Real Estate Insights Back to the basics of sustainability

Larry Wofford

Journal of Property Investment & Finance, 2023, vol. 42, issue 1, 112-119

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.

Keywords: Sustainability; Built environment; Urban areas; Life cycles; Commercial real estate; Sustainability enhancement quotient (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jpifpp:jpif-08-2023-0076

DOI: 10.1108/JPIF-08-2023-0076

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