Sustainable Real Estate (eBook)

Multidisciplinary Approaches to an Evolving System

Thomas Walker, Cary Krosinsky, Lisa N. Hasan, Stéfanie D. Kibsey (Herausgeber)

eBook Download: PDF

2018
452 Seiten
Springer International Publishing (Verlag)
978-3-319-94565-1 (ISBN)

Infos

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.

Autor

Thomas Walker has published numerous articles and books in the area of risk management, sustainable finance, and shareholder litigation. He previously directed the David O’Brien Centre for Sustainable Enterprise and has served as the chair of the Finance Department and Associate Dean, Research, at Concordia University, Canada.Cary Krosinsky writes, advises, and teaches at Yale University, USA, and Brown University, USA. At Brown, his teaching helps support the Brown University Sustainable Investment Fund within the Endowment.Lisa N. Hasan is a practicing architect. She holds a Master of Architecture degree from McGill University, Canada, and an MBA from Concordia University, Canada. Her work has focused on green buildings and the development and implementation of sustainable practices for both public and private real estate owners, managers, and investors.Stéfanie D. Kibsey coordinates the Sustainable Investment Professional Certification program at the John Molson School of Business at Concordia University, Canada. She previously worked at the David O’Brien Centre for Sustainable Enterprise and La Caisse de dépôt et placement du Québec. She specializes in connecting sustainability with finance.

