|
Acknowledgments |
6 |
|
|
Contents |
7 |
|
|
Notes on Contributors |
10 |
|
|
List of Figures |
16 |
|
|
List of Pictures |
19 |
|
|
List of Tables |
20 |
|
|
Chapter 1: Introduction |
22 |
|
|
References |
25 |
|
|
Chapter 2: The Relevance of Real Estate in Solving Climate Change |
27 |
|
|
Chapter 3: Evolutions in Sustainability and Sustainable Real Estate |
31 |
|
|
1 Introduction |
31 |
|
|
2 The Rise of Sustainable Development |
32 |
|
|
3 Sustainability and Real Estate |
33 |
|
|
3.1 Real Estate and the Environment |
35 |
|
|
3.2 Real Estate and the Economy |
37 |
|
|
3.3 Real Estate and Society |
38 |
|
|
4 Toward Sustainable Real Estate |
39 |
|
|
4.1 Current Trends |
39 |
|
|
4.2 Criticism of Current Trends |
41 |
|
|
4.3 The Role of Tenants, Investors, Governments and Financial Institutions |
42 |
|
|
4.4 Future Directions in Sustainable Real Estate |
44 |
|
|
5 Conclusion: Mapping the Sustainable Real Estate System |
45 |
|
|
References |
47 |
|
|
Part I: Regulatory Approaches |
52 |
|
|
Chapter 4: Public Regulatory Trends in Sustainable Real Estate |
53 |
|
|
1 Introduction |
53 |
|
|
2 Strategic Planning, Development Controls and Incentives |
57 |
|
|
2.1 Forward Planning Strategies |
61 |
|
|
2.1.1 Comprehensive Planning |
62 |
|
|
2.2 Development Controls |
64 |
|
|
2.2.1 Prescriptive Zoning |
65 |
|
|
2.2.2 Performance-Based Zoning |
70 |
|
|
2.2.3 Prescriptive Versus Performance-Based Building Codes |
72 |
|
|
2.3 Development Incentives |
75 |
|
|
3 Mandatory Disclosure and Integrated Reporting |
78 |
|
|
4 Public Procurement Standards |
81 |
|
|
5 Discussion and Recommendations |
85 |
|
|
5.1 Application of the UN SDGs to Improve Sustainability Outcomes in Strategic Planning |
86 |
|
|
5.2 Increasing the Impact of Mandatory Disclosure and Integrated Reporting Requirements |
87 |
|
|
5.3 Incentives that More Accurately Reflect the Value-Add of Sustainable Development |
88 |
|
|
References |
90 |
|
|
Chapter 5: A Policy Framework for Sustainable Real Estate in the European Union |
95 |
|
|
1 Introduction |
95 |
|
|
2 The European Union Walks the Talk on Sustainable Real Estate |
96 |
|
|
2.1 A Common Framework of Standards and Practices |
96 |
|
|
2.1.1 Member States to Save 1.5% Primary Energy and Renovate 3% of Public Buildings |
97 |
|
|
2.1.2 European Standards and Labels for Products |
98 |
|
|
2.1.3 Set National Requirements that Respect the Principle of Cost Optimality in Construction and Renovation |
98 |
|
|
2.1.4 Construct Only Nearly Zero-Energy Building by 2021 |
99 |
|
|
2.1.5 Deliver Energy Performance Certificates (EPCs) to Buildings |
100 |
|
|
2.1.6 Ensure Improved Connectivity in New Constructions |
100 |
|
|
2.2 The EU Budget to Reduce Market Barriers |
102 |
|
|
2.2.1 De-Risking Private Investments in Renovation |
102 |
|
|
Structural Funds |
102 |
|
|
Juncker Plan |
104 |
|
|
ELENA Fund, Technical Assistance for Municipalities |
104 |
|
|
2.2.2 Financing Innovation to Tackle Market Barriers |
105 |
|
|
Setting a European Exchange Platform to Share Best Practices |
105 |
|
|
Support the Uptake of Promising Low-Cost Renovation Techniques |
105 |
|
|
Provide European-Wide Information on Building Stocks, Renovation and Construction Rates and Policies |
