green-certified office properties. The findings have practical implications in encouraging green building development in Hong Kong and elsewhere. The findings indicate that the higher rental income from green office buildings can cover the additional cost of obtaining green certification within a period of 22-months (22.32 months) in Hong Kong. The results provide references for various stakeholders (developers/investors/users) in establishing the business case for green-office buildings, because of the ability of the market to capitalize the environmental benefits of green office properties.
Keyword : green certification, office rental value, green-premium, HK-BEAM, BEAM Plus and LEED
How to Cite
Wadu Mesthrige, J., & Chan, H.-T. (2019). Environmental certification schemes and property values: evidence from the Hong Kong prime commercial office market. International Journal of Strategic Property Management, 23(2), 81-95. https://doi.org/10.3846/ijspm.2019.7434
This work is licensed under a Creative Commons Attribution 4.0 International License.
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Gripne, S., Martel, J. C., & Lewandowski, B. (2012). A market evaluation of Colorado’s high-performance commercial buildings. The Journal of Sustainable Real Estate, 4(1), 123-148.
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Hong Kong Rating and Valuation Department (various issues). (n.d.). Annual property reviews. Retrieved from https://www.rvd.gov.hk/en/
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Hui, C. M., Chan, E. W. F., & Yu, K. H. (2015). The effect of LEED certification on Shanghai’s prime office rental value. Journal of Facilities Management, 13(3), 297-310. https://doi.org/10.1108/JFM-10-2014-0033
Hui, E., Tse, C.-kin, & Yu, K.-hung. (2017). The effect of BEAM Plus certification on property price in Hong Kong. International Journal of Strategic Property Management, 21(4), 384-400. https://doi.org/10.3846/1648715X.2017.1409290
Hyland, M., Lyons, R. C., & Lyons, S. (2013). The value of domestic building energy efficiency-evidence from Ireland. Energy Economics, 40, 943-952. https://doi.org/10.1016/j.eneco.2013.07.020
International Valuation Standards Council. (2017). International Valuation Standards. London, UK.
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Kok, N., Miller, N. G., & Morris, P. (2012). The economics of green retrofits. Journal of Sustainable Real Estate, 4(1), 41-47.
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Miller, N., Spivey, J., & Florance, A. (2008). Does green pay off? Journal of Real Estate Portfolio Management, 14(4), 385-399.
Miller, N. G., Progue, D., Gough, Q. S., & Davis, S. M. (2009). Green buildings and productivity. Journal of Sustainable Real Estate, 1(1), 65-90.
Mohammad, F., & Amato, A. (2006). Public housing and social sustainability indicators: HK-BEAM as a case study. In COBRA 2006 proceedings of the construction and building research conference of the RICS. London: UCL.
Nelson, A. C., Genereux, J., & Genereux, M. (1993). Price effects of landfills on housing values. Land Economics, 68(4), 359-365. https://doi.org/10.2307/3146693
Neter, J., Wasserman, W., & Kutner, M. H. (1989). Applied liner regression models (2 ed.). Homewood, IL: Richard D Irwin.
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Ozus, E. (2009). Determinants of office rents in the Istanbul Metropolitan Area. European Planning Studies, 17(4), 621-633. https://doi.org/10.1080/09654310902811598
Philbrick, D., Scheu, R., & Evens, A. (2014). Valuing the financial benefits of energy efficiency in the multifamily sector. Elevate Energy, US.
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