Inhalt

Acknowledgments 6
Contents 7
Notes on Contributors 10
List of Figures 16
List of Pictures 19
List of Tables 20
Chapter 1: Introduction 22
References 25
Chapter 2: The Relevance of Real Estate in Solving Climate Change 27
Chapter 3: Evolutions in Sustainability and Sustainable Real Estate 31
1 Introduction 31
2 The Rise of Sustainable Development 32
3 Sustainability and Real Estate 33
3.1 Real Estate and the Environment 35
3.2 Real Estate and the Economy 37
3.3 Real Estate and Society 38
4 Toward Sustainable Real Estate 39
4.1 Current Trends 39
4.2 Criticism of Current Trends 41
4.3 The Role of Tenants, Investors, Governments and Financial Institutions 42
4.4 Future Directions in Sustainable Real Estate 44
5 Conclusion: Mapping the Sustainable Real Estate System 45
References 47
Part I: Regulatory Approaches 52
Chapter 4: Public Regulatory Trends in Sustainable Real Estate 53
1 Introduction 53
2 Strategic Planning, Development Controls and Incentives 57
2.1 Forward Planning Strategies 61
2.1.1 Comprehensive Planning 62
2.2 Development Controls 64
2.2.1 Prescriptive Zoning 65
2.2.2 Performance-Based Zoning 70
2.2.3 Prescriptive Versus Performance-Based Building Codes 72
2.3 Development Incentives 75
3 Mandatory Disclosure and Integrated Reporting 78
4 Public Procurement Standards 81
5 Discussion and Recommendations 85
5.1 Application of the UN SDGs to Improve Sustainability Outcomes in Strategic Planning 86
5.2 Increasing the Impact of Mandatory Disclosure and Integrated Reporting Requirements 87
5.3 Incentives that More Accurately Reflect the Value-Add of Sustainable Development 88
References 90
Chapter 5: A Policy Framework for Sustainable Real Estate in the European Union 95
1 Introduction 95
2 The European Union Walks the Talk on Sustainable Real Estate 96
2.1 A Common Framework of Standards and Practices 96
2.1.1 Member States to Save 1.5% Primary Energy and Renovate 3% of Public Buildings 97
2.1.2 European Standards and Labels for Products 98
2.1.3 Set National Requirements that Respect the Principle of Cost Optimality in Construction and Renovation 98
2.1.4 Construct Only Nearly Zero-Energy Building by 2021 99
2.1.5 Deliver Energy Performance Certificates (EPCs) to Buildings 100
2.1.6 Ensure Improved Connectivity in New Constructions 100
2.2 The EU Budget to Reduce Market Barriers 102
2.2.1 De-Risking Private Investments in Renovation 102
Structural Funds 102
Juncker Plan 104
ELENA Fund, Technical Assistance for Municipalities 104
2.2.2 Financing Innovation to Tackle Market Barriers 105
Setting a European Exchange Platform to Share Best Practices 105
Support the Uptake of Promising Low-Cost Renovation Techniques 105
Provide European-Wide Information on Building Stocks, Renovation and Construction Rates and Policies 106
3 Diversity in National Approaches 106
3.1 Countries Mapping 107
3.2 Major Challenges to Sustainable Real Estate 108
3.2.1 Financing the Renovation 108
Energies POSIT’IF (Ile-de-France, France) 113
Picardie Pass Renovation (Picardie, France) 114
Saerbeck (Germany) 114
3.2.2 Energy Poverty 114
3.2.3 Smart Grid and Demand Response 117
3.3 Interesting National Initiatives 118
3.3.1 Brussels Region (Belgium) to Define Passive House as the Standard for Construction 119
3.3.2 France to Boost Renovation with a Focus on Larger Environmental Concerns 120
3.3.3 Germany, First on Battery Storage 121
3.3.4 The Netherlands, Leader in the Management of Energy Performance Certificates 121
3.3.5 Denmark and Finland, Leaders in Heat Recovery 121
4 Conclusion 122
References 123
Part II: Market-Driven Approaches 130
Chapter 6: Information or Marketing? Lessons from the History of Private-Sector Green Building Labelling 131
1 Introduction 131
2 Voluntary Environmental Building Codes 134
2.1 BREEAM, the Archetype 136
2.2 LEED 139
2.3 Green Star Australia and New Zealand 141
2.4 Voluntary Environmental Building Codes for the Residential Sector 143
3 Measured Building Performance Auditing 144
3.1 Energy Star 145
3.2 National Australian Built Environment Rating System 148
3.3 Display Energy Certificates 150
3.4 Multiple Attribute Rating Systems 151
4 WELL Building Rating 153
5 Critical Review on the Efficacy of Current Systems 156
5.1 Striving for the Minimum 157
5.2 Financial Returns to Labelling 158
5.3 Environmental Returns to Design- and  As-Built-Stage Labelling 160
5.4 Early Outcomes from Repetitive Measured Building Performance Auditing 163
6 Recommendations 165
6.1 Improving the Effectiveness of Green Labelling and Reporting Tools 166
6.2 Increasing Adoption and Use of Voluntary Ratings in Regulation 167
6.3 Harmonising Benchmarking 168
6.4 Integrating Design and Operation 171
7 Conclusion 173
Appendix: Summary of Rating Schemes Reviewed 174
References 175
Chapter 7: Global Real Estate Sustainability Benchmarking: An Essential Tool for Real Estate Management 180