106 |
|
|
3 Diversity in National Approaches |
106 |
|
|
3.1 Countries Mapping |
107 |
|
|
3.2 Major Challenges to Sustainable Real Estate |
108 |
|
|
3.2.1 Financing the Renovation |
108 |
|
|
Energies POSIT’IF (Ile-de-France, France) |
113 |
|
|
Picardie Pass Renovation (Picardie, France) |
114 |
|
|
Saerbeck (Germany) |
114 |
|
|
3.2.2 Energy Poverty |
114 |
|
|
3.2.3 Smart Grid and Demand Response |
117 |
|
|
3.3 Interesting National Initiatives |
118 |
|
|
3.3.1 Brussels Region (Belgium) to Define Passive House as the Standard for Construction |
119 |
|
|
3.3.2 France to Boost Renovation with a Focus on Larger Environmental Concerns |
120 |
|
|
3.3.3 Germany, First on Battery Storage |
121 |
|
|
3.3.4 The Netherlands, Leader in the Management of Energy Performance Certificates |
121 |
|
|
3.3.5 Denmark and Finland, Leaders in Heat Recovery |
121 |
|
|
4 Conclusion |
122 |
|
|
References |
123 |
|
|
Part II: Market-Driven Approaches |
130 |
|
|
Chapter 6: Information or Marketing? Lessons from the History of Private-Sector Green Building Labelling |
131 |
|
|
1 Introduction |
131 |
|
|
2 Voluntary Environmental Building Codes |
134 |
|
|
2.1 BREEAM, the Archetype |
136 |
|
|
2.2 LEED |
139 |
|
|
2.3 Green Star Australia and New Zealand |
141 |
|
|
2.4 Voluntary Environmental Building Codes for the Residential Sector |
143 |
|
|
3 Measured Building Performance Auditing |
144 |
|
|
3.1 Energy Star |
145 |
|
|
3.2 National Australian Built Environment Rating System |
148 |
|
|
3.3 Display Energy Certificates |
150 |
|
|
3.4 Multiple Attribute Rating Systems |
151 |
|
|
4 WELL Building Rating |
153 |
|
|
5 Critical Review on the Efficacy of Current Systems |
156 |
|
|
5.1 Striving for the Minimum |
157 |
|
|
5.2 Financial Returns to Labelling |
158 |
|
|
5.3 Environmental Returns to Design- and As-Built-Stage Labelling |
160 |
|
|
5.4 Early Outcomes from Repetitive Measured Building Performance Auditing |
163 |
|
|
6 Recommendations |
165 |
|
|
6.1 Improving the Effectiveness of Green Labelling and Reporting Tools |
166 |
|
|
6.2 Increasing Adoption and Use of Voluntary Ratings in Regulation |
167 |
|
|
6.3 Harmonising Benchmarking |
168 |
|
|
6.4 Integrating Design and Operation |
171 |
|
|
7 Conclusion |
173 |
|
|
Appendix: Summary of Rating Schemes Reviewed |
174 |
|
|
References |
175 |
|
|
Chapter 7: Global Real Estate Sustainability Benchmarking: An Essential Tool for Real Estate Management |
180 |
|
|
1 Sustainable Real Estate |
180 |
|
|
1.1 Introduction: Historically Based Benchmarking and Future Focused Scenarios |
180 |
|
|
1.2 Sustainable Real Estate Investing: A Need When ‘Going Concern’ |
182 |
|
|
1.3 Background of GRESB: Stimulating Responsible Real Estate Investing |
184 |
|
|
2 Benchmarking |
187 |
|
|
2.1 History and Background of Benchmarking |
187 |
|
|
2.2 Future Focused Use of Benchmarking |
188 |
|
|
2.3 Criteria for Benchmarking |
189 |
|
|
2.4 Indicators for Benchmarking |
191 |
|
|
2.5 Benchmark Types |
193 |
|
|
2.5.1 Considering the Competitive Benchmarking |
194 |
|
|
2.5.2 Considering the Functional Benchmarking |
194 |
|
|
2.5.3 Considering the Best-Use Benchmarking |
195 |
|
|
2.5.4 Considering the (International) Standards Benchmarking |
