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1、THE BUSINESS CASE FOR GREEN BUILDINGwww.worldgbc.orgA Review of the Costs andBenefits for Developers,Investors and Occupants 2013 World Green Building Council.World Green Building Council grants you the right to download one copy of this report for your personal review.No right of further reproducti

2、on or distribution is granted.For further reproduction rights,please contact officeworldgbc.org.Project PartnerPrincipal SponsorsSponsorsForeword 2Executive Summary 6Introduction 12THE BUSINESS BENEFITS DESIGN AND CONSTRUCTION COST 18Santiago Rising 25Life Cycle Cost Assessment by Lisa Matthiesen,In

3、tegral Group 29ASSET VALUE 32Green Partnership:A Good News Story 43Reflecting the Past&Embracing the Future by Ursula Hartenberger,RICS and Sarah Sayce,Kingston University 45OPERATING COSTS 48Bright Lights,Big City 53Exemplary by Any Measure 54Making Green Leases Work by Shengkai Chiu,Jones Lang LaS

4、alle 57WORKPLACE PRODUCTIVITY AND HEALTH 64Creating Healthy Buildings For Healthy People by George Salah,Google 70 Refurbishment Reaps Rewards 75Talent Attraction and Retention in Green Buildings by Nicola Milne 76RISK MITIGATION 80Energy Efficiency Shines 85Sustainability at the Portfolio Level by

5、Nils Kok,Maastricht University 89 SCALING UP FROM GREEN BUILDINGS TO GREEN CITIES The Carrot and the Stick by Jonathan Laski,C40 Cities Climate Leadership Group 96Green Places are Great Places 101Codes,Compliance and Collaboration 103Greening a City the PlaNYC Way by Hilary Beber and Stacy Lee,NYC M

6、ayors Office of Long-Term Planning&Sustainability 105Abu Dhabis First Sustainable Mandate 106GLOSSARY AND REFERENCESGlossary 108References 110ACKNOWLEDGEMENTSThe Steering Committee 114Acknowledgements 116About the Project Partners(WorldGBC and PRP)118About the Premium Sponsors(Skanska,Grosvenor,Abu

7、Dhabi)120TABLE OF CONTENTSINTRODUCTIONThe World Green Building Council and its coalition of green building councils from 94 countries share the same goal:to create a built environment that will give people better,brighter,healthier spaces to live,work and play.But those of us who work in the industr

8、y are keenly aware that good intentions like these are not enough.Green buildings must perform,and they must do so across a host of metrics,including,and especially,financial ones.This latest report,“The Business Case for Green Building:A Review of the Costs and Benefits for Developers,Investors and

9、 Occupants,”confirms yet again that when environmental strategiesalong with program managementare integrated into the development process from the beginning of a buildings life cycle,green buildings save energy,save water,save precious resources and most importantly,save money.And the cost to build

10、more sustainably continues to fall.Over the past 20 years,the building industry has systematically reduced design and construction costs as building codes around the globe become stricter,supply chains for green materials and technologies reach maturation and the design profession becomes more dexte

11、rous at delivering cost-effective green building design.Green building has inspired countless material,product and process innovations that have speeded up the adoption of green design,construction,and operations across the globe.Today,green building is a half-trillion dollar industry in the United

12、States,and more than a trillion dollar industry worldwide.The WorldGBC is a part of a global movement of people from widely different backgrounds,circumstances,cultures,countries and industries.We all continue to unite around a singular commitment not just to building green,clean,sustainable buildin

13、gs,but also to building sustainable cities and communities and a sustainable world.As this report and others continue to underscore,green building plays a fundamental and cost-efficient role in tackling some of the immediate challenges of our times.The WorldGBC is proud to continue to play a leaders

14、hip role in the explosive growth of global green building.FOREWORD2THE BUSINESS CASE FOR GREEN BUILDINGRick FedrizziChairmanWorld GBCFOREWORDSome regard environmental concerns as costly and non-profitable restraints.Some even neglect the need for sustainable use of natural resources.Unfortunately,ta

15、king this stand means losing opportunities to make a difference.Every day,we gain new information about the state of the planet.But only rarely do we get any advice on how to act profitably going forward.That is why this long-awaited report is needed so much.We are very proud to be associated with t

16、he WGBC and this authoritative work.It presents strong evidence that going green is good business sometimes even for unexpected reasons.For example,green buildings with more daylight and better air-quality enhance the well-being of the users and offer them the best possible conditions to outperform.

17、This work presents the facts and figures now it is a matter of mind-set.Everyone who is engaged in the development of our societies need to realize that it takes a new approach to really succeed.Green is not a bolt-on gadget key to success is to make green an integrated and natural part of the proce

18、ss from the first day of planning and through the entire life of a building.As a major international construction and development company and early adopter of the green agenda we are actively seeking the best solutions in the long run.What we owners,authorities,developers,builders,tenants and even u

19、sers decide to do today will have a lasting impact.After a decade of lessons learned we now know green buildings are high-performing in every aspect environmentally and socially as well as economically.I hope this report will inspire us all to make the right choices and take the next step.In the end

20、 it is about creating and future-proofing value.Sharing the responsibility will grant us all a share of the gain.Johan KarlstrmPresident and CEO Skanska 3The population of our global cities is projected to double by 2050.With this challenge before us,the property industry must be brave and innovativ

21、e if we are to create and manage buildings,communities and cities which are not only efficient in environmental terms,but also promote a high quality of life for all who pass through them.The publication of The Business Case for Green Building demonstrates beyond doubt that green building is now a g

22、lobal movement,and that sustainability delivers benefits well beyond the environmental.Grosvenor is passionate about cities,urban design and development.We try to take a long-term view,seeing ourselves as stewards with an eye to the future,and we aim to continually improve our understanding of citie

23、s for the benefit of occupiers,investors and all our other stakeholders.As such,we are proud to sponsor The Business Case for Green Building.Increasingly,Grosvenors business strategies,and investment and development practices,reflect our long-term ambition to help create and manage vibrant,sustainab

24、le cities which operate within the worlds annually renewable resources and,as a result,our vision of the future is beginning to affect our day-to-day decision-making too.We know that our vision is ambitious,and that Grosvenor is only one player in the market.However,we also know that the property in

25、dustry has a key role to play in creating more sustainable places in which future generations will want to live,work and play.We see this report as the next step in understanding and communicating why green building adds social and economic,as well as environmental,value,and we hope that the report

26、inspires others in the global property industry to consider their vision for sustainability.4THE BUSINESS CASE FOR GREEN BUILDINGKate BrownGroup Director SustainabilityGrosvenor GroupWith the strain on our environment becoming more evident as buildings and cities continue to grow in parallel with gl

27、obal populations,each country should have their own agenda on sustainable development.On a global scale,everyone needs to be involved and consciously contributing to the cause.Economics is as much an important driver for sustainability along with the environment,society and culture.Providing case st

28、udies of how selected countries and building studies respond to the challenge enables everyone to gauge the effect of their everyday interaction with energy,water and waste within a building up through the scales.In Abu Dhabis case,we are shaping our sustainable future through the mandated Estidama

29、programme.Our unique situation is being addressed through compulsory design and construction of buildings,soon to be expanded to include operational lifetimes.Global sustainable development is about telling others what each of us are doing to improve,working together to share experience and practice

30、s.5FOREWORDFalah Mohamed Al AhbabiGeneral ManagerAbu Dhabi Urban Planning CouncilThis report investigates the business costs and benefits of green building in five vital categories and finishes with an exploration into the both the impacts that a greener built environment can have at a macro scale a

31、nd how this can be achieved.In recent years,a wide range of studies and reports have outlined elements of the business case for green buildings,but this report is the first attempt to synthesize all credible evidence from around the world into one definitive resource,complete with global examples an

32、d thought pieces from leading experts.EXECUTIVE SUMMARYResearch clearly shows that there are a large number of compelling benefits from building green,which are received by different stakeholders throughout the building life cycle.Yet,one issue that has remained controversial is whether it is possib

33、le to attach a financial value to the benefits of green buildings crucial information for real estate lenders and the investment community.Do green buildings attract a financial premium in terms of rental and sales value?Are they more attractive to tenants and occupiers?Are employees occupying green

34、er buildings more productive?6THE BUSINESS CASE FOR GREEN BUILDING7EXECUTIVE SUMMARYKey FindingsUsing peer-reviewed evidence as the standard for the analysis and guided by a steering committee of experts from around the world,the findings presented in this study represent a critical summation of the

35、 most recent and relevant research.The body of the report provides insight into how these findings were reached,including the context of the studies essential reading for understanding the relevance of the findings to what is found in local markets.Design and Construction CostsResearch shows that bu

36、ilding green does not necessarily need to cost more,particularly when cost strategies,program management and environmental strategies are integrated into the development process right from the start.While there can be an additional costs associated with building green as compared to a conventional b

