可持续性在房地产投资决策中的嵌入性

IF 1.3 Q3 BUSINESS, FINANCE
Cath Jackson, A. Orr
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引用次数: 2

摘要

房地产可持续性评级的重要性显著增加。2007年和2016年进行的研究表明,在收购时,最重要属性的排名从第7位上升到第3位。这种优先事项的转变与RICS接受联合国全球契约的10项原则相一致(RICS, 2015)。然而,虽然可持续性价值溢价在一些国际市场上很常见,但情况好坏参半,驱动因素和机制缺乏实证研究。文献揭示了投资者实现可持续性和财务目标的潜在障碍。本研究的目的是探讨这些潜在的障碍。设计/方法/方法与房地产基金经理、可持续发展经理和收购测量师进行焦点小组讨论,探讨采用和实施环境可持续发展政策。这揭示了实施的一系列障碍,然后通过对基金经理的一系列访谈对这些障碍进行了更深入的探讨。这种分层的定性方法旨在提供英国房地产市场中实际和概念可持续性问题的详细知识。研究结果揭示了支持采用可持续发展政策的关键驱动因素,并发现实施的障碍与投资业绩数据、估值方法和令人望而却步的资本支出有关。此外,市场的异质性、不透明和缓慢的性质令人望而却步,因此鼓励进行干预,以克服阻碍改善的缺乏财务可行性的问题。独创性/价值研究主要由商业房地产市场内可持续性的高度汇总的定量数据主导。这里使用的定性方法为理解可持续性在房地产投资决策中的嵌入性增加了新的见解和价值。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The embeddedness of sustainability in real estate investment decision-making
Purpose The importance of real estate’s sustainability rating has increased significantly. Studies undertaken in 2007 and 2016 show that, at acquisition, the rating rose from 7th to 3rd most important attribute. This shift in priorities parallels the RICS embracing the 10 principles of the UN Global Compact (RICS, 2015). However, while sustainability value premia appear common in some international markets, the picture is mixed and drivers and mechanisms lack empirical investigation. The literature reveals potential barriers to investors fulfilling both sustainability and financial objectives. The purpose of this study is explore these potential barriers. Design/methodology/approach Focus groups with real estate fund managers, sustainability managers and acquisitions surveyors are undertaken to explore the adoption and implementation of environmental sustainability policies. This reveals a series of barriers to implementation and these are then explored in greater depth through a series of interviews with fund managers. This layered, qualitative approach is designed to provide detailed knowledge of practical and conceptual sustainability issues within the UK real estate market. Findings Key drivers underpinning the adoption of sustainability policies are revealed and barriers to implementation are found to relate to data on investment performance, valuation methodologies and prohibitive capex. Further, the heterogeneous, opaque and slow-moving nature of the market is prohibitive and intervention is encouraged to overcome the lack of financial viability that hinders improvements. Originality/value Research is dominated by highly aggregated quantitative data on sustainability within commercial real estate markets. The qualitative approach used here adds new insights and value to the understanding of the embeddedness of sustainability in real estate investment decision-making.
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来源期刊
CiteScore
3.10
自引率
7.70%
发文量
18
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