Pivo, G (2008) Responsible property investment criteria developed using the Delphi method. Building Research & Information, 36(1), pp. 20-36. ISSN 0961-3218
Abstract
This paper helps define responsible property investing (RPI) by using the Delphi Method to prioritize criteria for the evaluation of property investments. An international panel from the real estate and social investing sectors evaluated 66 criteria in terms of materiality to investors and importance to the public interest. A moderate to strong level of consensus was achieved. Criteria were ranked in terms of their materiality for financial performance and their importance to the public interest. Top ranked criteria were energy efficiency and conservation, high level of public transport services, transit-oriented development, daylight and natural ventilation, and contributes to higher density, mixed-use walkable places. There were few to no significant differences among the panellists by industry, gender or nationality. Factor analysis uncovered ten dimensions underlying the criteria. Based on this analysis, the panel would emphasize the creation of less automobile-dependent and more energy-efficient cities where worker well-being and urban revitalization are priorities. Leadership in Energy and Environmental Design (LEED) green building rating tools were compared with the results and found to be much stronger on environmental criteria than social concerns. The results can guide RPI portfolio audits, database development, third-party assessments of property companies, strategic consulting, the development of corporate reporting standards, RPI certification procedures, updated green building assessment tools, and cost-benefit studies to help guide asset managers.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | corporate social responsibility; ethical behaviour; green buildings; investment criteria; property portfolios; public interest; responsible property investment |
| Index terms: | financial performance, real estate, well-being, green building, factor analysis, natural ventilation, dimension, corporate social responsibility, ethical behaviour, property investment, property company, conservation, energy efficiency, public transport, Delphi method, density, manager, investor, certification, materiality, public interest, environmental design, database, audit |
| Subjects: | administrative processes, infrastructure and transport systems, political science, environmental engineering, statistical analysis, data management, sociology, health safety and environment, design practice, performance measurement, business analysis, analytical methods, health monitoring assessment and metrics, economic analysis, environmental policy, ethical issues, sustainability and energy, real estate economics, practitioner, data collection methods, mental health and wellbeing |
| Topics: | Contract Administration, Digital Applications, Urban Studies, Design Practice, Quality Management, Roles and Professions, Stakeholder Management, Governance, Sustainability, Procurement, Health and Safety, Business Strategy, Research Practice |
| Descriptive scope: | 5 PCTEA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here