195 |
|
|
2.6 The Multiple Kinds of Information from Benchmarking |
195 |
|
|
2.6.1 Considering the Market Information |
195 |
|
|
2.6.2 Considering the Entrepreneurial Information |
195 |
|
|
2.6.3 Considering the Competitive Information |
196 |
|
|
2.6.4 Considering the Context Information |
196 |
|
|
2.6.5 Considering the Information’s Representativeness |
197 |
|
|
2.6.6 Considering the Information’s Transparency |
198 |
|
|
2.7 Benchmarking and Real Estate Investment |
199 |
|
|
3 GRESB as an International Standards Benchmark |
200 |
|
|
3.1 Global Real Estate Sustainability Benchmark: A New Type of Benchmarking |
200 |
|
|
3.2 GRESB’s Benchmarking Characteristic |
201 |
|
|
4 Productivity Improvement and GRESB |
203 |
|
|
4.1 A Sketch of How It Is Today |
203 |
|
|
4.2 How to React on the Placed Dot on the Horizon |
204 |
|
|
5 GRESB Remarks |
207 |
|
|
6 Why GRESB Should Be Further Developed |
209 |
|
|
7 To Conclude |
210 |
|
|
References |
211 |
|
|
Chapter 8: Business Case for Green Buildings for Owner-Operators |
212 |
|
|
1 Introduction |
212 |
|
|
2 Understanding the Lifecycle Cost of Ownership |
213 |
|
|
2.1 Lifecycle Cost Defined |
213 |
|
|
2.2 Impact of Sustainability on the Lifecycle Cost |
214 |
|
|
2.3 Financial Tools to Accurately Assess Return on Investment |
216 |
|
|
3 Challenges Posed by Regional Economics |
218 |
|
|
3.1 Low Energy-Cost Regions |
218 |
|
|
3.2 Low Water-Cost Regions |
220 |
|
|
4 Sustainability for New Versus Existing Building Stock |
221 |
|
|
4.1 Implications of Improving Sustainability of Existing Buildings |
221 |
|
|
4.2 Commissioning |
223 |
|
|
4.3 Deep Retrofits |
224 |
|
|
4.4 Retrofits and Green Certification Rating Systems |
226 |
|
|
5 Conclusion |
227 |
|
|
References |
228 |
|
|
Chapter 9: Sustainability as an Organizational Effectiveness Tool |
232 |
|
|
1 Features That Make Sustainability a Strong Organizational Effectiveness Tool |
235 |
|
|
1.1 Long-Term Orientation |
236 |
|
|
1.2 Change Agency |
236 |
|
|
1.3 Presence on the Dance Floor and the Balcony |
238 |
|
|
1.4 Need for Data |
239 |
|
|
1.5 Cross-Functional Nature |
240 |
|
|
1.6 Insider-Outsider Perspective |
241 |
|
|
1.7 Inclusion of Personnel Issues |
242 |
|
|
2 Opportunities for Sustainability to Improve Organizational Effectiveness |
242 |
|
|
2.1 Process Improvement |
243 |
|
|
2.2 Productivity Impediment Removal |
243 |
|
|
2.3 Tenant Service |
244 |
|
|
2.4 Occupant Satisfaction |
245 |
|
|
2.5 Policy Usability and Compliance |
246 |
|
|
2.6 Dumb Money to Smart Money |
246 |
|
|
2.7 Leadership and Compensation Issue Identification |
247 |
|
|
2.8 Interdepartmental Teamwork |
248 |
|
|
2.9 Agility |
249 |
|
|
2.10 Lifetime Cost Over Low-Bid Procurement |
250 |
|
|
2.11 Talent Attraction and Retention |
251 |
|
|
3 Integrating Sustainability and Organizational Effectiveness |
251 |
|
|
References |
252 |
|
|
Part III: Delivering Affordable, Reliable, Sustainable Energy |
254 |
|
|
Chapter 10: Building Energy Simulation and the Design of Sustainable and Resilient Buildings |
255 |
|
|
1 Building Energy Simulation and Its Application |
257 |
|
|
2 A Typical Building Energy Simulation Process |
259 |
|
|
3 Objectively Achieving Sustainable Building Design Goals in Energy |
