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Performance Metrics for Sustainability Value
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.ORCID iD: 0000-0003-0770-234X
2016 (English)Licentiate thesis, comprehensive summary (Other academic)
Abstract [en]

The trend that started with Green Building has moved on into Sustainable Building. But how do we know that something is really sustainable? This project started out with the intention to find a small set of performance indicators for commercial buildings, which could be continuously measured and monitored over time, which would give a good indication of the level of sustainability of the building and as such, and be presented as an additional part in a valuation. Since it has been shown several times over by now that properties that can prove they are sustainable generate a higher market price, these performance indicators would be interesting from the perspective of a valuation professional. In order to find these parameters, the project began with three of the international environmental certification systems and one Swedish system, to study which parameters are considered important in these systems. Following that study, surveys and interviews within the real estate business in Sweden provided an insight into how performance is measured today. Lastly, by combining those studies with a review of the sustainability information considered important by the Royal Institute of Chartered Surveyors (RICS) from a valuation professional’s point of view and an updated literature review, a simple set of indicators could indeed be identified. There is however, still a problem with defining their actual impact on market price. Other authors have come to the conclusion that although sustainability can be measured to some extent, incorporating that information into valuation of the property in a statistical secure way is not yet possible. We need to increase our knowledge about the performance of our built environment and the presented key performance indicators in this thesis would help us do just that. We can also see that real estate owners in many cases already gather much information about their buildings, but they lack the incentives to share that data with others.

Place, publisher, year, edition, pages
Stockholm: KTH Royal Institute of Technology, 2016. , p. 23
Series
TRITA-FOB ; 2017:1
National Category
Environmental Analysis and Construction Information Technology
Research subject
Real Estate and Construction Management
Identifiers
URN: urn:nbn:se:kth:diva-200315ISBN: 978-91-85783-73-1 (print)OAI: oai:DiVA.org:kth-200315DiVA, id: diva2:1068054
Presentation
2017-01-30, L22, Drottning Kristinas Väg 30, Stockholm, 13:00
Opponent
Supervisors
Note

QC 20170124

Available from: 2017-01-24 Created: 2017-01-24 Last updated: 2017-01-24Bibliographically approved
List of papers
1. Sustainable performance in buildings: Time-frames and follow-ups in environmental rating systems
Open this publication in new window or tab >>Sustainable performance in buildings: Time-frames and follow-ups in environmental rating systems
(English)Manuscript (preprint) (Other academic)
Abstract [en]

An environmental certificate gives information about the characteristics of the building today, but does not, as the current study shows, guarantee future performance. The question investigated in this study is if there are any demands at all on a newly constructed and certified building to provide any form of information that shows that the building actually perform according to the promises of the certificate. If there is, then which certificate does have these criteria and how common is it? This report is an attempt to compare popular environmental certificates for newly constructed buildings, but from the perspective of their demand of follow-ups. From the point of view of a property investor and a valuation professional, it should be of interest to identify measurable parameters that could provide historical performance data on a building. Also from an environmental perspective actual long term performance should be most important. In the paper we formulate three conditions that a long term credible environmental rating system should fulfill: any certificate should only be preliminary until it has been verified by actual performance metrics, continuous monitoring should be done and it should be mandatory to re-evaluate the building every fifth year according to updated versions of the rating system in question

Keyword
Sustainability, building performance, environmental rating systems
National Category
Environmental Analysis and Construction Information Technology
Research subject
Real Estate and Construction Management
Identifiers
urn:nbn:se:kth:diva-200311 (URN)
Note

QC 20170124

Available from: 2017-01-24 Created: 2017-01-24 Last updated: 2017-02-03Bibliographically approved
2. Sustainability Metrics for Commercial Buildings in Sweden
Open this publication in new window or tab >>Sustainability Metrics for Commercial Buildings in Sweden
2015 (English)Conference paper, Published paper (Refereed)
Keyword
Green Building, Monitoring, Building Performance
National Category
Environmental Analysis and Construction Information Technology
Identifiers
urn:nbn:se:kth:diva-200312 (URN)
Conference
LARES 2015
Note

QCR 20170124

Available from: 2017-01-24 Created: 2017-01-24 Last updated: 2017-01-24Bibliographically approved
3. Sustainability Metrics and Property Value: The need for a standardized sustainability description
Open this publication in new window or tab >>Sustainability Metrics and Property Value: The need for a standardized sustainability description
(English)Manuscript (preprint) (Other academic)
Abstract [en]

It is known that certified buildings can fetch a higher price on the market, but that it is related to the certificate rather than the performance. If those price premiums are to continue existing, there is a need to be able to prove that certified sustainable buildings also perform according to expectations. The aim of this paper is to try and identify a minimalized shortlist of performance metrics that have the potential to affect market price in commercial real estate. By addressing sustainability assessment schemes in comparison with the RICS sustainability checklist, Due Diligence studies and previous studies on what is technologically available, a shortlist comprised of nine key performance indicators is proposed that can help understand more about the connections between sustainable performance of commercial buildings and market price. The list covers the basic categories of emissions, energy, water and materials and can provide an idea of the environmental performance of the building while in operation. The idea is to use the information provided from this shortlist in valuation reports, and in this way it will be possible to identify connections between specific performance metrics and market price in the future.

National Category
Environmental Analysis and Construction Information Technology
Identifiers
urn:nbn:se:kth:diva-200313 (URN)
Note

QC 20170124

Available from: 2017-01-24 Created: 2017-01-24 Last updated: 2017-02-03Bibliographically approved

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