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Physische und transitorische Faktoren bei Bestandsimmobilien im Kontext des Klimawandels: Entwicklung einer Handlungsempfehlung zur Vermeidung von Stranded Assets
[Physical and transition factors in existing real estate in the context of climate change: Development of recommendations for action to avoid stranded assets]

Author

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  • Geßner, Paul
  • Schöne, Lars Bernhard

Abstract

Der Gebäudesektor ist weltweit für rund ein Drittel aller CO2-Emissionen verantwortlich und steht dadurch sowohl unter zunehmendem regulatorischem Druck (transitorische Risiken), als auch unter dem Einfluss klimatischer Veränderungen (physische Risiken). Eine integrierte Betrachtung beider Risikodimensionen ist bisher kaum etabliert, obwohl sie für die Bewertung von Immobilien notwendig ist. Vor diesem Hintergrund entwickelt das vorliegende Arbeitspapier ein Scoring-Modell, das beide Kategorien systematisch erfasst und im sogenannten Stranded Asset Index (SAI) auf Objektebene für Wohnimmobilien in Deutschland vereint. Durch eine anschließende Regressionsanalyse wird die Aussagekraft des SAI hinsichtlich des Angebotspreises validiert. Die Ergebnisse zeigen, dass Klimarisiken signifikant auf den Angebotspreis von Immobilien wirken, wenngleich sie jedoch noch nicht konstant in der Bepreisung berücksichtigt werden.

Suggested Citation

  • Geßner, Paul & Schöne, Lars Bernhard, 2025. "Physische und transitorische Faktoren bei Bestandsimmobilien im Kontext des Klimawandels: Entwicklung einer Handlungsempfehlung zur Vermeidung von Stranded Assets [Physical and transition factors i," IIWM-Papers 16, Technische Hochschule Aschaffenburg - University of Applied Sciences, Institut für Immobilienwirtschaft und -management (IIWM).
    • Handle: RePEc:zbw:iiwmps:329629
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    References listed on IDEAS

    as
    1. Fanglin Chen & Jie Zhang & Zhongfei Chen, 2025. "Heat Waves and Housing Markets: Assessing the Effects on Real Estate Prices in China," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 88(6), pages 1541-1579, June.
    2. Justin C. Contat & William M. Doerner & Robert N. Renner & Malcolm J. Rogers, 2025. "Measuring Price Effects from Disasters Using Public Data: A Case Study of Hurricane Ian," Journal of Real Estate Research, Taylor & Francis Journals, vol. 47(2), pages 170-217, April.
    3. Simon Krause & Andreas Trumpp & Tobias Dichtl & Susanne Kiese & Alexander Rutsch, 2024. "Neue Arbeitswelt, neue Arbeitsorte: Auswirkungen von Homeoffice auf den Büroimmobilienmarkt," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 77(03), pages 63-73, March.
    4. Jens Hirsch & Maximilian Spanner & Sven Bienert, 2019. "The Carbon Risk Real Estate Monitor—Developing a Framework for Science-based Decarbonizing and Reducing Stranding Risks within the Commercial Real Estate Sector," Journal of Sustainable Real Estate, Taylor & Francis Journals, vol. 11(1), pages 174-190, January.
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