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- The Political Economy of Green Industrial Warehouses (2011 Industrial Real Estates Manuscript Prize Winner) (PDF - To download Adobe Acrobat Reader, click here.)
Empirical evidence on the effect of environmental certification on commercial real estate properties routinely finds evidence of both significant rental rate and occupancy rate premiums accruing to owners of LEED and/or Energy Star certified properties. The current investigation expands our understanding of environmental certification and valuation effects by examining a previously unexplored property type - industrial warehouse facilities. Specifically, "green" warehouses in politically conservative areas rent at a significant discount relatively to their non-certified counterparts, while similar properties in politically liberal areas rent at a significant premium. These results provide further evidence on the importance of political ideology to real estate decision-making, and offer the first insight into the importance of environmental certification within the industrial warehouse property type sector.
- An Empirical Study of the Efficacy of Mixed-Use Development: The Seattle Experience (2011 Mixed-Use Properties Manuscript Prize Winner) (PDF - To download Adobe Acrobat Reader, click here.)
Little empirical research has been conducted to identify the metrics that can be used to gauge the ultimate success of mixed-use projects and the critical success factors that should be incorporated. The objective of this paper is to explore these fundamental questions. The research begins with an extensive review of the literature to identify the nature and scope of issues surrounding mixed-use projects as well as provide insights into the current state of knowledge on the topic. The research then explores the mixed-use experience in Seattle where such development has been a key element of real estate activity for over two decades making it a living laboratory setting.
- The Commercial Office Market and the Mark-up for Full Service Leases (2011 Office Buildings/Office Parks Manuscript Prize Winner) (PDF - To download Adobe Acrobat Reader, click here.)
Because landlords assume all of the operating expense risk, rents for gross leases exceed those for triple-net leases. The markup for gross leases varies between properties and across markets. In this study, we develop a theory explaining the spread between gross and triple-net rents for office space across urban markets. A multi-stage model is developed with the first stage estimating triple-net rent through its proposed determinants. Stage 2 uses the estimated coefficients from the triple-net rent equations to generate expected rents for gross leases with which we estimate the gross rent markup for each property.
- Spatial Penetration and Performance of LEED Ratings & Certification Levels Among Office Buildings (2011 Sustainable Real Estate Manuscript Prize Winner) (PDF - To download Adobe Acrobat Reader, click here.)
The U.S. Green Building Council (USGBC) launched LEED in 1998. This paper focuses on class A and B office buildings across the U.S. with 50,000 square feet or more and has a threefold goal: i) provide an overview of the office building distribution among the ratings and certification levels from the inception of the USGBC until today; ii) examine the spatial penetration of the ratings and certification levels across the mainland U.S. states and iii) examine closely the rent and vacancy performance of LEED-EB before and after their designation while controlling for the latest financial crisis.
- Effect of Past Crises (Economic and Others) on U.S. Downtown Office Property Income and Expenses (2010 Office Buildings and Office Parks Manuscript Prize Winner) (PDF - To download Adobe Acrobat Reader, click here.)
Economic, real estate, oil and other crises can cause significant lack of confidence and recessions, which eventually affect office markets. Being in the midst of a financial crisis makes this paper timely because it studies past crises and their effects on downtown office market trends across the U.S. This retrospective look of past crises and their effects on office markets is pivotal in the estimation of current short and medium-term market responses.
- Wind Energy Facilities and Residential Properties: The Effect of Proximity and View on Sales Prices (2010 Sustainable Real Estate Manuscript Prize Winner) (PDF - To download Adobe Acrobat Reader, click here.)
With an increasing number of communities considering nearby wind power developments, there is a need to empirically investigate community concerns about wind project development. One such concern is that property values may be adversely affected by wind energy facilities, and relatively little research exists on the subject. The present research investigates roughly 7,500 sales of single-family homes surrounding 24 existing U.S. wind facilities.
- Butterfly Spotting: An Industrial Real Estate Perspective on Globalization and Transnational Economics (2008 Industrial Real Estate Manuscript Prize Winner) (PDF - To download Adobe Acrobat Reader, click here.)
