The spatial dynamics of energy efficiency: EPC impact on retail property values

IF 9.3 2区经济学 Q1 ECONOMICS

Energy Policy Pub Date : 2024-11-09 DOI:10.1016/j.enpol.2024.114403

Jia Jasmine Zhang , Hauke Ward , Queena Qian

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Abstract

This paper systematically analyzes the effect of energy efficiency on transacted rental and capital values of Dutch retail property assets from 2015–2021. Prior research on Energy Performance Certification (EPC) and energy premiums consistently showed a pricing effect, but recent investigations reveal inconclusive results, particularly when considering non-residential properties. Leveraging a unique dataset of 1015 lease transactions and 478 sale transactions, this study provides one of the first estimates of how EPC labels impact retail value. We utilize ordinary least squares (OLS) regression, considering characteristic retail determinants such as footfall, catchment area type, and retail type, among others. This study finds a premium of 11 percent for rental transactions with Label C or higher on a price per square meter basis. Capital premiums for energy-efficient transactions are more marginal and complex, particularly when accounting for data limitations such as geographic distribution. The nexus between sustainability and financial benefits incentivizes investors and policymakers to embrace energy-efficient measures. Pioneering spatial analyses of EPCs in the retail sector, this paper offers insights for informed policy-making amid geographic variations. In the era of transparency, this research provides empirical evidence to drive responsible investments in energy-efficient retail, shifting from risk management to stakeholder benefits and improved capital efficiency.

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能源效率的空间动态：EPC 对零售物业价值的影响

本文系统分析了 2015-2021 年间能源效率对荷兰零售物业资产交易租金和资本价值的影响。之前关于能源性能认证（EPC）和能源溢价的研究一直显示出定价效应，但最近的调查却显示出不确定的结果，尤其是在考虑非住宅物业时。本研究利用包含 1015 项租赁交易和 478 项销售交易的独特数据集，首次估算了 EPC 标签对零售价值的影响。我们利用普通最小二乘法（OLS）回归，考虑了人流量、集聚区类型和零售类型等零售特征决定因素。研究发现，按每平方米价格计算，标签 C 或更高的租赁交易溢价 11%。高能效交易的资本溢价更为微小和复杂，特别是在考虑到地理分布等数据限制的情况下。可持续发展与经济效益之间的联系激励投资者和政策制定者采用节能措施。本文开创性地对零售行业的 EPC 进行了空间分析，为在地域差异中做出明智决策提供了启示。在透明时代，这项研究提供了经验证据，以推动对节能零售业进行负责任的投资，从风险管理转向利益相关者的利益和资本效率的提高。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Energy Policy 管理科学-环境科学

CiteScore

17.30

自引率

5.60%

发文量

540

审稿时长

7.9 months

期刊介绍： Energy policy is the manner in which a given entity (often governmental) has decided to address issues of energy development including energy conversion, distribution and use as well as reduction of greenhouse gas emissions in order to contribute to climate change mitigation. The attributes of energy policy may include legislation, international treaties, incentives to investment, guidelines for energy conservation, taxation and other public policy techniques. Energy policy is closely related to climate change policy because totalled worldwide the energy sector emits more greenhouse gas than other sectors.