دانلود رایگان مقاله رفتار سرمایه گذار در بازار برای ساختمان اداری ECO

Abstract

This paper contributes to the growing literature on the economics of green buildings: by merging auction theory and hedonic regression analysis we investigate the relationship between market concentration and price premiums in the American market for eco-certified real estate assets. Auction theory is used to model price formation where eco-investors may differ in their valuation of assets. Controlling for a large number of features, the empirical results provide evidence of a significant and positive relationship between investors’ eco-certified market share and prices of eco-certified space. Contributing to the recent debate over the nature of the green premium, we find that eco-investors are creating clientele effects and that they may be subject to a green winner's curse.

7. Conclusions

The aims of the research were to investigate patterns of buying behavior in eco-certified Class A offices and to evaluate the effect of potential SRI-type screening on pricing. It is clear from this analysis that, in the Class A office market segment, eco-certified space has become part of the mainstream and is not a niche product in the Class A office sector. Eco-certified office space accounted for almost half of all Class A office space transacted between 2007 and 2012. The vast majority of this space comprises offices that are Energy Star or Energy Star and LEED certified. Offices with LEED-only certification have accounted for less than 10% of all Class A eco-certified stock that has been transacted. There is also evidence that some investors are positively screening eco-certified office assets. A number of investors have only acquired eco-certified assets in the study period: others have allocated the vast majority of the expenditure on Class A office to ecocertified offices. Providing support for the presence of a group of ecoinvestors in commercial real estate markets, the outcome has been that some investors have relatively high market shares for this type of stock. A niggling doubt of previous research on green building premiums is that there is a positive relationship between the presence of ecoinvestors, eco-certification and the relative quality of assets within a broad quality band such as Class A offices. Put simply, assets that are eco-certified and/or purchased by eco-investors may be above average quality assets within their class. This problem has been analyzed in some detail by Akin et al. (2013) in the context of the price effect of REIT buyers. The possible outcome is that the price effects of unobserved quality factors are being misattributed as an eco-certification effect. In contrast to previous research, a striking finding of this research is that buyer type is not a significant price determinant. In particular, we find no evidence of a REIT premium. Our results suggest that, perhaps not surprisingly, there is a ‘market share premium’ in that Class A offices acquired by investors who obtain a high proportion of assets tend to sell for higher prices. This effect is strongest for investors who have a high market share of eco-certified Class A office space when they acquire eco-certified space. Turning to the question of the relationship between market share and transaction prices, the empirical results provide evidence of significant positive price effects of market share. This suggests that eco- investors are creating clientele effects that are significant determinants of the price premiums for ecocertified office space and that they may be subject to a green winner's curse.