Real Estate Insights Back to the basics of sustainability

IF 1.6 Q3 BUSINESS, FINANCE Journal of Property Investment & Finance Pub Date : 2023-09-27 DOI:10.1108/jpif-08-2023-0076
Larry Wofford
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Abstract

Purpose Starting with the notion that each building has an overall life cycle, the paper uses building-based and investment-based life cycles to identify likely decision points for renovations, including sustainability enhancements, and identifies patterns in sustainability decisions. Design/methodology/approach This real estate insights paper considers how commercial real estate and the built environment it creates, owns and manages impacts the sustainability of urban areas and the globe. By combining building-based and investment-based life cycles, it is possible to develop a unique “sustainability enhancement quotient” for individual buildings and the built environment for an urban area over a given time interval. Findings Using two life cycles allows the identification and likelihood of sustainability decision points. The same life cycles and decision points are used to consider the likely extent of such renovations. This is in addition to continuous consideration of renovations producing economic benefits in the form of lower operating costs and quick return of capital. Research limitations/implications Useful for investment decision-making and policy design and implementation. Practical implications This is a useful tool for public and private decision making. It is suggested that the sustainability enhancement quotient may be used to design and implement policies and decisions maximising the likelihood of sustainability enhancement in an urban area's built environment. Social implications Provides a framework for more effective sustainability decisions and public policy. The public-private interplay inherent in every building is emphasised throughout. Originality/value Original combination of existing tools.
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回到可持续发展的基础
从每个建筑都有一个整体生命周期的概念开始,本文使用基于建筑和基于投资的生命周期来确定可能的改造决策点,包括可持续性增强,并确定可持续性决策的模式。设计/方法/方法这篇房地产洞察论文考虑了商业房地产及其创造、拥有和管理的建筑环境如何影响城市地区和全球的可持续性。通过结合以建筑为基础和以投资为基础的生命周期,有可能在给定的时间间隔内为单个建筑和城市地区的建筑环境开发出独特的“可持续性增强商”。使用两个生命周期可以识别和可能性的可持续性决策点。使用相同的生命周期和决策点来考虑此类翻新的可能程度。除此之外,还要不断考虑以较低的运营成本和快速的资本回报形式产生经济效益的改造。研究局限/启示对投资决策和政策设计与实施有用。这是公共和私人决策的有用工具。可持续性增强商可用于设计和实施政策和决策,最大限度地提高城市地区建筑环境可持续性增强的可能性。社会影响为更有效的可持续性决策和公共政策提供框架。每个建筑中固有的公私相互作用贯穿始终。原创性/价值现有工具的原创性组合。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
3.50
自引率
23.10%
发文量
33
期刊介绍: Fully refereed papers on practice and methodology in the UK, continental Western Europe, emerging markets of Eastern Europe, China, Australasia, Africa and the USA, in the following areas: ■Academic papers on the latest research, thinking and developments ■Law reports assessing new legislation ■Market data for a comprehensive review of current research ■Practice papers - a forum for the exchange of ideas and experiences
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