Sustainable Building Certification and the Rent Premium: A Panel Data Approach

Alexander Reichardt, Franz Fuerst, Nico Rottke and Joachim Zietz

Journal of Real Estate Research, 2012, vol. 34, issue 1, 99-126

Abstract: This paper investigates whether obtaining sustainable building certification entails a rental premium for commercial office buildings and tracks its development over time. To this aim, both a difference-in-differences and a fixed-effects model approach are applied to a large panel dataset of office buildings in the United States in the 2000–2010 period. The results indicate a significant rental premium for both ENERGY STAR and LEED certified buildings. Controlling for confounding factors, this premium is shown to have increased steadily from 2006 to 2008, followed by a moderate decline in the subsequent periods. The results also show a significant positive relationship between ENERGY STAR labeling and building occupancy rates.

Date: 2012
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DOI: 10.1080/10835547.2012.12091325

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