265 |
|
|
4 Resilient Buildings in a World of Uncertainty |
268 |
|
|
5 Evaluating Design Risk to Achieve Resilient Building Design: An Economics-Based Example |
271 |
|
|
6 Evaluating Design Risk to Achieve Resilient Building Design: A Weather-Based Example |
277 |
|
|
7 Resilient and Sustainable Building Design: An Attainable Goal |
282 |
|
|
References |
283 |
|
|
Chapter 11: Driving Investment in High-Performance Commercial Buildings |
286 |
|
|
1 Driving Investment |
286 |
|
|
1.1 Value Analysis |
289 |
|
|
2 Challenges |
292 |
|
|
2.1 Short-Term Focus and Unaligned Solutions |
293 |
|
|
2.2 Stakeholder Diversity and Market Fragmentation |
295 |
|
|
3 Building the Tools and Measures |
296 |
|
|
3.1 Market Linkage |
297 |
|
|
3.2 Validating Energy Efficiency |
298 |
|
|
3.3 Tools |
299 |
|
|
3.3.1 Industry Consensus Metrics, Third-Party Standards, and Reporting |
299 |
|
|
3.3.2 Access to Real-Time Numbers |
299 |
|
|
3.3.3 Robust Operations and Maintenance |
300 |
|
|
3.3.4 Monetizing Energy Efficiency |
300 |
|
|
3.3.5 Tenant Engagement |
300 |
|
|
3.3.6 Public/Private Partnerships |
302 |
|
|
3.4 Communication Strategies, Messaging, and Transparency |
302 |
|
|
3.4.1 Messaging |
303 |
|
|
3.4.2 Communication Strategies and Transparency |
306 |
|
|
4 Financial and Policy Mechanisms |
307 |
|
|
4.1 Financing Mechanisms |
307 |
|
|
4.2 Barriers |
314 |
|
|
5 The Path Forward |
316 |
|
|
6 Conclusion |
318 |
|
|
References |
321 |
|
|
Chapter 12: Financing Rooftop Solar for Single-Family Rental Properties |
325 |
|
|
1 Background |
325 |
|
|
2 The Problem for Renters |
327 |
|
|
3 The Current “Solution” |
328 |
|
|
4 A Superior Solution |
329 |
|
|
5 Addressable Market: Single-Family Rentals |
330 |
|
|
6 Why the Renter’s PPA Could Work: The Economics of Rooftop Solar |
331 |
|
|
7 Hypothetical Target Company |
332 |
|
|
8 Asset-Backed Securities |
333 |
|
|
9 An Alternative RPPA |
333 |
|
|
10 A Risk to Consider Regarding the Renter’s PPA and Rooftop Solar |
334 |
|
|
11 Where This Might Work: California |
335 |
|
|
12 Where This Might Work: Connecticut |
336 |
|
|
13 Potential Social Impacts |
337 |
|
|
14 Concluding Thoughts |
337 |
|
|
References |
338 |
|
|
Part IV: Sustainable Cities and Communities |
340 |
|
|
Chapter 13: A Case for Sustainable Affordable Housing in the United States |
341 |
|
|
1 Challenges in the Current Housing Market |
342 |
|
|
1.1 Urban Sprawl |
342 |
|
|
1.2 Housing Affordability and Accessibility |
344 |
|
|
2 The Path Forward |
345 |
|
|
2.1 Sustainable Affordable Housing |
345 |
|
|
2.2 Sustainable Community Development |
348 |
|
|
2.3 Public Policy Initiatives |
349 |
|
|
2.4 Non-profit and Public Organization Support |
353 |
|
|
2.5 Multi-disciplinary Collaboration and Innovation |
354 |
|
|
3 Conclusion |
356 |
|
|
Chapter 14: Passive House Standard: A Strategic Mean for Building Affordable Sustainable Housing in Nova Scotia |
357 |
|
|
1 Housing Nova Scotia |
358 |
|
|
2 Affordable Public Housing Challenges |
359 |
|
|
3 HNS Sustainability Initiatives |
360 |
|
|
4 The Passive House Standard |
361 |
|
|
5 Passive House Case Studies: Passive House Pilot #1: 74 Alice Street, Truro |
363 |
|
|
5.1 Project Context |