37、uilding,the cost premium is typically not as high as is perceived by the development industry.Asset ValueAs investors and occupants become more knowledgeable about and concerned with the environmental and social impacts of the built environment,buildings with better sustainability credentials enjoy

38、increased marketability.Studies around the world show a pattern of green buildings being able to more easily attract tenants and to command higher rents and sale prices.In markets where green has become more mainstream,there are indications of emerging brown discounts,where buildings that are not gr

39、een may rent or sell for less.8THE BUSINESS CASE FOR GREEN BUILDINGOperating CostsGreen buildings have been shown to save money through reduced energy and water use and lower long-term operations and maintenance costs.Energy savings in green buildings typically exceed any design and construction cos

40、t premiums within a reasonable payback period.In order to achieve their predicted performance,high-performing green buildings need to be backed up by robust commissioning,effective management,and collaboration between owners and occupiers.Workplace Productivity and HealthResearch shows that the gree

41、n design attributes of buildings and indoor environments can improve worker productivity and occupant health and well-being,resulting in bottom line benefits for businesses.Despite evidence of its impact,improved indoor environmental quality has not been a priority in building design and constructio

42、n,and resistance remains to incorporating it into financial decision-making.While more research is needed,investing in better indoor environments can lead to better returns on one of every companys greatest assets-its employees.Risk MitigationSustainability risk factors can significantly affect the

43、rental income and the future value of real estate assets,in turn affecting their return on investment.Regulatory risks have become increasingly apparent in countries and cities around the world,including mandatory disclosure,building codes and laws banning inefficient buildings.Extreme weather event

44、s and systematic changes in weather patterns affect the insurability of real estate and lead to questions about the resilience of assets.Changing tenant preferences and investor risk screening may translate into risk of obsolescence for inefficient buildings.Scaling Up from Green Buildings By greeni

45、ng our built environment at the neighborhood and city scale,we can deliver on large-scale economic priorities such as climate change mitigation,energy security,resource conservation and job creation,long-term resilience and quality of life.9EXECUTIVE SUMMARYThe report points to an increasingly compe

46、lling business case for green buildings.The evidence presented highlights that sustainable buildings make clear business sense its not just about saving the planet.These benefits range from risk mitigation across a building portfolio and city-wide economic benefits,to the improved health and well-be

47、ing of individual building occupants.Moreover,green buildings can now be delivered at a prices comparable to those for conventional buildings and these costs can be recouped through operational costs savings and,with the right design features,through more a more productive workplace.Design decisions

48、 made at the start of a project will impact the long-term value of the building and its return on investment,meaning a whole-life cost/value approach is needed,from design through building operation.While there is a growing evidence base for all of these findings,the information being gathered is co

49、ncentrated in certain regions and climates.In order to effectively transform the global marketplace,there is a need for more data and for more case studies from around the world.This presents an excellent opportunity for businesses to partner with each other,and with academia and government,to bette

50、r understand the financial implications of a more sustainable built environment.We need the right data to spur better financial decision-making.A key illustration of this point is where due to a lack of financial metrics,many businesses have ignored the potential to improve indoor environments and a

51、re now missing a major opportunity to use buildings to leverage broader organizational success.Studies can tell us what has happened in given markets over a specific period of time.Practitioners have to look at local market conditions and at what defines and drives green building in a given location

52、,not just a snapshot of data,to get the complete picture and effectively decide whether investments will ultimately translate into enhanced financial returns.What is clear is that there is mounting evidence that in many markets across the world,part of being a better quality building means being a g

53、reen building.In premium markets in particular,green is increasingly expected by tenants and owners it is just part of what good quality means.With so many drivers for green buildings at play,and many parts of the world still at the nascent phase of green building,there can be no doubt that the busi

54、ness case for green building will continue to evolve as markets mature.Green building is something that tenants,investors and policy makers will come to demand and expect over time indeed we have already seen this momentum grow globally where in more and more places,green is now becoming the status

55、quo.What These Findings Mean for BusinessThis report lays out the best business case evidence we have available today and provides insights into what these findings mean for industry as well as next steps we can take from here.It also shows how governments can leverage green building policies to sup

56、port local economies and meet their long-term goals.With this foundation,we call on the private and public sectors to use their collective knowledge and strength to move the green building agenda forward,knowing that it benefits people and the environment-and their bottom lines.10THE BUSINESS CASE F

57、OR GREEN BUILDINGDEVELOPERWhy would I wantto build this green building?TENANTWhy would I want to lease this green building?OWNERWhy would I want to own this green building?slowerdepreciationrapid returnon investmentcorporate imageand prestige valuelower operatingcostslower refurbishmentcostslower ma

58、intenancecostsincreasedproductivityhealth andwell-beingreduceddowntimelowertransactionfeescompliance withlegislation and CSR requirementsability to securefinancelower design andconstruction costshigher salespriceincreased marketvalueincreased occupancyratesreduced vacanciesquicker saleslower exityie

59、ld11EXECUTIVE SUMMARYIs There a Business Case For Green Buildings?A range of reports from both industry and academia have documented individual elements of the green building business case,but this report is the first attempt to synthesize all credible evidence into one definitive reference guide.Wh

60、ile the environmental benefits of green buildings have been firmly established,green buildings also deliver a range of compelling financial and social benefits,which can be found in this report in the chronological order in which they are extracted.Starting with the benefits that may be obtained dur

61、ing the design and construction phase,the discussion then shifts to the asset value and returns received by investors and developers.This is followed by the operational benefits such as cost savings,workplace health and productivity,and finally the issue of risk mitigation,which plays a role in ever

62、y stage of a buildings economic life.Much of the evidence presented in this report comes from relatively new buildings,as this has been the focus of research to date.However,the report features a life cycle wheel throughout to illustrate each stage,with the stakeholder icons further indicating which

63、 part of the property and construction sector is playing a leading role at a given point.The intention is to make it readily apparent which sections are most relevant to your particular role in the industry.INTRODUCTIONAt the same time,this report sets out to do what most other green building resour

64、ces do not-it targets building developers,owners and investors who are the ultimate decision-makers when it comes to financing green building projects,as well as the tenants who drive market demand.The Business Case for Green Building speaks to,not about,these players.To provide a robust and reliabl

65、e report,we made it a point to use only peer-reviewed research as the basis of our findings.In the few cases where we refer to other types of documents,this is clearly noted in either the text itself or in the footnotes.12THE BUSINESS CASE FOR GREEN BUILDINGACQUISITIONACQUISITIONDESIGNAPPROVALCONSTR

66、UCTIONREFURBISHMENTSALE/TENANCYOPERATIONAcquisition CostDesign CostRefurbishment CostsOccupancy RateRental RateAsset ValueOperational CostsMaintenance CostsTenant LongevityProductivityProject ProgramBuild CostProject TimescalesHealthRisk MitigationRisk MitigationRisk MitigationRisk MitigationRisk Mi

67、tigationRisk MitigationRisk MitigationFinancialDecisionsFinancialDecisionsFinancialDecisionsPropertyAppraisalPropertyAppraisalPropertyAppraisalConstructionIndustryConstructionIndustryDesignProfessionalsDesignProfessionalsFinancialDecisionsFinancialDecisionsFinancialDecisionsFinancialDecisionsPropert

68、yAppraisalPropertyAppraisalConstructionIndustryDesignProfessionalsDesignProfessionalsPropertyManagementPropertyManagementTenants andOwner-OccupiersTenants andOwner-OccupiersTenants andOwner-OccupiersINTRODUCTION1314THE BUSINESS CASE FOR GREEN BUILDINGThe Big PictureWhile we have divided this report

69、into sections based on the distinct benefits of building green,it is clear that,as the individual pieces fit together to reveal a larger,more complete picture,so too the micro benefits of green buildings can be scaled up to generate macro benefits across the entire economy.These big picture benefits

70、-such as climate change mitigation,energy security and resource conservation,job creation,improved occupant health,productivity and economic activity,long-term resilience and quality of life-are the priority issues for governments around the world,and are increasingly drivers for both public and pri

71、vate green building programs.The strategies for leveraging green building as a way to meet these priorities are explored in the last section of this report.The global building industry is multi-faceted and complex,with many disconnected silos across the supply chain required to deliver the end produ

72、ct a building.Green Building Councils have been established in more than 90 nations around the world to work with each section of the industry-from planners and policy makers,designers and developers,to building owners,managers and tenants-to drive market transformation and bring people together Jus

73、t as the conductor brings the orchestra together,Green Building Councils are uniting their national property and construction industries to establish common definitions of green building,develop rating systems which measure sustainability,educate the entire supply chain,and raise the The first wave

74、of high-performing,green building arose as a response to demand for energy and resource efficiency.Times have changed,and strengthened by the advent of green building rating tools,the industry now recognizes that green buildings deliver much more than energy efficiency alone.It also understands that

75、 green buildings must be viewed holistically-that energy efficiency cannot come with a price of reduced fresh air and poor indoor environmental quality,or high water consumption.Buildings must be examined in the context of their impact on the local,natural and built environments-and their neighbors.

