Sayce, S; Ellison, L and Parnell, P (2007) Understanding investment drivers for UK sustainable property. Building Research & Information, 35(6), pp. 629-643. ISSN 0961-3218
Abstract
What progress has occurred in terms of developing the culture of sustainability in which UK property investors, occupiers, and developers are both informed and accepting of the sustainability principles? Although the rise in concern for 'triple bottom line' sustainability is now embedded in many government and corporate policies, it is still not integrated into UK property investment practice. Whilst the last decade has seen progress towards 'green buildings', there has not yet been a 'sea change' in market behaviour. In developing this premise, it draws on the third of three surveys undertaken by the authors spanning a decade and tracking investor attitudes towards 'green' and sustainable buildings. Stakeholders' attitudes towards a potential range of fiscal measures that might incentivize market movement towards the adaptation of more sustainable behaviour. The business case for investment in sustainable property currently rests on risk reduction, not proven return advantage. There is support among respondents for a range of fiscal incentives. Although challenges to implementation undoubtedly exist, they are, in the authors' view, worthy of further research and investigation. There is potential to stimulate, via the fiscal system, measures to reward sustainable practices in property investment and management which can be facilitated through a more open dialogue with government bodies.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | financial incentives; property markets; sustainability; sustainable property; UK |
| Index terms: | implementation, property investment, business case, sustainable building, green building, investigation, property market, adaptation, survey, financial incentive, investor, movement, sustainable practice, risk reduction |
| Subjects: | financial risk, sustainable construction, design practice, sociology, sustainable practices, health behaviours and lifestyles, user focus, data collection methods, economic analysis, strategic project management, contractual arrangements, real estate economics |
| Topics: | Urban Studies, Design Practice, Business Strategy, Cost Management, Project Management, Research Practice, Stakeholder Management, Sustainability, Procurement |
| Descriptive scope: | 4 PCEA |
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