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2019 | Buch | 1. Auflage

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Sustainable Real Estate

Multidisciplinary Approaches to an Evolving System

herausgegeben von: Thomas Walker, Cary Krosinsky, Lisa N. Hasan, Stéfanie D. Kibsey

Verlag: Springer International Publishing

Buchreihe : Palgrave Studies in Sustainable Business In Association with Future Earth

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

This edited collection broadens the definition of sustainable real estate based on industry trends, research, and the Paris Climate Agreements. Discussions encompass existing and new buildings throughout their life cycle, the financing of their development and operations, and their impact on the surrounding environments and communities. This broader perspective provides a better understanding of the interconnected nature of the environmental, societal, communal, political, and financial issues affecting sustainable real estate, revealing the wide-ranging impact of practitioners' decisions on the sustainable real estate system. Bringing together carefully selected articles from leading global academic and practitioner experts from urban planning, design, construction, and finance, this collection brings to light new opportunities and innovative transdisciplinary solutions to as-yet unresolved problems.

Inhaltsverzeichnis

Frontmatter

Chapter 1. Introduction

Abstract

Sustainable real estate has been one of the most innovative industries over the past three decades. Steadily growing interest in sustainable development issues and the emergence of a strong business case for green building practices have supported the rapid development of the sector. Advances have occurred in terms of building materials and assemblies, certifications and labeling programs, simulation tools, design and procurement processes, federal and municipal regulations, sustainable investment vehicles and marketing strategies.

Lisa N. Hasan

Chapter 2. The Relevance of Real Estate in Solving Climate Change

Abstract

Sustainable real estate provides an opportunity to tackle climate change while achieving better financial outcomes. Given the amount of greenhouse gas emissions from buildings, we know that climate change cannot be solved without addressing energy efficiency in buildings. Moreover, sustainable real estate provides an opportunity for better financial outcomes and thus presents a major investment opportunity over at least the next two decades. Yet we lack a true and robust picture of what is necessary of buildings on a global basis. This chapter aims to provide a roadmap of the many sustainable real estate strategies that are imperative to reaching our collective global emissions reduction goals.

Cary Krosinsky

Chapter 3. Evolutions in Sustainability and Sustainable Real Estate

Abstract

This chapter presents historical, theoretical and practical background information for the area of sustainable real estate. The chapter takes a multidisciplinary approach and is structured around the three pillars of sustainability (social, economic and environmental) with a future outlook. It reviews the rise of the concept of sustainable development, explores the connections between the sustainable development goals and real estate, presents the relations and tensions between real estate and the three pillars of sustainability, discusses current trends and identifies possible future developments. The chapter concludes by presenting a map of the sustainable real estate system.

Sherif Goubran, Tristan Masson, Margarita Caycedo

Regulatory Approaches

Frontmatter

Chapter 4. Public Regulatory Trends in Sustainable Real Estate

Abstract

In this chapter, we discuss the three main instruments which planning authorities can use to influence the uptake of sustainable development practices: forward planning, development controls and development incentives. The potential of mandatory disclosure and integrated reporting to mainstream sustainability as a decision criterion is explored, with international examples offering guidance on how the public sector can guide industry in the adoption and implementation of sustainable practices. Finally, this chapter assesses the role of public-sector sustainable procurement practices in stimulating the green economy. It proposes three recommendations to improve the efficacy of public policy to increase the uptake of sustainable development practice across both public and private sectors. A common thread in these recommendations is the need for a collaborative approach creating stakeholder buy in and a need to resource the application of the UN Sustainable Development Goals at all levels of planning policy.

Pernille H. Christensen, Jeremy Gabe

Chapter 5. A Policy Framework for Sustainable Real Estate in the European Union

Abstract

This chapter summarizes the existing knowledge on sustainable real estate in Europe. It is designed as a literature and policy review and provides an overview of where the European Union (EU) and European countries stand regarding sustainable real estate in 2017. A first section reviews the EU regulations and policies that promoted minimum standards and common practices to boost the sustainable transition of the building stocks across Member States. A second section examines the diversity of European countries, their different approaches and uneven progress toward “smart-readiness”. Three challenges are identified: the difficult financing of building renovation, the necessity to alleviate energy poverty and the current transition toward connected buildings. Key national policies are sampled to illustrate the diversity of paths chosen by European countries.