76、While green buildings have well-documented environmental benefits,we have made a conscious decision to focus this report on the economic and social benefits of green building.The green building movement has matured over time,and a deeper understanding of the triple bottom line value of green buildin

77、gs has emerged,shifting the emphasis from planet to people and profit.Consequently,the conversation is now geared around how green buildings deliver on economic priorities such as return on investment and risk mitigation and on social priorities such as employee productivity and health.profile of gr

78、een building as local and national priorities.Having a compelling business case for green buildings is an essential element of their success.We know that buildings are responsible for one-third of the worlds greenhouse gas emissions and represent the largest and most cost-effective way to mitigate t

79、hose emissions.At the same time,we recognize that making the financial case for green buildings to the right decision-makers will only serve to help us fulfill the potential of the building sector.With so many drivers for green buildings at play,and many parts of the world still at the nascent phase

80、 of green building,there can be no doubt that the business case will continue to evolve.Work is still required in some areas,with more data and case studies needed.Our own analysis of what the evidence does-or does not-tell us aims to provide some guidance on next steps,whether that is more research

81、 or action required to remedy some of the clear roadblocks.It is true that each region has different drivers and priorities.However,the global industry is moving away from a building-by-building approach to sustainability and towards greening entire neighborhoods,cities and countries.To succeed,part

82、nership between industry and government is essential.It is only through partnership that we will realize the full potential of the built environment to deliver an economically,environmentally and socially sustainable future.What We Mean By Green Building15INTRODUCTIONTHEBUSINESSBENEFITSTHE BUSINESS

83、CASE FOR GREEN BUILDING16DESIGN AND CONSTRUCTIONASSET VALUEOPERATING COSTSWORKPLACE PRODUCTIVITY AND HEALTHRISK MITIGATION17THE BUSINESS CASE FOR GREEN BUILDING18DESIGN AND CONSTRUCTION COST1819 Research shows that building green does not necessarily need to cost more,particularly when cost strategi

84、es,program management and environmental strategies are integrated into the development process right from the start.While there can be an additional cost associated with building green as compared to conventional building,the cost premium is typically not as high as is perceived by the development i

85、ndustry.Higher upfront capital costs for green buildings have been found to be proportional to the increased level of environmental certification.However,increasingly,projects are able to achieve higher levels of certification at lower cost compared to less ambitious projects.There has been an overa

86、ll trend towards the reduction in design and construction costs associated with green building as building codes around the world become stricter,supply chains for green materials and technologies mature and the industry becomes more skilled at delivering green buildings.Upfront cost increases in gr

87、een buildings are often offset by a decrease in long-term life cycle costs,particularly in the case of green buildings that feature high-performance faades and energy-efficient building systems.19ACQUISITIONDESIGNAPPROVALCONSTRUCTIONREFURBISHMENTSALE/LEASEOPERATIONFinancialDecisionsPropertyAppraisal

88、DesignProfessionalsConstructionIndustryThis chapter focuses on the costs that occur at the very beginning of a buildings life cycle,related to design and construction activities.Most of the costs discussed in this chapter refer to either design costs,comprising mainly architectural,design and consul

89、tants fees,or construction costs,which refer to the building structure itself and not site acquisition.DESIGN AND CONSTRUCTION COSTSoft costs relate to items or services that do not form part of the finished building,but that are necessary components of the development process.These include costs as

90、sociated with architectural and design fees,inspection fees and permits,legal and valuation fees,environmental certification fees,loan-generated interest,accounting fees,insurance,taxes,marketing and project management costs.Hard costs relate to tangible items that need to be procured to complete th

91、e building,including the cost of acquiring the site,the building structure,finishes,materials and landscaping.THE BUSINESS CASE FOR GREEN BUILDING20DESIGN AND CONSTRUCTION COST21 BREEAM OutstandingSupermarkets,UK BREEAM Outstanding Offices,UK Green Mark Platinumbuildings,Singapore Green Star 5*-6*Of

92、fices,Australia LEED Platinumbuildings,USA Zero Carbon Home,UK Standard 5281Residences,Israel 0%1%2%3%4%5%6%7%8%9%10%11%12%13%2000200220042006200820102012Percentage increase in design and construction costs for green buildingscompared to conventional code-compliant buildings(%)Year of StudyLEGENDBRE

93、EAMLEED/Energy StarGreen MarkGreen StarStandard 5281BanksOfficesEducationPublic BuildingsHealthcareResidentialIndustrialRetailMixed-useUnspecifiedRating SystemBuilding TypeFigure 1 Actual cost premiums,various sources,1 showing that the actual reported cost premiums for green buildings fall within t

94、he 0%-12.5%range(where the sources have reported ranges of values,the mean value has been used).Actual cost premiums have been taken from a wide variety of building types,including offices,homes,schools,warehouses,banks,supermarkets,health centres,community facilities,academic buildings,and public b

95、uildings.The Cost of Green BuildingBased on research findings from various sources,actual design and construction costs have been documented to be in the range of-0.42 to 12.5%,3 with the latter value corresponding to a zero carbon building project.The results from these studies,published between 20

96、00 and 2012,are based on a wide variety of building types and present data from the United States,United Kingdom,Australia,Singapore and Israel.Most of the earlier data is based on studies of datasets comprising LEED-certified buildings in the United States4 while most of the recent studies are from

97、 case study examples of BREEAM-certified buildings in the UK.5 These figures use code-compliant buildings as a baseline and this baseline is highly dependent on the progressiveness of the national or local building regulations for that particular location.The countries with reported case study examp

98、les all have environmental certification systems in place and strong Green Building Councils that drive the national green building agendas,which may have an influence on improved baselines for code-compliant buildings,consequently narrowing the gap between the cost of a code-compliant building and

99、a green building.Countries with less emphasis on the green agenda embedded into their building regulations might find that the cost premiums are higher than those presented here.Nevertheless,the ranges and trends are reasonably consistent across these five very different locations.Several of the stu

100、dies carried out have shown that green buildings do not necessarily have to cost more,and that the challenge of delivering green buildings within the budget of a conventional code-compliant building is certainly achievable.6 In fact,some studies present case studies that cost less than certified bui

101、ldings.7A number of authors have suggested ways to effectively reduce the construction cost of green buildings,including:Adopting green strategies and including them in the budget from an early stage,to avoid more expensive bolt-on strategies;8 Hiring experienced design and construction teams;9 andU

102、sing an Integrated Design Process(IDP),from pre-design phase through to post-occupancy,where clients take on a more active role and all consultants are engaged from the very beginning.10 The use of IDP in development projects is a crucial element,not just in terms of delivering tangible sustainabili

103、ty benefits on a development project,but also in the cost-effective delivery of these projects.Buildings designed and delivered through this process would also provide long-term benefits via the consideration of issues like future-proofing,resilience,and life cycle thinking right from the start.A st

104、udy by Davis Langdon,published in 2007,11 finds that“there is no significant difference in average cost for green buildings as compared to non-green buildings”,and demonstrates that building green does not necessarily equate to additional costs.An increasing number of project teams were shown to hav

105、e delivered LEED-certified buildings within a budget comparable to that of non-LEED-certified buildings.One of the biggest challenges to the cost-effective delivery of green buildings is the development of an understanding that green design is not a bolt-on to conventional buildings,but is instead a

106、n integrated discipline for design that requires a different way of thinking.Figure 1 also shows that increases in upfront cost have been found to be proportional to the increased level of environmental certification,with more aspirational projects,such as those that aim for zero carbon performance,

107、showing a 12.5%increase in design and construction cost compared to a conventional building.But for the majority of certified green buildings,the cost typically ranges from less than 0%to 4%,based on studies published within the last ten years.Higher levels of certification(such as BREEAM Very Good,

108、LEED Silver/Gold,and Green Mark Gold/Gold Plus)have been shown to range from 0%to 10%,while the highest levels(such as BREEAM Excellent,LEED Platinum,Green Mark Platinum and zero carbon in the range of 2%to 12.5%higher costs.THE BUSINESS CASE FOR GREEN BUILDING22It is critical to bear in mind that t

109、hese upfront costs are often offset by a decrease in long-term life cycle costs,particularly in the case of green buildings that feature high-performance faades and energy-efficient building systems.The delivery of cost-effective buildings,more so for green building,is about taking the long-term vie

110、w and translating that into short-term actions.The implications of the long-term benefits of green building are discussed in the Operational Costs chapter of this report.There is also the long-term value to the project in terms of improved health and quality of life,and increased worker productivity

111、 in commercial and office environments.These benefits are discussed in detail in the Workplace Productivity and Health chapter of this report.DESIGN AND CONSTRUCTION COST23Green RetrofitsIn a 2012 study on retrofits on commercial buildings in the UK,the cost of a retrofit with“enhanced energy effici

