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An Investigation of the Effect of Eco-Labeling on Office Occupancy Rates

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  • Fuerst, Franz
  • McAllister, Patrick

Abstract

This paper investigates the effect of eco-labeling on the occupancy rates of commercial offices in the US. The occupancy rates of LEED and Energy Star labeled offices are compared to a sample of non-labeled offices which were selected to include properties in the same submarkets. Significant differences are found between the two types of labeling. While Energy Star labeled offices are more likely to be multi-tenanted compared to the total sample, single tenant occupancy tends to be over-represented among LEED labeled offices. Using OLS and quantile regression analyses, a significant positive relationship is found between occupancy rate and the eco-label. Controlling for differences in age, height, building class and quality, the results suggest that occupancy rates are 5-7% higher in LEED labeled buildings and 1.5-3.5% higher in Energy Star labeled buildings. However, the effects are concentrated in certain market segments.

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File URL: http://mpra.ub.uni-muenchen.de/15799/
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File URL: http://mpra.ub.uni-muenchen.de/16137/
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File URL: http://mpra.ub.uni-muenchen.de/16138/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 15799.

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Date of creation: 10 May 2009
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Handle: RePEc:pra:mprapa:15799

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Related research

Keywords: Eco-certification; real estate economics; dynamics of office occupancy rates;

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  1. Quigley, John M., 2006. "Urban Economics," Berkeley Program on Housing and Urban Policy, Working Paper Series qt0jr0p2tk, Berkeley Program on Housing and Urban Policy.
  2. Koenker,Roger, 2005. "Quantile Regression," Cambridge Books, Cambridge University Press, number 9780521845731, November.
  3. Matthew J. Kotchen, 2006. "Green Markets and Private Provision of Public Goods," Journal of Political Economy, University of Chicago Press, vol. 114(4), pages 816-845, August.
  4. G. Stacy Sirmans & C.F. Sirmans & John D. Benjamin, 1990. "Rental Concessions and Property Values," Journal of Real Estate Research, American Real Estate Society, vol. 5(1), pages 141-152.
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Cited by:
  1. Nappi-Choulet, Ingrid & Décamps, Aurélien, 2011. "Is Sustainability Attractive for Corporate Real Estate Decisions ?," ESSEC Working Papers WP1106, ESSEC Research Center, ESSEC Business School.
  2. Franz Fuerst & Pat McAllister & Karen Smith, 2010. "Eco-Labeling, Rents, Sales Prices and Occupancy Rates: Do LEED and Energy Star Labeled Offices Obtain Multiple Premiums?," Real Estate & Planning Working Papers rep-wp2010-01, Henley Business School, Reading University.

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