Diane Strauss

Market-Driven Approaches

Frontmatter

Chapter 6. Information or Marketing? Lessons from the History of Private-Sector Green Building Labelling

Abstract

What can we learn from a quarter century of voluntary green building labelling? Market competition for certification has evolved two dominant labelling strategies, which we classify and describe as “voluntary environmental building codes” and “measured building performance audits”. The former creates a structured framework to support claims of environmental and human health design intentions while the latter supports claims of environmental performance in operation. Empirical research on green building labelling concludes that while labels are often associated with higher property values, there is a growing literature on the systematic disconnect between design intentions and operational performance outcomes, implying that consumers of labels are either primarily interested in the marketing value of certification or unaware of being misinformed. This chapter calls for an integrated certification process across all phases of building design, construction, and operation in order to align incentives between building designers and occupants.

Jeremy Gabe, Pernille H. Christensen

Chapter 7. Global Real Estate Sustainability Benchmarking: An Essential Tool for Real Estate Management

Abstract

This chapter concerns benchmarking and specifically the Global Real Estate Sustainable Benchmark (GRESB). It provides an overview of benchmarking criteria and types before discussing how benchmarking contributes to the development of scenarios and is a useful tool in delivering the necessary productivity improvements required in sustainable real estate management organizations. This is followed by a description of GRESB, a new type of benchmarking, called ‘International standards benchmarking’, which is not a best practice benchmark but rather a dot placed on the horizon establishing a level of sustainability that is already theoretically achievable. The chapter concludes with a discussion of challenges and opportunities to consider with respect to the future of sustainable real estate benchmarking.

Willem G. Keeris, Ruben A. R. Langbroek

Chapter 8. Business Case for Green Buildings for Owner-Operators

Abstract

This chapter outlines the business case for sustainable construction practices in both new and existing real estate. By providing an overview of the analytical methods and financial tools most appropriate to the industry while highlighting important challenges and opportunities, the chapter prepares building owners, developers and construction professionals to strategically and profitably pursue sustainable building practices.

Philippe St-Jean

Chapter 9. Sustainability as an Organizational Effectiveness Tool

Abstract

This chapter discusses an underutilized function of sustainability work as a tool for improving general organizational effectiveness. The chapter details several real-world examples from companies across the real estate sector to illustrate concrete benefits that can result from utilizing sustainability to identify and address organizational weaknesses and opportunities. Drawing on personal experience, conversations with sustainability practitioners and experts, and academic research, Schoen outlines key features of sustainability that allow it to catalyze organizational insight and argues for connecting two functions that most real estate companies keep separate, with the aim of improving profitability and obtaining more business value from sustainability efforts in the buildings sector and beyond.

Sara Levana Schoen

Delivering Affordable, Reliable, Sustainable Energy

Frontmatter

Chapter 10. Building Energy Simulation and the Design of Sustainable and Resilient Buildings

Abstract

Building energy simulation provides an effective means to evaluate the energy performance of buildings and facilitates decision-making processes by offering effective assessments of different design alternatives and strategies. An integrated design approach that considers both passive and active measures exploits the full energy savings potential of a building. This chapter reviews current practices in performing building energy simulation and exposes the potential performance-related risks as related to uncertainty in inputs. Risks can be assessed by considering the stochastic characteristics of real-case scenarios. An economics-based example and a weather-based example serve to demonstrate a performance-based design approach that supports ambitious design goals, such as net-zero energy building, and promotes resilient building designs that could maintain performance levels under the premise of climate change.

Bruno Lee

Chapter 11. Driving Investment in High-Performance Commercial Buildings

Abstract

This chapter provides an overview of the rapidly evolving state of real estate investments, valuation, and financing of high-performance commercial buildings. High performance is defined as the optimization and integration of building systems—energy and water efficiency, leveraging technology, and human behavior—and the buildings’ ability to enhance the well-being of its occupants. Centered on the financial impact to the property and/or portfolio, it links high-performance attributes to a buildings’ market value. It identifies core messaging to motivate owners, investors, financiers, and others in the real estate sector to appropriately analyze the risk and return of high-performance approaches and deploy high-performance strategies and technologies across new and existing buildings. The allocation of capital and financing remain critical components. The chapter summarizes the range of financial mechanisms that facilitate increased investment in these buildings.