112、ency improvements”was compared to a“market standard”refurbishment.12 In this case,the definition of the market standard was the standard to which a building could be refurbished in order to meet regulatory requirements.The case studies included four offices,one retail building and one industrial bui

113、lding.The study reported that the cost premium for refurbishments was in the range of 0.3%to 40.0%more than the market standard counterpart,with the highest premium associated with an Energy Performance Certificate(EPC)rating improvement from an E to a B,where the market refurbishment baseline did n

114、ot show an improvement in the EPC rating.The quick wins comprised of a combination of improved controls,efficient boilers,airtightness improvements,variable speed pumps and external shading combinations of these measures led to refurbishment cost premiums within the range of 0.3%to 12.8%.The higher

115、premiums were associated with higher EPC ratings that required the retrofit of LED lighting,heat recovery systems,air source heat pumps,photovoltaics and passive chilled beams.It should be noted that this study looked at only four buildings;it is not possible to draw any reliable conclusions from su

116、ch a small sample.However,it would appear that these figures mirror the findings for new-build in terms of higher levels of certification requiring higher levels of investment.THE BUSINESS CASE FOR GREEN BUILDING24The building was completed on schedule in March 2012,and has since become one of the l

117、eading examples of green building practices in Chile.Its success was such that Inmobiliaria Almahue decided to immediately begin the design and construction of the developments second building:Costanera Lyon II,originally scheduled to be designed and built in 2013.The second project will pursue LEED

118、 certification and incorporates many of the green design features and lessons learned in the construction of Lyon I.This is now the new model,which is in high demand even before reaching ground level construction,the owner has already sold 50%of the office spaces.Santiago RisingWhen owner and master

119、 developer,Inmobiliaria Almahue,decided to build the 16-story Costanera Lyon I office building in Santiago,Chile,in late 2008,the company was seeking possible silver lining to the global financial crisis.The building was designed during 2009 as the crisis was unfolding.Despite the reluctance of many

120、 developers to launch projects in this time of limited cash flow and risk aversion,Inmobiliaria Almahue believed that having one of the few large buildings constructed over this time could be an advantage.The development team decided to proceed in spite of the state of the market,which was further c

121、omplicated by a recent 8.8 magnitude earthquake in the region.The owner sought to pursue LEED certification and to showcase the benefits of sustainable building practices as a key factor to add value to the business proposal.As a result,Inmobiliaria Almahue not only managed to design and build a LEE

122、D Silver building at zero additional cost(as compared to a very similar office tower built recently in the same area),but also to sell all of its 54 office units before the building was completed.While most of the prospective buyers were not initially aware of the LEED certification process,the expe

123、cted benefits of having low operating costs and the low environmental impact of the project became the owners most important sales pitch.Costanera Lyon I was designed by architects Eugenio Simonetti and Renato Stewart as part of a two-building development.The 225,100 square foot building was conceiv

124、ed through an Integrated Design Process(IDP),led by the sustainability consultants EA Buildings,which brought together all project team members from the outset to define and roadmap sustainability goals for the project,set performance targets,and define key design and construction features.This proc

125、ess enabled the building to take advantage of its location and weather conditions,maximizing occupant indoor comfort conditions while reducing overall energy consumption and environmental impact.The IDP approach also helped to deliver the building at a reduced cost,as the entire team was working tog

126、ether from the beginning.The building features a sophisticated envelope consisting of a high-quality curtain wall in combination with high thermal mass concrete walls.There is optimal daylight level in all office spaces,and a heating,ventilation and air conditioning(HVAC)system based on a high-effic

127、iency variable refrigerant flow(VRF)with heat recovery and natural ventilation to all offices and underground levels.The project also features considerable reduction of potable water consumption through the use of low-flow water fixtures and a grey water reutilization system for irrigation.CASE STUD

128、YChilean project delivers high performance at a business-as-usual price DESIGN AND CONSTRUCTION COST25-0.4%to 12.5%Cost premium for greenbuildings(actual costs basedon various studies)0.9%to 29%Estimated cost premium for greenbuildings(based on design stageestimates and surveys)2000200042

129、0052006200720082009200002000420052006200720082009201015202530The Perception GapSustainability is not the major cost driver on most projects;the challenge for design teams is often to deliver green buildings within conventional budgets.However,meeting this

130、challenge is made more difficult because there are many industry professionals who operate under the general assumption that building green increases design and construction cost by approximately 10-20%(with estimates as high as 29%)compared to the cost of conventional code-compliant buildings.14 Fi

131、gure 2 shows the distribution of actual design and construction costs in various countries(shown in the small graph on the left side of the diagram,under different certification schemes,compared with the estimated costs of green building from various surveys from 2000 to 2012(shown in the graph on t

132、he right side of the diagram).There is clearly a perception gap here that needs to be addressed.One interesting study15 compares the perception of cost increases by professionals with experience in constructing green buildings with the perception of professionals with little or no experience in gree

133、n buildings.Those with experience believe the cost uplift to be up to 13%,whereas those without experience believe the cost uplift to be up to 18%.This indicates that,while the lack of experience does increase the perceived cost of green buildings,even professionals with actual experience tend to es

134、timate the costs as rather significant.Where do the misconceptions on green building costs come from?We have shown here that a number of studies have reported that the cost premium for green buildings is nowhere near as high as these figures,and that a green building could even cost the same,or less

135、 than,a conventional code-compliant building.This may be due to an inability to forget historical data,or a lack of awareness that costs are coming down.However,another factor could be that showpiece or demonstration buildings for sustainability may have additional costly finish upgrades which are n

136、ot directly related to green cost,and these are the buildings that are often featured in industry publications.They often also feature highly visible green technologies,such as photovoltaics and large building-integrated wind turbines,that are used to reinforce a green image but that may not be fina

137、ncially viable,especially if these are not coupled with a robust overall environmental strategy.Figure 2The Perception Gap-estimated vs.actual cost premiums for green buildings,various sources,13 showing that the actual cost premiums for building green are lower than the industry estimates.Actual co

138、st premiums have been taken from a wide variety of building types,including offices,homes,schools,warehouses,banks,supermarkets,health centres,community facilities,academic buildings,and public buildings.THE BUSINESS CASE FOR GREEN BUILDING262000200042005200620072008200920102011Year of pu

139、blication0COST PREMIUM,LEED-certified buidings(%)LEED PlatinumLEED GoldLEED SilverLEED CertifiedIn general,it is often the inclusion of these non-integrated bolt-on sustainable features and enhancements that cause projects to exceed original budgets.16 A more integrated design approach th

140、at combines smart,passive design,thermally-efficient building skins and effective space planning to reduce energy demand as a first step,combined with highly-efficient systems,provides a cost-effective alternative to bolt-on systems installed on an otherwise under-performing building.Decreasing Cost

141、s for Green Building Over TimeFigure 3 shows the percentage increases in actual build costs for LEED-certified projects,which illustrates gradual trend towards reduction in cost premiums over time.This is not surprising-the building industry has been steadily developing its capability for delivering

142、 green buildings,and supply chains worldwide are likewise heading towards more mature stages,bringing down costs and facilitating the efficient delivery of green buildings.There is also increasing awareness,acceptance and education around green building certification and assessment tools,which means

143、 that more professionals are becoming well-equipped to design and certify green buildings.Clients(i.e.,investors,owners and developers)are increasingly aware of sustainability and energy issues and demand more expertise from the industry and the collaborative teams that are brought together to deliv

144、er their projects.This increase in skills,tools and supply chain maturity have meant that the costs associated with achieving certification have decreased and will continue to decrease as green building becomes more mainstream.18 Minimum standards for building codes are progressively becoming strict

145、er as well,which means that the baseline requirements and associated costs that represent business as usual are progressively getting higher,narrowing the gap between the cost of code-compliant buildings and the cost of green buildings.Figure 3 Reported cost premiums associated with LEED certificati

146、on in the United States showing the gradual reduction of premiums over time,averaged values from various sources17 DESIGN AND CONSTRUCTION COST27What Does This Mean for the Future?Numerous studies have shown that green building construction costs are gradually coming down,but misunderstandings regar

147、ding the inevitability of the high cost for green buildings continue to present a challenge to the development industry.As green building certification schemes,rating systems and green buildings in general become more mainstream around the world,the challenge is no longer about not having the expert

148、ise to deliver green buildings,but rather having the data and knowledge to be able to deliver them cost-effectively.Integrated design process will increasingly play a key role in keeping costs down without compromising the quality of green buildings being constructed.Transparency and collaboration b

149、etween client and development teams are crucial in order to ensure that the investment in design and construction activities achieve the expected benefits after the building is complete.THE BUSINESS CASE FOR GREEN BUILDING28Life Cycle Cost AssessmentTHOUGHT PIECEHumans are not rational LCCA is funda

150、mentally based on a fallacy:that the cost of money is linear,and that we are rational human beings.It isnt,and we arent.Interest is a reasonable substitute for our time value of money,but many real life experiments show we do not really treat time value logically or consistently.If we did,we would a