1 Sustainable Real Estate 180
1.1 Introduction: Historically Based Benchmarking and Future Focused Scenarios 180
1.2 Sustainable Real Estate Investing: A Need When ‘Going Concern’ 182
1.3 Background of GRESB: Stimulating Responsible Real Estate Investing 184
2 Benchmarking 187
2.1 History and Background of Benchmarking 187
2.2 Future Focused Use of Benchmarking 188
2.3 Criteria for Benchmarking 189
2.4 Indicators for Benchmarking 191
2.5 Benchmark Types 193
2.5.1 Considering the Competitive Benchmarking 194
2.5.2 Considering the Functional Benchmarking 194
2.5.3 Considering the Best-Use Benchmarking 195
2.5.4 Considering the (International) Standards Benchmarking 195
2.6 The Multiple Kinds of Information from Benchmarking 195
2.6.1 Considering the Market Information 195
2.6.2 Considering the Entrepreneurial Information 195
2.6.3 Considering the Competitive Information 196
2.6.4 Considering the Context Information 196
2.6.5 Considering the Information’s Representativeness 197
2.6.6 Considering the Information’s Transparency 198
2.7 Benchmarking and Real Estate Investment 199
3 GRESB as an International Standards Benchmark 200
3.1 Global Real Estate Sustainability Benchmark: A New Type of Benchmarking 200
3.2 GRESB’s Benchmarking Characteristic 201
4 Productivity Improvement and GRESB 203
4.1 A Sketch of How It Is Today 203
4.2 How to React on the Placed Dot on the Horizon 204
5 GRESB Remarks 207
6 Why GRESB Should Be Further Developed 209
7 To Conclude 210
References 211
Chapter 8: Business Case for Green Buildings for Owner-Operators 212
1 Introduction 212
2 Understanding the Lifecycle Cost of Ownership 213
2.1 Lifecycle Cost Defined 213
2.2 Impact of Sustainability on the Lifecycle Cost 214
2.3 Financial Tools to Accurately Assess Return on Investment 216
3 Challenges Posed by Regional Economics 218
3.1 Low Energy-Cost Regions 218
3.2 Low Water-Cost Regions 220
4 Sustainability for New Versus Existing Building Stock 221
4.1 Implications of Improving Sustainability of Existing Buildings 221
4.2 Commissioning 223
4.3 Deep Retrofits 224
4.4 Retrofits and Green Certification Rating Systems 226
5 Conclusion 227
References 228
Chapter 9: Sustainability as an Organizational Effectiveness Tool 232
1 Features That Make Sustainability a Strong Organizational Effectiveness Tool 235
1.1 Long-Term Orientation 236
1.2 Change Agency 236
1.3 Presence on the Dance Floor and the Balcony 238
1.4 Need for Data 239
1.5 Cross-Functional Nature 240
1.6 Insider-Outsider Perspective 241
1.7 Inclusion of Personnel Issues 242
2 Opportunities for Sustainability to Improve Organizational Effectiveness 242
2.1 Process Improvement 243
2.2 Productivity Impediment Removal 243
2.3 Tenant Service 244
2.4 Occupant Satisfaction 245
2.5 Policy Usability and Compliance 246
2.6 Dumb Money to Smart Money 246
2.7 Leadership and Compensation Issue Identification 247
2.8 Interdepartmental Teamwork 248
2.9 Agility 249
2.10 Lifetime Cost Over Low-Bid Procurement 250
2.11 Talent Attraction and Retention 251
3 Integrating Sustainability and Organizational Effectiveness 251
References 252
Part III: Delivering Affordable, Reliable, Sustainable Energy 254
Chapter 10: Building Energy Simulation and the Design of Sustainable and Resilient Buildings 255
1 Building Energy Simulation and Its Application 257
2 A Typical Building Energy Simulation Process 259
3 Objectively Achieving Sustainable Building Design Goals in Energy 265
4 Resilient Buildings in a World of Uncertainty 268
5 Evaluating Design Risk to Achieve Resilient Building Design: An Economics-Based Example 271
6 Evaluating Design Risk to Achieve Resilient Building Design: A Weather-Based Example 277
7 Resilient and Sustainable Building Design: An Attainable Goal 282
References 283
Chapter 11: Driving Investment in High-Performance Commercial Buildings 286
1 Driving Investment 286
1.1 Value Analysis 289
2 Challenges 292
2.1 Short-Term Focus and Unaligned Solutions 293
2.2 Stakeholder Diversity and Market Fragmentation 295
3 Building the Tools and Measures 296
3.1 Market Linkage 297
3.2 Validating Energy Efficiency 298
3.3 Tools 299
3.3.1 Industry Consensus Metrics, Third-Party Standards, and Reporting 299
3.3.2 Access to Real-Time Numbers 299
3.3.3 Robust Operations and Maintenance 300
3.3.4 Monetizing Energy Efficiency 300
3.3.5 Tenant Engagement 300
3.3.6 Public/Private Partnerships 302
3.4 Communication Strategies, Messaging, and Transparency 302
3.4.1 Messaging 303
3.4.2 Communication Strategies and Transparency 306
4 Financial and Policy Mechanisms 307
4.1 Financing Mechanisms 307
4.2 Barriers 314
5 The Path Forward 316
6 Conclusion 318
References 321
Chapter 12: Financing Rooftop Solar for Single-Family Rental Properties 325
1 Background 325
2 The Problem for Renters 327
3 The Current “Solution” 328
4 A Superior Solution 329
