Integrating Sustainability and Green Building into the Appraisal Process

Timothy Runde and Stacey Thoyre

Journal of Sustainable Real Estate, 2010, vol. 2, issue 1, 221-248

Abstract: Sustainability's key concepts and impacts on real estate valuation have been largely sidestepped to date. Sustainability and green building require the appraiser to recognize the influence of a new market force (sustainability) and understand a new set of property characteristics (green features). These elements are market-specific and change rapidly. This article discusses sustainability and its relevance in real estate valuation. In addition, green building criteria are offered so that green features can be analyzed. The concept of sustainability and the relative "greenness" of a property are then brought together into a three-step Sustainability Valuation Model that can be used to guide the appraiser in valuing real property—green and brown—now and as market conditions with respect to sustainability change.

Date: 2010
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DOI: 10.1080/10835547.2010.12091795

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