151、ll exercise regularly,weigh the right amount,never binge drink,etc.We desire gratification now.Even financial professionals who are meant to be very rational in their decision-making still have to pay todays bills.So,while we may build a perfectly good LCCA model,we are often inclined not to abide b

152、y its results.So how can we make LCCA a more useful and used tool?Currently,we lack a single accepted standard for LCCA modeling.Fortunately,progress has been made to this end;the European Union and the American National Standards Institute(ANSI)have both come up with approaches in an effort to coor

153、dinate within their markets.From the industry side,we need to understand that like energy modeling,an LCCA model is only as good as the least accurate input(as we say in the US,“garbage in,garbage out”).We also need to accept that while LCCA is not the simple and persuasive answer that we might like

154、 it to be,that just like energy modeling,it can help us to make the right decisions.Despite these challenges,the use of LCCA in the current BREEAM and DGNB tools and the next version of LEED demonstrates its relevance and acceptance across the industry and is proof that rationality can sometimes eve

155、n overcome human nature.by Lisa Matthiessen Integral Group(with thanks to Peter Morris)Proponents of sustainable design have long held great hopes for Life Cycle Cost Assessment(LCCA),where costs and savings associated with construction,and long-term operations and maintenance,are modeled.Results ca

156、n be in the form of simple paybacks or more sophisticated models with escalation,predicted utility costs,and time value of money,with results presented as Net Present Value or Internal Rate of Return.The hope has been that LCCA would allow project teams to see that expensive initial design measures

157、can be worth it in the long run.But LCCA does not seem to have made much headway in our expanding arsenal of sustainability tools.This may be due to several factors:Inherent lack of certainty in LCCA,in an industry that desires certainty Acknowledging the inherent risk of trying to predict the futur

158、e,the best LCCA models include sensitivity analyses,allowing the user to test the gamut of possible outcomes given reasonable variables most of which by definition cannot be accurately predicted.LCCA models are therefore primarily used as a decision-making tool,where the goal is simply to compare pr

159、oposed design approaches or technologies and to make informed choices based on predicted outcomes.This does not require that the predicted costs and savings be absolutely correct.Instead,we evaluate relationships;we assess whether one proposed system is more or less effective than another one.Lack o

160、f understanding of the value and capability of LCCA LCCA is not well understood by design professionals,as is a financial modeling tool.The financial sector is comfortable with uncertainty and the weaknesses of long-term estimates;it just needs a transparent and honest process.The financial industry

161、 is happy with pro-formas that assess rental income,vacancy rates,market competition and,in this context,LCCA is a breeze.However,most design teams want a hard and fast answer,and as a result,many teams hesitate to use LCCA,or try to make the results seem more concrete than they really are.DESIGN AN

162、D CONSTRUCTION COST29Green should become standard:There is already a large body of knowledge relating to the costs associated with building green it is now time to take these lessons learnt to build green buildings as part of standard practice,and deliver high-quality buildings that are sustainable

163、without being showy,within conservative budgets and demanding timescales.Collect more data:Continue gathering reliable and robust cost information on the hard and soft costs associated with designing and constructing green buildings.Increase industry awareness:Improve education on green design issue

164、s and integrated design processes,and reinforce the importance of an holistic approach to design and environmental strategies.Conduct more research:More researchinto the impact of external factors on the cost of green buildings is needed,particularly the impact of environmental,technological and eco

165、nomic change.NEXT STEPS FOR INDUSTRYTHE BUSINESS CASE FOR GREEN BUILDING301 BRE,2007;BRE Trust,2005;Target Zero,2010,2011 and 2012;Kats,2003,2006 and 2009;BCA Singapore,2008;Davis Langdon,2007;Syphers et al,2003;American Chemistry Council,2005;Building Design and Construction,2003;Matthiessen et al,

166、2004 and 2007;GSA,2004;CBRE,2009;Lucuik,20052 US General Services Administration,20043 CBRE,20094 Kats,2003 and 2006;USGBC,2000;American Chemistry Council,2005;Building Design and Construction,2003;Syphers et al,2003;Matthiessen et al,2004;GSA,2004;Lucuik,20055 BRE Trust,2005;BRE,2007;Target Zero,20

167、10,2011 and 2012.6 US General Services Administration,2004;Davis Langdon,2009;Matthiesen et al,2004 and 2007;Steven Winters Associates,20047 Steven Winters Associates,20048 Matthiessen,et al.,20079 Kats et al.,2003;Davis Langdon,200910 Lucuik,2005,Kats,2003;Matthiessen,200711 Matthiesen et al,200712

168、 Quartermaine et al,2012REFERENCES13 BRE,2007;BRE Trust,2005;Target Zero,2010,2011 and 2012;Kats,2003,2006 and 2009;BCA Singapore,2008;Davis Langdon,2007;Syphers et al,2003;American Chemistry Council,2005;Building Design and Construction,2003;Matthiessen et al,2004 and 2007;GSA,2004;CBRE,2009;Lucuik

169、,2005;Jackson,2009;Buiding Design and Construction,2007;Galuppo et al,2010;Turner Construction Company,2005;World Business Council for Sustainable Development,2007;Gomez,2008;Berman,2001;The David and Lucille Packard Foundation,2002.14 Gomez,200815 Turner Construction Company,200516 Matthiessen,et a

170、l.,2004,200717 Syphers et al,2003;American Chemistry Council,2003,Building Design and Construction,2003;Kats,2003,2006 and 2009;Reed,2003;Matthiessen et al,2004 and 2007;GSA,2004;CBRE,2009;Davis Langdon,2009;Lucuik,200518 Mapp,2011;Davis Langdon,2009;Matthiessen,2007;CBRE,2009;Lucuik,2005;Kats,2003D

171、ESIGN AND CONSTRUCTION COST31THE BUSINESS CASE FOR GREEN BUILDING32ASSET VALUE3233 As investors and occupiers become more knowledgeable about and concerned with the environmental and social impacts of the built environment,buildings with better sustainability credentials will enjoy increased marketa

172、bility.Studies around the world show a pattern of green buildings being able to more easily attract tenants and to command higher rents and sale prices.Where green buildings have generated higher sales prices,this increase in value is largely driven by higher rental rates,lower operating costs,highe

173、r occupancy rates and lower yields.In markets where green is more mainstream,there are indications of emerging brown discounts,where buildings that are not green may rent or sell for less.An understanding of what defines green buildings and drives demand in each context is essential as local market

174、conditions have a significant impact on the valuation of these buildings.33ACQUISITIONDESIGNAPPROVALCONSTRUCTIONREFURBISHMENTSALE/LEASEOPERATIONFinancialDecisionsPropertyAppraisalTenants andOwner-OccupiersThe concept of a buildings asset value has a different meaning for the various stakeholders in

175、the property sector.The most common definition of value is market value,which is the estimated price at which a building will transact in the market place between a willing buyer and a willing seller.In turn,for investment-grade buildings this is linked to the rental/capital figure that building occ

176、upiers(tenants or owner-occupiers)are willing to pay for owning or leasing a building.For example,for commercial buildings,the value of building is linked to a buildings location,prestige,lease terms,operating expenses and resulting working environment.1 Other important factors include the availabil

177、ity of other green buildings in the area2 and the viability of future refurbishment.ASSET VALUEDevelopers and owners define value as the potential market value of their property,which is in turn influenced by the attractiveness of the property to potential occupiers.A propertys market value is thus

178、directly linked to the rental rate and occupancy rate.Figure 4 summarizes the determinants of value as they relate to the different stakeholders.This chapter sets out findings from recent international studies that use transactional evidence to understand the influence of green building on sale pric

179、es,rental rates and occupancy rates,and the relationship between sale price premiums and construction cost premiums.THE BUSINESS CASE FOR GREEN BUILDING34DEVELOPERWhy would I wantto build this green building?TENANTWhy would I want to lease this green building?OWNERWhy would I want to own this green

180、building?slowerdepreciationrapid returnon investmentcorporate imageand prestige valuelower operatingcostslower refurbishmentcostslower maintenancecostsincreasedproductivityhealth andwell-beingreduceddowntimelowertransactionfeescompliance withlegislation and CSR requirementsability to securefinancelo

181、wer design andconstruction costshigher salespriceincreased marketvalueincreased occupancyratesreduced vacanciesquicker saleslower exityieldFigure 4Stakeholder perceptions that affect the value of green buildingsASSET VALUE35How Do Green Buildings Influence Value?Evidence from studies carried out ove

182、r the past decade,primarily based on data gathered from LEED-certified office buildings in the United States,has shown that green buildings tend to have higher asset values than their conventional code-compliant counterparts.3 This differential in asset value is evidenced by higher sale prices,which

183、 are in turn related to the following benefits:Higher rental/lease rates:Studies undertaken on certified green buildings have determined that a rental rate premium exists in many cases.This is attributed to the attractiveness of green buildings to prospective tenants in terms of their superior indoo