363 |
|
|
5.2 Project Design |
363 |
|
|
5.3 Project Construction |
364 |
|
|
5.4 Communication, Education, and Marketing |
371 |
|
|
6 Passive House Pilot #2: 831 Highway 1, Hebron Heights |
372 |
|
|
6.1 Project Context |
372 |
|
|
6.2 Project Design |
373 |
|
|
6.3 Project Construction |
374 |
|
|
7 Passive House Pilot #3: 7–9 Brownell Avenue, Amherst |
375 |
|
|
7.1 Project Context |
375 |
|
|
7.2 Project Design |
379 |
|
|
7.3 Project Construction |
379 |
|
|
8 HNS PH Pilot Projects: Lessons Learnt |
383 |
|
|
8.1 Commissioning and Post-Occupancy |
385 |
|
|
9 Concluding Remarks |
385 |
|
|
References |
387 |
|
|
Chapter 15: Sustainable Investing in Community Sporting Facilities |
389 |
|
|
1 Introduction |
389 |
|
|
2 Brief History of Sport |
392 |
|
|
2.1 Dominance of Professional Sport |
393 |
|
|
3 Community Sporting Facility Funding and Financing Models |
394 |
|
|
3.1 US Municipal Bond Market |
395 |
|
|
3.2 European Lottery Funding |
396 |
|
|
4 Australia’s Community Infrastructure |
397 |
|
|
4.1 Ad hoc Funding Creates Inequitable Distribution |
398 |
|
|
4.2 Elite Athlete Focused Sports Policy |
398 |
|
|
5 Community Asset Financing Challenges |
399 |
|
|
5.1 Lack of Collateral |
400 |
|
|
5.2 Lack of Reliable Revenue |
400 |
|
|
5.3 Small Investments, Large Transaction Costs |
402 |
|
|
5.4 Lack of Business Development Expertise |
402 |
|
|
5.5 Lack of Suitable Organizational Structure for Raising Capital |
403 |
|
|
6 Community Futures Investment Model |
403 |
|
|
7 Community Bonds |
404 |
|
|
7.1 Debentures and the Funding of Community Assets |
404 |
|
|
7.2 How Would Community Bonds Work? |
405 |
|
|
7.3 Setting Standards |
406 |
|
|
8 Community Partnership Agreements |
408 |
|
|
9 Conclusion |
408 |
|
|
References |
410 |
|
|
Chapter 16: Sustainable Real Estate in the Middle East: Challenges and Future Trends |
413 |
|
|
1 Introduction |
413 |
|
|
2 Sustainable Real Estate in the Middle East: The Current Status |
415 |
|
|
2.1 Evaluation, Rating and Green Building Codes |
417 |
|
|
2.2 Design, Construction and Post-Occupancy Evaluation |
419 |
|
|
2.3 Urbanization and the Role of Resilience |
420 |
|
|
3 Future of the Sustainable Real Estate Industry in the Middle East |
422 |
|
|
3.1 Macro Trends: Climate, Population and Global Warming |
423 |
|
|
3.1.1 Climate Change |
423 |
|
|
3.1.2 Urban Population Growth |
424 |
|
|
3.1.3 Global Warming |
427 |
|
|
3.2 Macro-Level Responses to Macro-Level Trends: Rating Systems |
427 |
|
|
3.3 Meso-Level Responses to Macro-Level Trends: Resilience |
428 |
|
|
3.4 Micro-Level Responses to Macro-Level Trends: Materials Revolution |
431 |
|
|
4 Concluding Remarks |
432 |
|
|
References |
433 |
|
|
Chapter 17: Sustainable Community Development in Nigeria: The Role of Real Estate Development |
437 |
|
|
1 Introduction |
437 |
|
|
2 Sustainability in Community and Real Estate Development |
439 |
|
|
3 Community and Real Estate Development in Nigeria |
443 |
|
|
4 Achieving Sustainable Community Development through Sustainable Real Estate |
450 |
|
|
4.1 Technological Factor |
450 |
|
|
4.2 Managerial Factor |
451 |
|
|
4.3 Cultural Factor |
452 |
|
|
5 Conclusion |
452 |
|
|
References |
453 |
|
|
Index |
459 |
|