Molly J. McCabe

Chapter 12. Financing Rooftop Solar for Single-Family Rental Properties

Abstract

This chapter provides a solution to the split incentive between tenants and landlords currently preventing rooftop solar adoption in the Single-Family Rental (SFR) home market. The Renter’s Power Purchase Agreement (RPPA), which incorporates PPAs into rental agreements and enables property owners to sell electricity to their tenants. After providing a background on the growth of the solar industry and the institutionalization of the SFR market, the strengths of the RPPA compared to the traditional third-party leasing model—it removes the need for expensive tax equity, reduces borrowing costs, and eliminates most sales costs—are presented. The chapter closes with a discussion of the conditions under which the RPPA might be most lucrative at present: neighborhoods in sunny states with strong Net Energy Metering (NEM) policies, above average electricity prices, and concentrated institutional SFR ownership.

Russell Heller

Sustainable Cities and Communities

Frontmatter

Chapter 13. A Case for Sustainable Affordable Housing in the United States

Abstract

This chapter provides an overview of current challenges and opportunities in the U.S. housing market to advocate for sustainable affordable housing in America. It begins by describing the failure of sprawled residential developments and consumption patterns to provide adequate and affordable housing to many Americans. It transitions to discuss how sustainability and affordable housing frameworks share compatible and overlapping goals. Finally, this paper surveys the existing policies and organizations working to promote development in this field, and asks what might happen to them in the future.

Sarah Gomez

Chapter 14. Passive House Standard: A Strategic Mean for Building Affordable Sustainable Housing in Nova Scotia

Abstract

This chapter discusses the approach taken by Housing Nova Scotia (HNS) between 2014 and 2016 to address the need to build more energy-efficient housing. Working with Passive House (PH) consultants, HNS has designed and built three PH affordable housing pilot projects. The challenges and responses HNS faces in managing its existing housing portfolio are first described followed by a description of how and why the PH standard was adopted. For each project, a description of the context, design, and construction is provided with tables highlighting materials and systems used, modeled, and actual energy usage as well as cost comparisons between PH and code-built construction. The chapter concludes with the lessons learnt through this experience as they apply to Nova Scotia.

Ramzi Kawar

Chapter 15. Sustainable Investing in Community Sporting Facilities

Abstract

Any discussion on sustainable real estate would be incomplete without considering the impact of community sporting facilities on the environment and society. Despite there being over 700,000 community sporting clubs in Europe alone, sporting facilities have not been a major focus for sustainable real estate investment. This chapter examines the reasons why this is the case and offers a new model, “Community bonds”, based on the modern adaptation of debentures that were historically used as a financing mechanism to build community assets. Australia is used as a case study to outline a concept of how community bonds can be structured to unlock institutional investment and deliver social and environmental benefits.

Gordon Noble

Chapter 16. Sustainable Real Estate in the Middle East: Challenges and Future Trends

Abstract

Buildings account for 40-odd percent of energy use, 25% of water consumption and one-third of global greenhouse gas emissions. With such a staggering impact, real estate holds tremendous economic, social and environmental potentialities for the global development agenda. This chapter intends to provide an overview of sustainable real estate in the Middle East by focusing on the state of the industry and identifying the challenges faced by the region. Finally, the trends shaping the future of sustainable real estate are discussed. In conclusion, the initiatives put forth so far have been on an ad hoc rather than systematic basis and the Middle East sustainable real estate industry is still in an incipient state.

Amir Rahdari, Asma Mehan, Behzad Malekpourasl

Chapter 17. Sustainable Community Development in Nigeria: The Role of Real Estate Development

Abstract

Access to shelter is one of the basic human needs for survival and has a direct bearing on the pattern of development of a community. To enhance the development of a community in a manner that is environmentally, economically and socially sustainable, all aspects of real estate development must be evaluated. In this case, real estate practitioners and urban planners, two professions that are traditionally practiced in disconnect, will need to cooperate on what constitutes sustainable practice. In Nigeria, like in many developing countries, accommodation forms one of the biggest challenges, particularly in growing urban centers. As a result, intervention programs abound in Nigeria to stimulate development in various local communities involving the development of properties for the purpose of public housing, health centers, markets and hospitality, among others. The question often left unanswered is whether such developments are executed and administered in a way that will not jeopardize the quality of the environment while trying to deliver the social and economic benefits to the community. This chapter examines the critical importance of environmental responsibility in real estate practice and sustainable community development in Nigeria.

Saheed Matemilola, Isa Olalekan Elegbede, Muhammad Umar Bello

Backmatter

Titel: Sustainable Real Estate
herausgegeben von: Thomas Walker
Cary Krosinsky
Lisa N. Hasan
Stéfanie D. Kibsey
Verlag: Springer International Publishing
Electronic ISBN: 978-3-319-94565-1
Print ISBN: 978-3-319-94564-4
DOI: https://doi.org/10.1007/978-3-319-94565-1