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Paper eres2011_89:
The Impact of Energy Performance Certificates on the Rental and Capital Values of Commercial Property

id eres2011_89
authors McAllister, Pat; Fuerst, Franz; Ekeowa, Buki
year 2011
title The Impact of Energy Performance Certificates on the Rental and Capital Values of Commercial Property
source 18th Annual European Real Estate Society Conference in Eindhoven, the Netherlands
summary The focus of this study is on the effect of EPC rating on the capital values, rental values and equivalent yields of a sample of UK commercial property assets. As part of a wider objective to reduce greenhouse gas emissions, one of the policy aims of energy labelling of buildings is to provide information to market participants about assetsí energy performance in order to influence their demand. In turn, it is implied that demand shifts will have effects on prices, supply and, ultimately, on greenhouse gas emissions. Since they constitute the terms on which products are exchanged, prices are a fundamental element of markets and, whilst not always perfect, price signals are central to the operation of markets. Research on price effects is, therefore, central to identifying the effectiveness of this type of policy intervention. The study is based upon 708 commercial property assets held in the IPD UK Universe drawn from across all PAS segments. Hedonic regression procedures are used to estimated the determinants of commercial property assetsí yields, capital and rental values.
keywords energy performance certificates, real estate, property values and historic districts, hedonic pricing
series ERES:conference
email p.m.mcallister@rdg.ac.uk
content file.pptx (123,273 bytes)
discussion No discussions. Post discussion ...
ratings
session D4: Green Building and Environmental Policies, Certificates
last changed 2011/06/23 16:27
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