Reflecting Sustainability in the Analysis of Highest and Best Use: Evidence from Polish Municipalities

Rymarzak Małgorzata (), Siemińska Ewa () and Sakierski Krzysztof ()
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Rymarzak Małgorzata: Departament of Investment and Real Estate, University of Gdansk, Poland
Siemińska Ewa: Departament of Investment and Real Estate, Nicolaus Copernicus University in Torun, Poland
Sakierski Krzysztof: NGL Advisory Sp. z o.o. ul. Koszykowa 61B, 00-667 Warszawa, Poland

Real Estate Management and Valuation, 2022, vol. 30, issue 4, 103-115

Abstract: The combination of policy concerns over climate and demographic change, energy shortages, resource efficiency and the natural environment, has led municipalities to be expected to reflect sustainability in different actions, including the decision-making on a considerable amount of their real property assets. As more and more municipalities, use the highest and best use analysis for reviewing the configuration of real property asset portfolio to achieve public goals, this provokes an examination of the reflection of sustainability (environmental, economic and social dimensions) in this kind of elaboration. Thus, this paper aims to investigate how Polish municipalities deal with the incorporation of sustainability into the highest and best use analysis and its operationalization in four tests (legally permissible, physically possible, financially feasible, and maximally productive). The research goal was pursued based on quantitative research using surveys conducted between April and May 2022 among eleven municipalities (creating the largest metropolitan areas in Poland) and qualitative research by the content analysis of HBU analyses prepared for them in previous years.

Keywords: sustainability; highest and best use; municipalities (search for similar items in EconPapers)
JEL-codes: D81 Q01 Q51 R52 R59 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:remava:v:30:y:2022:i:4:p:103-115:n:6

DOI: 10.2478/remav-2022-0032

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