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- Bonde, Magnus, 1979-
(författare)
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Difficulties in changing existing leases - one explanation of the "energy paradox"?
- 2012
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Ingår i: Journal of Corporate Real Estate. - : Emerald. - 1463-001X .- 1479-1048. ; 14:1, s. 63-76
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Forskningsöversikt (refereegranskat)abstract
- Purpose – The purpose of this paper is to investigate if a green lease could eliminate the splitincentive problem in two office buildings located in Stockholm, Sweden. It aims to provide a theoreticaloverview concerning the “energy paradox” and to describe a case study in which a green lease was tobe implemented in the legal framework for two office buildings in the Stockholm region.Design/methodology/approach – This paper documents a case study, in which a green lease wasto be implemented in the legal framework for two office buildings, to promote a more activeengagement in the buildings energy performance. In order to accomplish this, a project group wasformed which consisted of representatives from the building owners, tenant, property manager,energy consultants and KTH, Royal Institute of Technology, Stockholm.Findings – This paper reveals that it is very hard to alter already legally binding agreements.Furthermore, it shows that the separation of ownership and usage of a building may not be optimalfrom an energy efficiency point of view.Originality/value – The paper gives an empirical explanation as to why at times energy efficiencymeasures are not undertaken, even though the investments themselves bring about a positive netpresent value. In addition, the paper analyses the situation where property maintenance is outsourcedto a property management firm, which is a common but seldom discussed situation in the literature.
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| 2. |
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| 3. |
- Bonde, Magnus, 1979-
(författare)
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Economic studies of Green Commercial Buildings in Sweden
- 2013
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Licentiatavhandling (övrigt vetenskapligt/konstnärligt)abstract
- Climate change has risen to become one of our most critical global issues to resolve. Greenhouse gas emissions have been identified as one of the main causes for increased global temperature. As most energy production causes emission of greenhouse gases, a more energy efficient real estate sector could reduce the global greenhouse gas emissions. This reduction could be dramatic, as the real estate sector accounts for quite a large share of the society’s total energy usage. However, it is argued that even economically profitable investments are not being conducted to the full extent, leaving an “energy efficiency gap”. From an economic perspective there are multiple hinders that hampers environmental and/or energy efficiency investments (e.g. transaction costs, split incentives, capital constraints).This licentiate thesis studies environmental issues from an economic point of view in the commercial built environment in Sweden. The main purpose is to illustrate how different real estate actors respond to building environmental and/or energy performance, with focus on barriers, actions and economic outcome/impact. The thesis consists of an introductory essay and two articles.The first article studies the implementation of green leases. The study showed that complex contract structure involving different parties easily create so called “split incentives”, which can be very hard to resolve by additional agreements. This could be one explanation to why some profitable energy efficiency investments are not being realized. Furthermore, the study showed that the building owners were quite risk averse, in the sense that they were reluctant to conduct energy efficiency investments with longer pay-off periods than the current lease term. As Swedish commercial leases have a short contract length, this myopic view hampers energy efficiency investments with longer pay-off periods. An additional result from the study was the emotional aspect, from the tenant’s point of view, to invest in somebody else’s property. In general, the tenant considered building improvements to be the landlord’s responsibility. All in all, a conclusion that could be drawn is that the separation of building ownership and usage may have a negative impact on the leased commercial building stock’s energy performance.The second article studies whether energy performance affects the appraised value of office buildings. The overall result was that the energy performance rating had no impact on the commercial office buildings’ market values. The study indicated that rents, “time of valuation”, changes in vacancy rates, location and “low building age” had the greatest impact on assessed market values. This result could be due to that the correlation between energy usage and maintenance costs is low. Further explanation could be that the specified model suffers from multicollinearity, as the effect of improved energy efficiency cannot be separated from the building age or rent.The including studies support the notion that energy efficiency measures are difficult to implement and appraise to the full extent. Hence, future research is going to focus on how “green” features better could be incorporated into real estate valuation practices as well as evaluation of how environmental certified buildings are actually performing (concerning rents, energy usage, user satisfaction etc.).
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| 4. |
- Bonde, Magnus, 1979-
(författare)
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Green Buildings : Exploring performance and thresholds
- 2016
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- The overall aim of this research project is to study green/energy-efficient real estate from an economic perspective. The thesis summarizes the results from five different studies with a connection to green/energy-efficient real estate.The aim of the first paper (paper A) is to study how tenants perceive the indoor environment in green-rated premises, and to compare these results with tenants’ perception of a conventional building’s indoor environment. The main result is that the tenants in the green-rated building are more satisfied with the indoor environment than the tenants in the conventional building.Papers B and C assess whether energy efficiency has an impact on buildings’ income and market values using Swedish real-estate data. The key result is that although there is a small impact on building-related income, this does not seem to translate into a higher market value.The last two papers included in this thesis study hindrances to a more energy-efficient building sector. In paper D, two office buildings are used as baseline cases to provide insights into the difficulties that can arise when trying to upgrade a building to make it more energy efficient. The results indicate that changing existing leases is a prohibitive process and that it is often difficult to evaluate the final impact of an energy upgrade. The last paper focuses on why it may be rational to postpone green refurbishments even if they are profitable. The main result is that it may be rational to postpone such refurbishments. However, by introducing different financial penalties and/or subsidies, these investments could be triggered today.To sum up, the results indicate that green buildings are preferred by tenants, but that there still appear to be economic barriers to a greener building sector.
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| 6. |
- Sundfors, David, 1980-, et al.
(författare)
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Sustainability metrics for commercial buildings in Sweden
- 2018
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Ingår i: Property Management. - : Emerald Group Publishing Ltd.. - 0263-7472 .- 1758-731X. ; 36:5, s. 521-543
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Tidskriftsartikel (refereegranskat)abstract
- Purpose: Environmental rating systems typically focus on building characteristics at a specific point in time; but from investment and valuation perspectives, actual performance over time should be the most important thing. Newly constructed commercial buildings today usually come with a high degree of technically advanced installations and a wide range of monitoring possibilities. This provides us with the possibility of monitoring a building’s in-use performance. The purpose of this paper is to investigate how frontrunners in the Swedish green building market actually monitor their new buildings, and look for similarities in that area. Design/methodology/approach: By investigating a selected case study, conducting a survey and follow-up interviews among Swedish real estate companies and finally studying the available industry information, this paper considers what key performance indicators real estate developers choose to monitor as well as how they go about collecting and using the data. By doing this, we can get an idea of what is already monitored and to what extent. The case study also provides an insight into what is technologically possible. Findings: A comparison of the gathered data from this study is then made with information that investors and property valuers would be expected to be interested in. The results show that these data are, to a large extent, information that the frontrunners already gather, but it is not made publicly available. One area where important information is lacking, however, is data about indoor climate. Research limitations/implications: The study is solely focussed on commercial buildings in Sweden and also on real estate owners with a high sustainability profile. Originality/value: This paper presents a starting point in introducing the research area of the continued sustainability performance of our built environment. In order to understand and improve the environmental performance over time of our buildings and the connection to potential value, it is important to know what we can and should monitor.
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