5 Addressable Market: Single-Family Rentals 330
6 Why the Renter’s PPA Could Work: The Economics of Rooftop Solar 331
7 Hypothetical Target Company 332
8 Asset-Backed Securities 333
9 An Alternative RPPA 333
10 A Risk to Consider Regarding the Renter’s PPA and Rooftop Solar 334
11 Where This Might Work: California 335
12 Where This Might Work: Connecticut 336
13 Potential Social Impacts 337
14 Concluding Thoughts 337
References 338
Part IV: Sustainable Cities and Communities 340
Chapter 13: A Case for Sustainable Affordable Housing in the United States 341
1 Challenges in the Current Housing Market 342
1.1 Urban Sprawl 342
1.2 Housing Affordability and Accessibility 344
2 The Path Forward 345
2.1 Sustainable Affordable Housing 345
2.2 Sustainable Community Development 348
2.3 Public Policy Initiatives 349
2.4 Non-profit and Public Organization Support 353
2.5 Multi-disciplinary Collaboration and Innovation 354
3 Conclusion 356
Chapter 14: Passive House Standard: A Strategic Mean for Building Affordable Sustainable Housing in Nova Scotia 357
1 Housing Nova Scotia 358
2 Affordable Public Housing Challenges 359
3 HNS Sustainability Initiatives 360
4 The Passive House Standard 361
5 Passive House Case Studies: Passive House Pilot #1: 74 Alice Street, Truro 363
5.1 Project Context 363
5.2 Project Design 363
5.3 Project Construction 364
5.4 Communication, Education, and Marketing 371
6 Passive House Pilot #2: 831 Highway 1, Hebron Heights 372
6.1 Project Context 372
6.2 Project Design 373
6.3 Project Construction 374
7 Passive House Pilot #3: 7–9 Brownell Avenue, Amherst 375
7.1 Project Context 375
7.2 Project Design 379
7.3 Project Construction 379
8 HNS PH Pilot Projects: Lessons Learnt 383
8.1 Commissioning and Post-Occupancy 385
9 Concluding Remarks 385
References 387
Chapter 15: Sustainable Investing in Community Sporting Facilities 389
1 Introduction 389
2 Brief History of Sport 392
2.1 Dominance of Professional Sport 393
3 Community Sporting Facility Funding and Financing Models 394
3.1 US Municipal Bond Market 395
3.2 European Lottery Funding 396
4 Australia’s Community Infrastructure 397
4.1 Ad hoc Funding Creates Inequitable Distribution 398
4.2 Elite Athlete Focused Sports Policy 398
5 Community Asset Financing Challenges 399
5.1 Lack of Collateral 400
5.2 Lack of Reliable Revenue 400
5.3 Small Investments, Large Transaction Costs 402
5.4 Lack of Business Development Expertise 402
5.5 Lack of Suitable Organizational Structure for Raising Capital 403
6 Community Futures Investment Model 403
7 Community Bonds 404
7.1 Debentures and the Funding of Community Assets 404
7.2 How Would Community Bonds Work? 405
7.3 Setting Standards 406
8 Community Partnership Agreements 408
9 Conclusion 408
References 410
Chapter 16: Sustainable Real Estate in the Middle East: Challenges and Future Trends 413
1 Introduction 413
2 Sustainable Real Estate in the Middle East: The Current Status 415
2.1 Evaluation, Rating and Green Building Codes 417
2.2 Design, Construction and Post-Occupancy Evaluation 419
2.3 Urbanization and the Role of Resilience 420
3 Future of the Sustainable Real Estate Industry in the Middle East 422
3.1 Macro Trends: Climate, Population and Global Warming 423
3.1.1 Climate Change 423
3.1.2 Urban Population Growth 424
3.1.3 Global Warming 427
3.2 Macro-Level Responses to Macro-Level Trends: Rating Systems 427
3.3 Meso-Level Responses to Macro-Level Trends: Resilience 428
3.4 Micro-Level Responses to Macro-Level Trends: Materials Revolution 431
4 Concluding Remarks 432
References 433
Chapter 17: Sustainable Community Development in Nigeria: The Role of Real Estate Development 437
1 Introduction 437
2 Sustainability in Community and Real Estate Development 439
3 Community and Real Estate Development in Nigeria 443
4 Achieving Sustainable Community Development through Sustainable Real Estate 450
4.1 Technological Factor 450
4.2 Managerial Factor 451
4.3 Cultural Factor 452
5 Conclusion 452
References 453
Index 459

Produkt-Details

• Erscheint lt. Verlag: 11.10.2018
• Reihe/Serie: Palgrave Studies in Sustainable Business In Association with Future Earth
• Reihe/Serie: Palgrave Studies in Sustainable Business In Association with Future Earth
• Zusatzinfo: XXIV, 452 p. 36 illus.
• Verlagsort: Cham
• Sprache: englisch
• Themenwelt: Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Immobilienwirtschaft
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Unternehmensführung / Management
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre
• Schlagworte: community development • Construction • Development Finance • Environmental Responsibility • fiscal responsibility • Green Building • green investment • Real Estate Finance • Social Responsibility • sustainability
• ISBN-10: 3-319-94565-3 / 3319945653
• ISBN-13: 978-3-319-94565-1 / 9783319945651