Green Building Adoption on Office Markets in Europe: An Empirical Investigation into LEED Certification

Michal Gluszak, Agnieszka Malkowska and Bartłomiej Marona
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Michal Gluszak: Department of Real Estate and Investment Economics, Cracow University of Economics, ul. Rakowicka 27, 31-510 Krakow, Poland
Agnieszka Malkowska: Department of Real Estate and Investment Economics, Cracow University of Economics, ul. Rakowicka 27, 31-510 Krakow, Poland
Bartłomiej Marona: Department of Real Estate and Investment Economics, Cracow University of Economics, ul. Rakowicka 27, 31-510 Krakow, Poland

Energies, 2021, vol. 14, issue 7, 1-12

Abstract: The goal of the paper is to evaluate the impact of selected factors on the adoption of LEED (Leadership in Energy and Environmental Design) green building certification in Europe. In the empirical part of the paper we track the fraction of LEED-registered office space in selected European cities, and assess the impact of selected socioeconomic and environmental factors on the certification adoption rate. This research contributes to the ongoing debate about the adoption of green buildings in commercial property markets. In this paper, we investigate factors affecting the adoption of LEED certification using the Arellano and Bond generalized method-of-moments estimator. Compared to prior studies, which relied on cross-sectional data, our research uses a panel approach to investigate the changes in green building adoption rates in selected European cities. Among the cities that are quickly adopting LEED are Frankfurt, Warsaw, Stockholm, and Dublin. The adoption process was not equally fast in Brussels and Copenhagen. Using the dynamic panel model approach, we found that the adoption of green building certification is linked to overall innovativeness in the economy and the perceived greenness of the city. Contrary to some previous studies we did not observe links between the size of the office market and the LEED adoption rate.

Keywords: sustainable buildings; certification system; LEED; diffusion of innovation; green building adoption (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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