184、r environment,lower operating costs and enhanced marketability.In some markets where green buildings are more mainstream,a slightly different concept is emerging:where buildings that are not green result in lower rental and lease rates,or brown discounts.Lower operating expenses:Certified green buil

185、dings tend to use less energy and water and are therefore often cheaper to own and operate,making them more attractive to prospective tenants and owner-occupiers where energy and water costs are a major consideration relative to overall costs,including rents.4Higher occupancy rates:Certified green b

186、uildings may be able to achieve higher occupancy rates,exhibiting an improved performance in the rental market compared to non-certified buildings,5 providing owners and developers with the assurance of a lower volatility in the rate of return.Lower yields:Some studies have provided evidence of a lo

187、wer yield at the time of sale.This lower yield(i.e.,capitalization/discount rate)translates to a higher transaction price.6THE BUSINESS CASE FOR GREEN BUILDING36ASSET VALUE372008200920013-10%-5%0%5%10%15%20%25%30%35%-20%-15%LEGENDPercentage increase in sale prices for green buildingscompa

188、red to conventional code-compliant buildings(%)Year of StudyBREEAMLEED/Energy StarGreen MarkGreen Star/NABERSTokyo Green Building ProgrammeEnergy Performance Certificate(Netherlands)OfficeResidentialRating SystemBuilding TypeSALE PRICE PREMIUMSFigure 5 Reported asset value premiums of certified gree

189、n buildings compared to conventional code-compliant buildings,various sources.7,8Effects on Sale Prices In a number of studies that compared certified green buildings to non-certified buildings in the same sub-market,price premiums were found to be in the range of 0 30%,including evidence showing th

190、at higher levels of certification also achieve higher sales premiums,including a number of examples for properties rated under the LEED9 and Green Star10 systems.The studies also demonstrate a trend towards higher levels of certification leading to the ability to command higher sale prices and rents

191、.The range of reported values can be found in Figure 5.The data comprises of both residential and office properties rated under a number of environmental certification systems from the UK,the Netherlands,Australia,the United States,Singapore and Japan,although a majority of the studies found relate

192、to LEED-certified office buildings in the United States.These findings parallel those from the Design and Construction Costs chapter;higher levels of certification are linked to both higher build costs and generally higher asset values.In fact,the build costs in the range of-0.4%12.5%,suggest a busi

193、ness case”for green buildings the premiums in market value generally have been found to be higher than premiums in build costs.It is worth noting that while these studies show a relationship between building green and the ability to command higher sale prices and rents,the green credentials of a pro

194、perty are not the only driving factor in the determination of value.Local conditions,the level of subsidy for energy and water,typical rents and property prices,the location of the building and prestige value of the property will all play a role in this,and as these factors are so closely linked it

195、is not possible to definitively isolate the impact of building green on asset value.Based on the unique conditions of each market the magnitude of the financial benefits may vary depending on other influencing factors.In the study of NABERS-rated buildings in Australia,it is important to note that w

196、hile the higher levels of performance(NABERS 5*)tended to achieve a sales premium of up to 21%,the lower levels of performance(NABERS 2-2.5*)were also reporting discounts of as low as 13%.Similar findings in a recent study on LEED credits and green value show that just being LEED certified does not

197、add value-it starts at LEED Silver.11 Could this possibly indicate a shift towards a preference of higher certification levels,and a growing perception that the lowest certification levels are simply not good enough?In the case of the Green Mark certification scheme in Singapore,while the highest le

198、vel of certification,Green Mark Platinum,presents a noticeable increase in sale price premiums when compared to Green Mark certified level(27.7%and 13%respectively),one study finds that Green Mark Gold/Gold plus properties do not follow the trend and actually show smaller sale price premiums than th

199、at of Green Mark certified buildings at 9.6%.The authors cite a lack of understanding in the Singaporean market regarding the difference between the various levels of certification.This implies that,for Singaporean development projects,the choice is between either the lowest or the highest level of

200、certification,as the intermediate level may lead to increased build costs without a proportional return on investment-at least until market awareness increases.THE BUSINESS CASE FOR GREEN BUILDING38Another example of a decrease instead of an increase in asset value can be found in a study conducted

201、by Yoshida and Sugiura on the valuation of green condominiums in Tokyo,where the authors found that building green actually decreased the value of the buildings by 5 10%.12 The prevalence of highly-efficient appliances and equipment in Japan was cited as one of the potential reasons why energy effic

202、iency in building design was not seen as a driver for value.On the other hand,long-life design was perceived as increasing value due to slower depreciation.This is an interesting example of a contrasting market perception,where longevity and durability emerge as a higher priority than energy efficie

203、ncy for green buildings.ASSET VALUE39Effects on Rental and Occupancy RatesEvidence from the United States and Australia reveals that Energy Star,LEED and Green Star-rated buildings typically command rental premiums in the range of 0%13 17.3%14,with one study showing an instance of a rental discount

204、of 9%.15 This rental discount is found in a study from Australia,where lower NABERS ratings(an energy-only rating)have been linked with rental discounts as opposed to premiums.Figure 6 illustrates the range of rental premiums for offices in the United States and Australia as reported in various stud

205、ies over the past five years.Similarly to sale prices,LEED-certified buildings have also shown a trend towards increased rental premiums associated with higher levels of certification.16 The results from the study indicated an average 3%increase in rent for each increase in certification level.THE B

206、USINESS CASE FOR GREEN BUILDING402008200920013-10%-5%0%5%10%15%20%25%Percentage increase in rental premiums for green buildingscompared to conventional code-compliant buildings(%)Year of Study+24.9%,BREEAM+16.3%,LEED+11.8%,ENERGY STAR/LEED+8.1%,ENERGY STAR+19.7%,BREEAM+5.0%,GREEN STAR+4.5

207、%,ENERGY STAR/LEED+2.2%,LEED+3.0%,NABERS 5*+6.0%,ENERGY STAR/LEED+9.0%,ENERGY STAR/LEED+8.9%,ENERGYSTAR+6.1%,ENERGY STAR-7.5%,NABERS 3-4.5*+2.7%,ENERGY STAR/LEEDFigure 6aReported rental rate increases of certified green buildings as compared to conventional code-compliant unrated office buildings,va

208、rious sources There are a limited number of studies that report occupancy rates,although this is cited by many authors as being a significant determinant of value for green buildings.Figure 7 shows the reported occupancy rate increases from the available studies,18 which range from 0 23.1%,and are b

209、ased on figures for LEED and Energy Star-rated offices in the United States compared to their code-compliant counterparts.No figures have been reported indicating that occupancy is negatively affected by green building.ASSET VALUE411-10%-5%0%5%10%15%20%25%Percentage increase in occupancy

210、rate for green buildingscompared to conventional code-compliant buildings(%)Year of Study23.1%Energy Star+17.1%LEED+9.4%LEED/Energy Star+3.4%LEED+10.5%Energy Star+3.1%Energy Star+2.8%LEED0%LEED+2.0%Energy StarFigure 7Reported occupancy rate increases of green certified office buildings as compared t

211、o conventional code-compliant office buildings,various sourcesTHE BUSINESS CASE FOR GREEN BUILDING42ASSET VALUE43Green Partnership:A Good News StoryCASE STUDYPRUPIM has benefited significantly from the project.Not only has the upgrade extended the buildings useful lifespan,but with Hollywood House a

212、chieving both BREEAM Very Good and LEED Platinum ratings,its leasing potential has increased.PRUPIM now has a desirable property with recognisable green credentials that appeal to prospective tenants.The commitment to this green retrofit has allowed PRUPIM to secure a ten-year lease with its current

213、 tenant,immediately adding value to the asset.“Integrating sustainability into the refurbishment of Hollywood House enabled us to secure a pre-lease of 1,574 square meters-or nearly 17,000 square feet-to Skanska,an occupier with a strong covenant and a strong commitment to sustainability,”confirms N

214、ina Reid,PRUPIMs Director of Responsible Property Investment.Having worked together on the retrofit project,the two groups will continue to maximize the green advantages of the new space.Skanska was among the first tenants to sign PRUPIMs standard agreement incorporating green lease clauses.The gree

215、n lease,an agreement that aims to encourage green practices by both landlord and tenant,has seen the implementation of an environmental management plan setting performance targets for the building.Both owner and occupier aim to work together to meet these goals with the support of a Green Building M

216、anagement Group established for the purpose a green relationship that will reap benefits for both sides for many years to come.When real estate fund manager PRUPIM sought new tenants for empty space in Hollywood House,a multi-occupied office building located in Woking just outside of London,securing

217、 a strong tenant was going to be a challenge in a highly competitive market.This five-story building dated from the 1980s and,as with most buildings of that period,it was inefficient in terms of energy use and had high operating costs compared with current market standards.Construction and project d

218、evelopment company Skanska,an existing tenant in the building,was looking to rationalize its office space in the United Kingdom.Hollywood House met all Skanskas needs in this regard but one the building did not live up to the companys green aspirations.Skanska approached PRUPIM with the requirement

