Going Green How Green Buildings Affect Property Values綠色綠色建筑將如何影響房地產(chǎn)價值

GoingGreen:HowGreenBuildingsAffectPropertyValues

BallardLibraryinSeattle.Astate-of-the-artgreenbuildingwhichmakesuseofasodroof,daylighting,andtranslucentthin-filmsolarcollectors.ItislistedintheAmericanInstituteofArchitecture'stoptengreenbuildings.

Whatis“Green”?Nosingledefinitioninthecontextofgreenbuildings.“Green”fluctuatesbetweenprofessionsArchitectsanddesignerstendtoreference“green”basedonabuilding’smaterialsanddesignOwnersanddevelopersfocusmoreonbuildingsystemsandoperationsDefinitionshouldinclude:buildingsand/orbuildingattributesthatcontainsustainableandhighperformance:designfeaturesbuildingmaterials efficientsystemsoperatingprotocolsTheGreenMovementRobertWatson,ScientistforNRDC(NaturalResourceDefenseCouncil)ChairedthefirstLEEDGreenBuildingRatingSystemMeetingforUSGBCEarly1990’stoutedthebenefitsof“Green”Buildings“Green”Buildingconceptsweremostlyignoreduntilearly2000’sClimateChangeandGlobalWarmingInitiallyconcernedwithpublicbuildingsThePremiseforGoingGreenU.S.DeptofEnergyandU.S.DeptofTransportationestimatesbuildingsaccountfor39%ofallenergyuseintheU.S.MorethanindustrialandtransportationTheUnitedStatesGreenBuildingCouncil(USGBC)claimsthatU.S.buildingsaccountfor:65%ofelectricityconsumption36%ofenergyuse30%ofgreenhousegasemissions(GHG)30%ofrawmaterialsuse30%ofwasteoutput12%ofpotablewaterconsumptionPremiseforGoingGreen(cont.)ManyU.S.municipalitieshavepassedordinancesrequiringpublicbuildingstoachieveminimumLEEDcertification22Statesandmorethan50municipalgovernmentshavepassedlegislationmandatingLEEDcertifiedpublicbuildings. greenbuildingrequirementsintobuildingcodes.December2007–SanFranciscochangeditsbuildingcodetorequireallbuildingstobeLEEDcertifiedCityofDallas:RequiresGreen4/08–DallasCityCouncilpassesnewconstructionrequirementtoreduceenvironmentalimpact;DallasbecomesoneofthefirstmajorU.S.citiestopasscomprehensivebuildingstandardforbothresidentialandcommercialconstructionPhase1,beginningin2009,commercialprojectsover50,000squarefeet,phase1requiresbuildingstomeet85percentofthepointsrequiredundertheappropriateLEEDratingsystemforacertifiedlevelPhase2,beginningin2011,requiresallcommercialprojectstobeLEEDcertifiable(orothersimilaraccreditedrating)undertheappropriateLEEDratingsystem.CertifyingGreenManyorganizationsglobally–someforprofit,butmostareanon-profitaccreditationstructureUSGBC,GreenGlobes,EnergyStar–DominatetheU.S.marketplaceInternationally–GBC,GreenStarandBREEAM(BuildingResearchEstablishmentEnvironmentalAssessmentMethod)CertifyingGreen(Cont.)LEED(LeadershipinEnergyandEnvironmentalDesign)isthemostrecognizedcertificationintheU.S.EnergyStarestablishedbyEPADistinctdifferencesbetweenthetwoprogramsGreenwithoutcertification MandatoryCostComplexityofcertificationLEEDCertificationTheUSGBCintroducedtheLEEDRatingSystemin1998ContinuingtodevelopandupdatecertificationcriteriabasedonapointsystemTherearefourlevelsofsustainabilityundertheLEEDratingsystemwhichare:

LEEDCertified:

26-32pointsor>37%ofmax.

LEEDCertifiedSilverLevel:

33-38pointsor>47%ofmax.

LEEDCertifiedGoldLevel:

39-51pointsor>56%ofmax.

LEEDCertifiedPlatinumLevel:

