Scandinavian Working Papers in Economics
Working Paper Series,
Royal Institute of Technology, Department of Real Estate and Construction Management & Banking and Finance
No 13/9: Does greater energy performance have an impact on real estate revenues?
Magnus Bonde () and Han-Suck Song ()
Additional contact information
Magnus Bonde: Department of Real Estate and Construction Management, Royal Institute of Technology, Postal: Department of Real Estate and Construction Management , Royal Institute of Technology, Brinellvägen 1, 100 44 Stockholm, Sweden
Han-Suck Song: Department of Real Estate and Construction Management, Royal Institute of Technology, Postal: Department of Real Estate and Construction Management , Royal Institute of Technology, Brinellvägen 1, 100 44 Stockholm, Sweden
Abstract: This study is one of the first to investigate how energy performance effect commercial real estate gross revenues in Sweden. The property level panel dataset used for this study consists of both economic data and Energy Performance Certificate data. The econometric analysis suggests that buildings with better energy performance have higher gross revenues than buildings with poorer energy performance, even after controlling for a large number of factors such as location, year of construction and operating costs. A policy implication of this study is that energy efficiency investments generate economic gains, as well as being beneficial from an environmental perspective.
Keywords: Real estate revenue; energy performance; real estate policy
18 pages, June 3, 2013
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