219、for an energy efficient building that worked for its employees and met its green commitment.PRUPIM recognised an opportunity to protect the value of its asset by retaining a major tenant on an extended lease and attracting further new tenants to a significantly upgraded,greener building.An extensive

220、 refurbishment with a significant commitment to achieving high green standards began.PRUPIMs management teams worked closely in partnership with Skanska both as the proposed tenant and as the contractor.A number of green interventions were implemented including:Connection to district heating and pow

221、er;Energy efficient lighting;Improved ventilation and energy management systems;A solar photovoltaic array to generate renewable energy on site;Water efficient plumbing fixtures and fittings;Rainwater harvesting;Energy monitoring and control systems,and;Cycle storage,showering facilities and electri

222、c car charging.This extensive retrofit resulted in a desirable place to work that is also a building with optimized energy performance and reduced operational costs.Hollywood House is predicted to use 56%less energy than before the refurbishment,and 55%less water than standard.The cost of the green

223、interventions is expected to be recovered in 13 years through energy savings alone.As well as these significant cost reductions,the tenant can now demonstrate a green commitment as well as offer a healthy and comfortable workplace for its employees.UK retrofit investment promises a bright future for

224、 owner with long-term view A Growing UnderstandingAlthough many studies have documented a rental,occupancy or price difference between green and non-green buildings and dwellings,the underlying reasons for these differentials are not yet clear.However,as more green buildings are built and more data

225、is collected,our understanding of the issues should become more transparent.One recent study relates the exact energy bill of Energy Star buildings to the premiums paid for the buildings and documents that a one-dollar saving in energy costs per square foot(about a 50%reduction in costs),leads to an

226、 increase of US$0.95 in cash flows,and an increase of$13 in asset values.19 These are quite precise capitalizations of energy savings.This must be placed in the context of the type of leasing arrangements found in the U.S.and the land/building value ratio as these do not necessarily translate to oth

227、er countries.There is also a risk that a lack of understanding of the mechanics for these price differentials may lead to predicted cost savings and occupier benefits not being realized.This is particularly the case if buildings do not perform as expected.Sayce et al(2010)point out two case studies

228、where either anticipated cost benefits are not always delivered,20 or where worker comfort was not enhanced by being in an energy-efficient green building.21 It is important that failures as well as successes are addressed,in order to better understand the risks and mechanics of valuation.It is also

229、 essential to understand that higher prices dont necessarily produce higher returns for investors,only for developers,so long as the price premium is not extinguished by higher construction costs.For investors to enjoy extra returns,the properties would need to appreciate faster or depreciate slower

230、 than other properties,and apart from the Yoshida and Suguira study,22 evidence for this is currently very limited.Nonetheless,Pivo and Fisher(2010)have shown that green features do not dilute returns or harm investment portfolios.23 Another interesting development is that,as green buildings continu

231、e to gain momentum in the market and the supply of available green properties increases,and value arising from an element of scarcity decreases,further increasingly demanding levels of mandatory compliance will narrow the specification gap between a green building and any other prime buildings.In a

232、recent study by Chegut et al(2013),the authors estimate that for each additional green building in a particular area,the rental and sale premium for a certified building in the same area is decreasing by 1%and 4%,respectively.So,in time,prime and green may well simply converge.Nevertheless,it is cle

233、ar from the evidence that,despite differences in international certification schemes,there is a growing trend where the varied benefits of green building are reflected in market expectations of the prices that individuals and companies are willing to pay for them.Potential buyers and tenants in most

234、 markets are increasingly drawn to investing in green buildings,and at least in some countries,currently seem to be willing to differentiate through price of these spaces in terms of both sales and rental values.THE BUSINESS CASE FOR GREEN BUILDING44Reflecting the Past and Embracing the FutureTHOUGH

235、T PIECEby Ursula HartenbergerRICSand Sarah SayceKingston UniversityA buildings market value is critical to the construction and investment decision-making process and as such,accurate valuations underpin the operation of the real estate markets and form the basis for performance analysis,financing d

236、ecisions,transactions,development advice,dispute resolution and taxation.Therefore,ensuring that valuation professionals expertise extends to a deep appreciation and understanding of sustainability matters,many of which are still uncertain,is a prerequisite for more sustainable real estate markets.Y

237、et we live and work in an increasingly paradoxical,uncertain and ambiguous world in which the traditional trust in the advice of professionals seems to be rapidly disappearing,replaced by a climate of litigation in which the professionals opinion is scrutinized and challenged,driving the professiona

238、l to advise only in relation to that which can be substantiated by hard data;advice merely based on opinion and experience is no longer sufficient.Therefore,there is a temptation for valuers to base advice on analysis of recent past transactions and a notion of the future continuing to be business a

239、s usual.After all,anything else involves some level of speculative interpretation of trends.Yet,this is misplaced;valuations are about advice in relation to the future and that implies uncertainty.So what is,or rather should be,the valuers repose to the sustainability agenda?The fact that sustainabi

240、lity is on valuation professionals agendas and that of their clients is a major step forward from only ten years ago.Professional bodies are writing consideration of it into standards and guidance,and rightly so.But in practice,how do we do the right thing and balance fact and opinion,science and pe

241、rception?Whilst current valuation techniques have the capacity to reflect sustainability issues,it is one thing to have standards as to process;it is another to have evidence to change advice and thus potentially influence clients.Multiple regression analysis of past rental transactions can point to

242、 certified buildings achieving differential levels from those without.But is this sufficient evidence of the business case for either constructing or investing in green buildings and consequently for valuation professionals to advise clients accordingly?This is surely too simplistic.In many ways,rec

243、ently constructed and certified buildings are simply synonymous with prime stock,but many prime buildings do not remain so for long.What makes intrinsic value over time relates to location and the ability of a building to create a human response toward it,either as occupier or in terms of its fit to

244、 place.So what may fulfill the green agenda on completion may not,in the long-term,be sustainable if it does not meet social needs.Understanding and considering the interactions and interdependencies between these more complex and often less tangible value-influencing sustainability factors,and inco

245、rporating this knowledge into daily valuation theory and practice,ranks among the professions biggest challenges.Our understanding of value should seek to recognize the real contribution that buildings make to their owners and wider society and planetary well-being.Needless to say this would mean wi

246、dening,or indeed challenging,the traditional concepts of value by going beyond the perception that buildings constitute just another financial asset class.For this much deeper and wider understanding is needed-including how some of the so-called sustainability features will perform over time.The hea

247、rtening news is that there are now early signs that valuation professionals are beginning to systematically collect data relating to several sustainability considerations-but there is a long way to go before this is comprehensively analyzed and reflected in valuations.However,once valuation professi

248、onals have the data,they clearly are more vulnerable to litigation-if they do not use it.And a failure to acknowledge this will definitely not result in business as usual.The role of valuation professionals and valuation in facilitating changeASSET VALUE45Increase transparency and consistency:Apprai

249、sers,or valuation experts,need to be engaged with the process of accounting for sustainability measures in the development projects on which they advise there is a need for greater transparency and consistency of approach in order to minimize any perceived risks of devaluation or a decrease in expec

250、ted benefits from the inclusion of sustainability features on building projects.Collect more data:More data is needed with regards to the impact of certification or green measures on building value for different markets and at different levels of certification.In particular,data is needed on the imp

251、act not just of certification,but of individual measures or strategies,and how they are perceived by valuers.Existing studies for rental and occupancy rates in particular are based on small sample sets and need to be built up to increase their reliability and robustness.NEXT STEPS FOR INDUSTRYUnders

252、tand the implications:The industry also needs to gain a better understanding of the implications of changes in the ratio of certified versus non-certified buildings,the trend in legal requirements to upgrade buildings,fiscal incentives to offset capital costs and other external factors related to po

253、litical,economic and environmental issues,all of which will impact the asset value of both green and non-green buildings.THE BUSINESS CASE FOR GREEN BUILDING461 Sayce et al,2010;Fuerst et al,2008;Kats,2003;Robinson,2005;RICS,20052 Chegut et al,20133 Brounen et al,2012;Addae-Dapaah et al,2011;Deng et

254、 al,2012;Newell et al,2011;Eichholtz et al,2010 and 2013;Fuerst et al,2008 and 2011;Miller et al,2008;Pivo et al,2010;Demisi et al,2011.4 Wiley,20105 Wiley,2010;Eichholtz et al,2010 and 2013;Fuerst et al 2008 and 20116 Eichholtz et al,2013;Miller et al,2008;Pivo et al,20107 Where a range of values h

255、ave been reported for a particular certification rating by a single author,the vertical bars represent the minimum and maximum reported results,with the marker appearing as an average of the two values.8 Where a range of values has been reported in the study,the minimum and maximum values are shown

