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SUMMARY:Assessing the Financial Benefits of Eco-Labelling: Evidence from U
 S Office Markets - Dr Franz Fürst &amp\; Prof Patrick McAllister\, Univer
 sity of Reading	
DTSTART:20101006T150000Z
DTEND:20101006T160000Z
UID:TALK27603@talks.cam.ac.uk
CONTACT:Ellen Ihrig
DESCRIPTION:The central aim of the policy of environmental or energy label
 ing real estate assets is to reduce their environmental impact by altering
  patterns of demand and supply.  By providing independently verified infor
 mation to investors and occupiers about the environmental/energy performan
 ce of buildings\, they potentially contribute to an increase in willingnes
 s-to-pay for buildings with superior environmental/energy performance.  Th
 ere is a body of literature that suggests that investors in and occupiers 
 of eco-labeled buildings obtain a bundle of benefits related to lower oper
 ating costs\, reputation benefits and productivity.  The research we prese
 nt in this talk investigates the effect of eco-labeling on rental rates\, 
 sale prices and occupancy rates.  Hedonic modeling is used to test whether
  the presence of an eco-label has a significant positive effect on rental 
 rates\, sale prices and occupancy rates of commercial office buildings in 
 the US.  The results suggest that offices with Energy Star or LEED eco-lab
 els obtain rental premiums of approximately 3-5%.  Dual certification prod
 uces an additive effect with rental premiums estimated at 9%.  Respective 
 sale price premiums of 18% and 25% are estimated for Energy Star and LEED 
 labeled offices.  The sale price premium for dual certification is estimat
 ed at 28-29%. A significant negative occupancy premium is estimated for LE
 ED labeled offices and a small positive occupancy premium is estimated for
  Energy Star labeled offices.  	 
LOCATION:Mill Lane Lecture Rooms\, Room 1
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