Latest Research on Green Real Estate Now Available

The Journal of Sustainable Real Estate (JOSRE) recently released its third volume presenting the latest scholarship examining the impact of new ideas, market forces and regulations on the places where we work, shop, reside and recreate.

This independent journal, the first of its kind in the United States, investigates the economics driving the green real estate market, the true costs -- both direct and indirect -- of implementing sustainable features in buildings, and the management strategies that support better user and owner decisions and best practices for the real estate investment industry.

The new volume includes a paper on the dynamics of green office buildings and rental rates by Das, Tidwell and Ziobrowski entitled Dynamics of Green Rentals over Market Cycles: Evidence from Commercial Office Properties in San Francisco and Washington DC. The study confirms that rental premiums for green office buildings exist, but that these premiums vary with market conditions.

The volume also includes one of the first studies on green industrial property by Harrison and Seiler, and a third report examining the correlation between walkability and residential values by Rauterkus and Miller, which suggests that well-located properties near amenities in denser urban areas tend to show less price volatility than those areas that are more car-dependent, further suggesting that price risk for consumers and lenders may be lowered with more attention paid to locational risk.

In addition to studies on commercial real estate, the latest edition of JOSRE includes five papers examining the impact of sustainable real estate in residential property. Of special note are two papers that examine the perspectives of public corporations. The first paper explores the trade-offs between risk-taking and socially responsible investing by European public companies written by Cajias and Bienert. The second examines the link between facility maintenance and firm value based on a case study of leading North American retailer Target Corp. by Beach.

The Journal of Sustainable Real Estate (1949-8276) is published annually by the American Real Estate Society (ARES), and the journal's editorial board is led by Dr. Norman G. Miller of the University of San Diego's Burnham-Moores Center for Real Estate. CoStar Group is proud to be the sole sponsor of this journal since its inception, and is pleased to contribute to the greater understanding of the realities behind sustainable real estate by providing data for a number of the office and industrial studies published in the Journal. More information is available on the JOSRE web site.