期刊
SUSTAINABLE ENERGY TECHNOLOGIES AND ASSESSMENTS
卷 45, 期 -, 页码 -出版社
ELSEVIER
DOI: 10.1016/j.seta.2021.101182
关键词
Green building; LEED; Rental premium; Chinese market; Hedonic price model
资金
- General Financial Grant from the China Postdoctoral Science Foundation [2018M632807]
With the increasing awareness of environmental protection, green buildings in the Chinese real estate market have a higher rental premium, significantly impacting rental values.
With the increasing awareness of environmental protection, the real estate sector has proposed green buildings to achieve the sustainability of the building environment. Although the advantages of these sustainable features of green buildings are apparent, the effect of green buildings on the real estate economic values in China is not evident. This study aims to investigate whether and to what extent LEED certification can impact the rental values of the office market in China. This study analyzes an overall sample of China comprising 50 LEED-certified and 50 non-LEED offices and two local samples of Shanghai and Beijing each, based on a hedonic price model. The results suggest that the rental premium for LEED-certified in the China sample is 19.5%, while that in Shanghai and Beijing samples are 25.5% and 20.8%, respectively. Furthermore, other variables, such as utilization time, floors, construction area, building class, and GDP, are also correlated with rental values. As an early study on the impact of green certifications on the Chinese real estate market, this research provides investors with empirical data to evaluate the investment value of introducing green certifications and serves as a reference for future explorations of green certifications in the Chinese real estate market.
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