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Journal cover: Journal of Financial Management of Property and Construction

Journal of Financial Management of Property and Construction

ISSN: 1366-4387

Online from: 2005

Subject Area: Built Environment

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Measuring the financial performance of green buildings in the UK commercial property market: Addressing the data issues


Document Information:
Title:Measuring the financial performance of green buildings in the UK commercial property market: Addressing the data issues
Author(s):Franz Fuerst, (School of Real Estate & Planning, Henley Business School, University of Reading, Reading, UK), Patrick McAllister, (School of Real Estate & Planning, Henley Business School, University of Reading, Reading, UK), Jorn van de Wetering, (School of Real Estate & Planning, Henley Business School, University of Reading, Reading, UK), Peter Wyatt, (School of Real Estate & Planning, Henley Business School, University of Reading, Reading, UK)
Citation:Franz Fuerst, Patrick McAllister, Jorn van de Wetering, Peter Wyatt, (2011) "Measuring the financial performance of green buildings in the UK commercial property market: Addressing the data issues", Journal of Financial Management of Property and Construction, Vol. 16 Iss: 2, pp.163 - 185
Keywords:Commercial property, Data, Eco-label, Environmental performance, Financial performance, Prices, Real estate, United Kingdom
Article type:Research paper
DOI:10.1108/13664381111153132 (Permanent URL)
Publisher:Emerald Group Publishing Limited
Abstract:

Purpose – Given the centrality of data and information to the evaluation and operation of policies to reduce carbon emissions, the purpose of this paper is to investigate potential sources of data within in the UK on the commercial building stock in terms of its physical characteristics, financial performance, energy consumption and environmental performance. The research aimed to increase understanding of the potential sources of data on property attributes, financial performance and energy use or environmental performance, with a particular emphasis on evaluating their strengths and weaknesses in terms of scope, quality, availability and practicability.

Design/methodology/approach – This is an explorative, qualitative study that uses semi-structured interviews conducted with 11 different data holding organisations.

Findings – Whilst public sector organisations have the potential to provide the data required for large samples, there are major barriers to obtaining and linking the different databases. Data on the three key data elements (prices, attributes and environmental performance) tend to be split between different governmental agencies. There are likely to be substantial problems (and costs) of linking the databases due, in particular, to definitional differences. There is a conflict between government's public good objective of increasing knowledge of the environmental performance of buildings and its objective of maximising revenues from the commercial exploitation of data. Since the private sector organisations that hold data are commercially motivated, the samples that they have gathered are largely client driven and, consequently, tend to be partial, particular, proprietary, private and product-related.

Originality/value – Since pricing studies are central to evaluating the effectiveness of eco-labelling in property markets, this paper improves one's understanding of the role of information and data barriers to improving the allocative efficiency of commercial property markets.



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