Added value of sites suitable for sustainable office development

Kupec Josef ()
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Kupec Josef: Faculty of Civil Engineering, Czech Technical University in Praguem, Thákurova 7, Praha 6 – Dejvice, 166 29, Czech Republic.

Organization, Technology and Management in Construction, 2021, vol. 13, issue 2, 2465-2471

Abstract: Valuations of real estate are widely used for various purposes and it relied always upon the financial and other markets. Valuation methodology is based on the operation of the free market economy and the real estate properties. The issue of certified properties is relatively new in the field of real estate valuation and is not sufficiently explored. Certified buildings are preferred by major corporate tenants with international field of activity who often have ethical rules for sustainable development. Therefore, certified properties are attractive to international commercial real estate investors who have higher purchasing power and are willing to pay a higher purchase price. Sustainable property certification is an element affecting the market value of the property. The purpose of this presented research is to quantify the impact of property certification on the value of office properties in Prague and subsequently to determine the impact of sustainability certificates on the market value of the land by using basic valuation techniques. The outcome of the project could be used by real estate valuation experts as a guideline to consider the future project certification and its impact on the land market value.

Keywords: Real Estate Valuation; Sustainable Office Development; Residual method; LEED; BREEAM (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:otamic:v:13:y:2021:i:2:p:2465-2471:n:8

DOI: 10.2478/otmcj-2021-0026

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