As national economies are becoming ever more global and interconnected, this paper addresses the need for real estate investors to develop new, efficient ways to assess how variables and phenomena central to economic globalization (e.g. outsourcing) might impact their domestic portfolios and investment decisions.
- Value Property Premium: Is It Risker? (2008 Office Buildings/Office Parks Manuscript Prize Winner) (PDF - To download Adobe Acrobat Reader, click here.)
A very few empirical studies based aggregate market data have concluded the superiority of value property portfolios over growth property portfolios. We therefore revisit the value property premium anomaly be premising our analysis on Tokyo office property market data from 1997Q1 to 2007Q3.
- Sustainability and Office Buildings – a Detailed Examination of CO2 Emissions (2007 Office Buildings/Office Parks Manuscript Prize Winner) (PDF - To download Adobe Acrobat Reader, click here.)
This paper presents findings from a detailed examination of office buildings and their individual levels of energy consumption and CO2 emissions based on five year time frames (2005, 2010, 2015 and 2020). The research profiles the energy efficiency of the office stock located in the central business district (CBD) or downtown precinct of Melbourne. It focuses on quantifying carbon dioxide reductions resulting from measures that can be made during in the ‘in-use’ or ‘operational’ phase of office buildings.
- The Structural and Behaviourial Barriers to Sustainable Real Estate Development (2007 Office Buildings/Office Parks Manuscript Prize Winner) (PDF - To download Adobe Acrobat Reader, click here.)
Sustainable real estate development appears, on literal translation of both terms, to be an oxymoron - however it is a concept that the real estate profession needs to embrace knowledgably. This paper discusses the barriers to sustainable real estate development. Firstly it identifies the barriers to uptake and secondly it establishes the structural barriers in the market which prevent the wider uptake of tools
- Land Use Policy Prescriptions for Local Government Using Spatially Oriented Data (2007 Industrial Real Estate Manuscript Prize Winner) (PDF - To download Adobe Acrobat Reader, click here.)
Comprehensive land-use and transportation planning is essential to the successful growth of an area. This paper presents a model of land prices for the Lowndes County Industrial Authority, with the goal to recommend the parcels it should purchase to meet 2030 industrial employment projections. This model, coupled with a separate multi-criteria analysis by the South Georgia Regional Development Center that uses geographic information system (GIS) data, allows us to determine parcel development suitability for industrial purposes.
- Sports Facilities: From Multipurpose Stadia to Mixed-Use Developments (2007 Mixed-Use Properties Manuscript Prize Winner) (PDF - To download Adobe Acrobat Reader, click here.)
Real estate developers have recognized the opportunities inherent in having a sports facility integrated into a mixed-use development. These developments, either initially or retroactively, incorporate properties such as retail, office and housing options into a sports facility complex. The evolution of the baseball parks is reviewed and the more recent influx of mixed-use developments incorporating all manner of sports facilities is further explored in this paper. Conclusions, including projections of future directions, are also offered.
- Industrial Real Estate Investment: Does the Contrarian Strategy Work? (2006 Industrial Manuscript Prize Winner) (PDF - To download Adobe Acrobat Reader, click here.)
The superiority of the contrarian investment strategy, though well attested in the finance literature, has received scant attention, if any, in the real estate literature. This paper uses empirical industrial real estate investment return data from 1985Q1 to 2005Q3 for U.S., and some Asia Pacific cities vis-à-vis the value-growth paradigm to ascertain the relative superiority of "value" and "growth" industrial real estate investment. The results show that "value" industrial property investment outperformed "growth" industrial property investment in all the holding periods under consideration.
- Severity of Terrorism Fears and Recession Pressures on Office Markets (2006 Office Manuscript Prize Winner) (PDF - To download Adobe Acrobat Reader, click here.)
The attacks of September 11, 2001, and more recently the Madrid and London downtown train bombings have raised concerns over both the safety of downtowns and the continuous efforts by terrorists to attack such high density and significance areas. This paper focuses on the results of the recession pressures after 9/11 and the perceived threat of an attack on the downtown Chicago office market, comparing rents and vacancy rates, at the building level, before and after the 9/11 attacks using the differences-in-difference (DID) methodology.
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