52-69pointsor>75%ofmax.PointsateachlevelcanbeachievedinmanydifferentwaysLEEDCertification(cont.)BasedontheLEEDchecklist,theelementsofa“green”buildingare:SustainablesiteWaterefficiencyEnergyandatmosphereMaterialsandresourcesIndoorenvironmentalqualityInnovationanddesignprocessExamplesof“Green”ComponentsDaylightingEnergyManagementSystemsGreen“Veggie”andCoolRoofsRain/WastewaterrecyclingsystemsLowVolatileOrganicCompound(VOC)ConstructionMaterial/TechnologyAdvancementRecycled/SustainableProducts Sustainablelumber/woodproductsGreenComponentsTheColorofMoneyisGreenValuationIssuesRemembertofocuson“insidethedefinition”ofmarketvalueTripleBottomLine–Social,Environmental,EconomicBenefitsofGreenmaybe:RealizedbythecommunityRealizedbytheowner/userNon-MonetaryMonetaryIndirectDirectValuationIssues(cont.)LackofavailabledataManymarketshaveyettoseetheirfirstgreenbuildingFewsalesofgreenbuildingsRenewedfocusonbuildingdesign,materials,buildingsystems,operations(egrated)Estimatingobsolescenceinthepresenceoftheperformancecapabilitiesofgreenbuildingsandexistingnon-greenbuildings(functionalinutility)ValuationCluesThoroughlydescribeandunderstandsustainabilityattributesandcomponentsUseLEEDcriteriaasabasicorganizationalguideGatherasmuchinfoondesigndevelopmentprocessandtrade-offanalysisMeasureexpectationsofdevelopers,lenders,tenants,andinvestorsFocusonattributesthatmayhaveamaterialeffectuponpropertyperformance,revenue,operatingexpense,andrisk.RiskProfileofGreenBuildingsLowerexposuretoenergycostsandconsumablescostsincreaseGreaterconstructionanddeliveryrisksPatternoflease-upandabsorptionriskFewerpeersinthemarketplaceTenantretentionandturn-overrisk(longerterm?)Re-tenantingcosts(modularsystems)PatternofperiodiccapitalreplacementsReversionPriceLowerexposuretoobsolescenceTheApproachestoValueAllfactorsshouldbeviewedwithinthecontextofmarketvalueTheSalesApproach–likelytooweakatthistimeTheCostApproach- ReproductionorReplacement?OnnewconstructiongettheSpecSheetCommissioningReportmayrevealpoorlydesignedsystemsR.S.MeansproducesagreencoststudyAtthistime,reproductioncostmayprovemorerelevantLifeCycleCost(LCC)-formoffinancialanalysisthattakesintoaccountthetotalcostofabuildingoveritslifeTheApproachestoValue(cont.)TheIncomeApproach PropertyRevenueHowdoestherentalprofilematchagainstitscompsetEvidenceofpremiumsatothergreenbuildingsTakecaretoassurethatanypremiumsordiscountsareadequatelysupportedGrossvs.Net–Whogetsthebenefits?GreenLeaseClauses–typicallyprovidesequitablesharingofcostsandbenefitsTheApproachestoValue(cont.)TheIncomeApproachOperatingExpenses FindsourcesofinformationforsustainablefeaturesArchitect,engineer,energymodeler,greenconsultantBealerttoincludenotonlydifferencesinconsumption,butalsothedifferencesincapitalexpenses,specialmaintenance,andreplacementallowancesWatchforthehandlingofTI’s–LEEDinteriorRemembersomeincentivesexpireovertimeTheApproachestoValue(cont.)TheIncomeApproachOverallcaprateanddiscountrate(Greenv.NG)SafeRatecomponentisunchanged–basedonaltinvestmentManagementcomponentmaychangeRiskcomponentmaychangeLiquiditycomponentmaychangeConclusionstoValueGreenTheIncomeApproachAtthistime,theDiscountCashFlow(DCF)analysisispreferredoverDirectCapitalizationforgreenbuildingvaluationAddressedincomeandvaluechangesparametersinthecashflowforecast,notintherateWhatifyourjurisdictiondoesn’tworkwithDCF’s?

MarkBennett,ChairoftheNationalGreenBuildingFinanceandInvestmentForum

Commentstofurtherconsiderinvaluation:There'sabitofurgencynowthatthevalueofbuildingscouldbeaffectediftheyarenotLEED-certified”"Inlargepart,theywerereferringtoLEEDcertificationasacomponentinthedefinitionofaClassAofficebuilding,""Theybasicallysaid,'Ifyou'rebuildingtodaywithoutLEED,you'rebuildinginobsolescence.'"

TheCoStarStudy(WatchOut)TheCoStarStudyrepresentsitselfasthe“…firstsystematicstudy,asopposedtocasestudies,thataddressesquestionsonthebenefitsofinvestmentsinenergysavingsandenvironmentaldesign.”ConclusionsmostfrequentlycitedMarch2008were:LEEDbuildingssoldfor$171persquarefoot,or64%morethancomparablenon-LEEDbuildingsRentedfor$11.33persquarefoot,or36%morethannon-LEEDbuildings.Theseconclusionswerecommunicatedstrongly,withoutfurtherqualification,andwidelydisseminated.RefutingTheCoStarStudyMethodologyIssues:PeerBuildingSelectionvs.HedonicPricingModelLEEDBuildingAisnotthesameasLEEDBuildingBStatisticalsamplestoosmall(only77LEEDbuildingsused)TechnicalIssues:tobereliable,greenandnon-greencompswouldneedtobe:SimilarbuildingsinnearidenticallocationsappealingtothesamemarketsCoStarcompsupt