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Doing Well by Doing Good? Green Office BuildingsPiet M. A. EichholtzUniversity of Maastricht - Limburg Institute of Financial Economics (LIFE) Nils KokUniversity of Maastricht - Limburg Institute of Financial Economics (LIFE) John M. QuigleyUniversity of California, Berkeley, College of Letters & Science, Department of Economics; University of California, Berkeley, Haas School of Business, Real Estate Group (deceased) August 1, 2009 American Economic Review, Forthcoming Abstract: This paper provides the first credible evidence on the economic value of the certification of “green buildings” - derived from impersonal market transactions rather than engineering estimates. Our analysis of clusters of certified green buildings and nearby comparables establishes that buildings with “green ratings” command substantially higher rents and selling prices than otherwise identical buildings. Moreover, variations in the premium for green office buildings are systematically related to their energy-saving characteristics. An increase in the energy efficiency of a green building is associated with a substantial increase in selling price - over and above the premium for a labeled building. Further evidence suggests that the intangible effects of the label itself may also play a role in determining the values of green buildings in the marketplace.
Keywords: environmental sustainability, energy efficiency, green labels, real estate JEL Classification: G51, M14, D92 working papers seriesDate posted: September 29, 2009Suggested CitationContact Information
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