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A Post Occupancy Evaluation of a green rated and conventional residence hall
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.ORCID iD: 0000-0003-4921-9479
(University of Arizona)
2015 (English)Report (Other academic)
Abstract [en]

Green buildings increasingly attract attention in the real estate sector, and the US sector is no exception. Studies indicate that green rated buildings may bring higher rents and sales prices.   One reason for this inequity is that the indoor environment of these buildings may outperform conventional buildings. The main objective of this paper is to conduct a post-occupancy evaluation (POE) to compare the indoor environment in a LEED certified, on-campus residence hall with a similar, non-green rated hall. Results are evaluated to determine if green buildings really outperform. The results suggest that the green rated building outperformed the conventional building in the majority of the indoor environmental aspects, but not all.  These results can inform a cost-benefit analysis of green features for new construction and renovation.   

Place, publisher, year, edition, pages
KTH Royal Institute of Technology, 2015. , p. 28
Series
Working Paper Series, Department of Real Estate and Construction Management & Centre for Banking and Finance (cefin) ; 15/6
Keywords [en]
POE; Post-occupancy evaluation; Residence halls; Green building; Perceived indoor environment; LEED building
National Category
Economics
Identifiers
URN: urn:nbn:se:kth:diva-166704OAI: oai:DiVA.org:kth-166704DiVA, id: diva2:811920
Note

QC 20150603

Available from: 2015-05-13 Created: 2015-05-13 Last updated: 2016-04-07Bibliographically approved
In thesis
1. Green Buildings: Exploring performance and thresholds
Open this publication in new window or tab >>Green Buildings: Exploring performance and thresholds
2016 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

The overall aim of this research project is to study green/energy-efficient real estate from an economic perspective. The thesis summarizes the results from five different studies with a connection to green/energy-efficient real estate.The aim of the first paper (paper A) is to study how tenants perceive the indoor environment in green-rated premises, and to compare these results with tenants’ perception of a conventional building’s indoor environment. The main result is that the tenants in the green-rated building are more satisfied with the indoor environment than the tenants in the conventional building.Papers B and C assess whether energy efficiency has an impact on buildings’ income and market values using Swedish real-estate data. The key result is that although there is a small impact on building-related income, this does not seem to translate into a higher market value.The last two papers included in this thesis study hindrances to a more energy-efficient building sector. In paper D, two office buildings are used as baseline cases to provide insights into the difficulties that can arise when trying to upgrade a building to make it more energy efficient. The results indicate that changing existing leases is a prohibitive process and that it is often difficult to evaluate the final impact of an energy upgrade. The last paper focuses on why it may be rational to postpone green refurbishments even if they are profitable. The main result is that it may be rational to postpone such refurbishments. However, by introducing different financial penalties and/or subsidies, these investments could be triggered today.To sum up, the results indicate that green buildings are preferred by tenants, but that there still appear to be economic barriers to a greener building sector.

Abstract [sv]

Det övergripande syftet med denna avhandling är att studera grön/energieffektiva byggnader ur ett ekonomiskt perspektiv. Avhandlingen består av en kappa och fem separata studier, vilka belyser tre olika forskningsfrågor.

Syftet med den första studien är att studera hur hyresgäster upplever inomhusmiljön i gröna byggnader. I studien jämförs inomhusmiljön i en grön byggnad med inomhusmiljön i en likvärdig konventionell byggnad. Resultatet visar, på det stora hela, att hyresgästerna är mer nöjda med inomhusmiljön i den gröna byggnaden. De nästföljande studierna, B respektive C, undersöker om byggnadens energiprestanda har någon inverkan på dess hyra respektive marknadsvärde. Resultaten visar på en liten signifikant hyrespåverkan, dock verkar denna inte ha någon effekt på byggnadernas marknadsvärdebedömningar. Skälet till detta kan vara att hyrespremien anses för liten för att ha någon signifikant inverkan på byggnadens marknadsvärde, alternativt att fastighetsvärderare inte beaktar energiprestanda när en fastighet värderas.

De två sista studierna studerar varför vissa, tillsynes lönsamma, energiinvesteringar inte genomförs. Resultaten från studie D visar på svårigheterna med att ingå ett samarbetsavtal (för att eliminera felaktiga incitament) mellan hyresgäst och hyresvärd. Sådana avtal tar lång tid att förhandla fram och det uppkommer ofta svårigheter med att utvärdera de tänkta energiinvesteringarnas ekonomiska utfall. Studie E utgår ifrån en realoptionsmodell, vilken används för att utvärdera när ”gröna” renoveringar bör genomföras i en befintlig byggnad. Studien visar att det kan vara rationellt att vänta trots att investeringen idag är lönsam. Vidare visar resultaten att det är möjligt att via byggsubventioner/finansiella ”straff” påverka aktörer att tidigarelägga energieffektiviseringsåtgärder.  Dock är det viktigt att dessa utformas korrekt så att det inte skapar några snedvridna incitament.

Övergripande visar resultaten att gröna byggnader är att föredra ur ett brukarperspektiv men att det fortfarande finns ekonomiska hinder för en mer hållbar byggsektor.

Nyckelord: gröna byggnader, energieffektiva byggnader, EPC, inomhusmiljö, Realoptioner, fastighetsekonomi.

Place, publisher, year, edition, pages
Stockholm: KTH Royal Institute of Technology, 2016. p. x, 31
Series
TRITA-FOB ; 2016:3
Keywords
Green Buildings, Energy-Efficient Buildings, EPC, Indoor Environment Quality (IEQ), Real Options Analyses (ROA), Real-Estate Economics
National Category
Economics
Research subject
Real Estate and Construction Management
Identifiers
urn:nbn:se:kth:diva-184874 (URN)978-91-85783-65-6 (ISBN)
Public defence
2016-04-29, Sal F3, Lindstedtsvägen 26, KTH, Stockholm, 14:00 (English)
Opponent
Supervisors
Note

QC 20160407

Available from: 2016-04-07 Created: 2016-04-06 Last updated: 2016-04-07Bibliographically approved

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