256、as blue bars with the marker showing the mean value.9 Eichholtz et al,201310 Newell et al,201111 Eichholtz et al,201312 Yoshida et al,2011.REFERENCES13 Eichholtz et al,200914 Wiley et al,201015 Newell et al,201116 Eichholtz et al,201317 Miller et al,2008;Fuerst et al,2008 and 2011;Wiley et al,2010;E

257、ichholtz et al,2010 and 2013.18 Miller et al,2008;Fuerst et al,2008 and 2011;Wiley et al,2010;Eichholtz et al,2010 and 2013.19 Eichholtz,et al,201320 Turner et al,200821 Paul et al,200822 Yoshida et al,201123 Pivo et al,2010ASSET VALUE47OPERATING COSTS48THE BUSINESS CASE FOR GREEN BUILDING48 Green b

258、uildings have been shown to save money through reduced energy and water use and lower long-term operations and maintenance costs.Energy savings in green buildings typically exceed any cost premiums associated with their design and construction within a reasonable payback period.In addition to reduce

259、d operating costs,green buildings can offer indirect benefits related to costs for refurbishment and reconfiguration of space.High-performing green buildings need to be backed up by robust commissioning,effective management,leadership and communication in order to achieve their predicted performance

260、.4949ACQUISITIONDESIGNAPPROVALCONSTRUCTIONREFURBISHMENTSALE/LEASEOPERATIONFinancialDecisionsTenants andOwner-OccupiersPropertyManagementPropertyAppraisalThe true test of green buildings lies in how well the design performs during the buildings occupancy phase.OPERATING COSTSThe justification for any

261、 added capital costs for green buildings,as well as any increases in market value or rental premium,lies in the realization of occupancy-related benefits in two main areas:reduced operation and maintenance costs;and productivity and health benefits.This chapter focuses on the savings that can be ach

262、ieved by green buildings in terms of operational costs.Occupant productivity and health are explored in the following chapter.The main benefits that directly relate to the design of green buildings include reduced energy costs from heating,cooling,lighting and ventilation,and reduced water consumpti

263、on.Other benefits,such as reduced operational costs and maintenance requirements,require effective green building management procedures to be put in place prior to the buildings occupation in order to reap the maximum benefits of the buildings sustainable features.Green buildings also potentially of

264、fer indirect benefits related to reductions in property taxes,insurance rates and the costs for refurbishment.1 50THE BUSINESS CASE FOR GREEN BUILDING-40-35-30-25-20-15-10-50LEED GoldLEED SilverLEED CertifiedReduction in energy use compared to conventional code-compliant buildings(%)*It should be no

265、ted that since this graph is based on 2003 data,the reductions based on todays baseline building may not be as pronounced as they were at the time this study was conducted,however the trend of greater energy reductions corresponding to higher certification levels should still be valid.Energy Savings

266、Reduced energy consumption,and the consequent reduced energy costs,is one of the defining features of any green building.Energy efficiency also has a significant impact on the overall running costs of a property;as energy prices rise,operational energy efficiency will likely become one of the more i

267、mportant drivers for occupier demand.2 Estimates for the reduction in a green buildings energy use compared to a conventional code-compliant building range from 25%-30%3 (based on LEED-certified buildings in the United States)to up to 35%-50%4 (based on a similar study of green buildings in New Zeal

268、and).The LEED study by Kats(2003)also provides figures that indicate that higher levels of certification often correspond to higher percentages of energy savings,as shown in Figure 8.A more recent study by Kats(2010)estimates the water consumption savings resulting from strategies such as water reus

269、e and water-efficient plumbing fixtures as being 39%over that of a comparable conventional building.5 51OPERATING COSTSFigure 8Energy Savings for LEED certified buildings 6,7Energy Savings from Green Building RetrofitsMaintenanceThe retrofit market for energy efficiency is gaining momentum.Most coun

270、tries are increasingly aware of the energy inefficiency of their existing building stock in the face of global energy reduction targets.As a result,energy efficiency retrofits are rapidly growing in importance.Retrofit measures may include thermal envelope improvements,heating and ventilation system

271、 upgrades,lighting upgrades,sub metering,improved controls,water saving fittings and fixtures,renewable energy installations and mechanical system upgrades such as heat recovery systems and variable frequency drives for fan motors.The current evidence finds that energy savings for green building ret

272、rofits are not as high as those for new builds,but are nevertheless substantial.For example,a study of buildings in Singapore reveals that the resulting energy savings of a sample of buildings is 17%post-retrofit.8 Transwestern,a private real estate firm from the United States,reports typical saving

273、s of 3%to 15%on the utility bills on its managed properties that have undergone energy performance upgrades.9 As energy prices continue to rise,the relative benefits of energy efficiency will become increasingly important,and the business case for energy-efficient buildings,as well as energy efficie

274、ncy retrofits,will strengthen.Aside from resource efficiency,another typical feature of green buildings is the focus on the durability and longevity of systems and finishes.A material is usually considered in terms of its entire life cycle,as well as its attributes at the time of installation,utiliz

275、ing a cradle-to-cradle approach that takes into consideration the embodied energy,toxicity and emissions,replacement cycles and disposal to ensure that a material is green in all aspects.A properly specified palette of sustainable materials and building systems would provide financial benefit in the

276、 long term through less frequent replacement cycles and decreased cleaning and maintenance requirements,as well as benefits linked to healthier indoor environments due to lower toxicity and emissions.Taking it a step further,materials that are truly cradle-to-cradle have an additional cycle of recyc

277、ling and recovery at the end of their life,creating the potential for an additional income stream,although this process is presently in its infancy.RefurbishmentAnother feature that contributes to the financial viability of a building that benefits both owner and occupier is the aspect of design fle

278、xibility,adaptability and future-proofing.Green buildings often incorporate systems that are designed for adaptability,including raised floors and movable partitions,which allow for occupant movement and spatial reconfiguration without excessive disruption,downtime,or cost.In office buildings in Can

279、ada,for example,the estimated cost reductions associated with the inclusion of raised floor systems equated to US$4.31 square meters per year,based on 2003 data.10 For owners,adaptability means the ease of transition into a new use or reconfiguration of space in order to meet changing market require

280、ments.For both owner and occupier,a future-proofed building in terms of adaptable energy sources,data infrastructure,climate change and new ways of working ensures that the building will continue to be a valuable asset well into the future.52THE BUSINESS CASE FOR GREEN BUILDINGBright Lights,Big City

281、CASE STUDYThe bright lights of New York City arent famed for their energy efficiency,but Ernst&Young is lighting the way with its newly LED-illuminated headquarters in Times Square.The professional services company has conducted one of New York Citys largest LED lighting retrofits,replacing old ligh

282、ts in its 32 floor office space entirely with LED technology.The project covered new and more efficient custom fixtures,occupancy sensors and controls to manage lighting use,and installation throughout the buildings offices,conference rooms and common spaces.The simple retrofit will save the company

283、 almost$1 million each year,cutting previous lighting energy and maintenance costs in half.Yet even before these savings were realised,the company saw a 13%reduction in its upfront costs due to utility rebates identified by the retrofit team.And Ernst&Young arent the only ones saving-the initiative

284、will also cut energy use by 54%,or about 2.9 million kWh per year,keeping approximately two million pounds of CO2 emissions out of the atmosphere annually.“Green Buildings contribute significantly to achieving savings on energy bills and reductions in ecological footprints,”explains Harry Verhaar of

285、 Philips Lighting,the company providing the technology.“In these times of economic challenges it is even more important to note that such solutions have important additional benefits,including learning effectiveness in schools,increasing well-being and productivity in our workplaces,and providing at

286、tractive ambience.”With this in mind,the project did not focus solely on energy but also considered the space,with lighting designed to match the aesthetics of the building.Care was taken to ensure the appropriate lighting was used for the size and purpose of each area.The result was an improvement

287、in quality of light for the buildings more than 5,500 workers.Surely replacing all of the lighting in 650,000 square feet of office space would be challenging and time consuming,requiring significant down time?Not in this case by working closely with the local labour union,the new lighting in each a

288、rea was installed smoothly and swiftly,in just a single night shift.by Harry VerhaarPhilips LightingStraightforward lighting retrofit in New York City make a big difference-literally overnight53OPERATING COSTSMajor energy saving initiatives were added over time and included installation of additiona

289、l power factor correction equipment,energy efficient lighting and a lighting control system,energy efficient escalators and lifts,and use of seawater cooling instead of traditional cooling towers.The project also introduced water conserving and waste management initiatives,with annual savings of US$

290、62,000 and US$100,000,respectively.The projects approach paid off in other ways,too:incorporating changes into normal end-of-life replacement of equipment,such as swapping old chillers with energy efficient versions at the end of their useful lives,helped to absorb retrofit costs.The projects twin a

291、ims of increasing the operations sustainability and reducing expenses were carefully monitored,with reporting on savings both internally and externally.As a result,the development can now demonstrate a 17%drop in energy costs and savings of approximately US$640,000 per year.Since the retrofit,the ma

292、nagement of V&A Waterfront has taken a long-term view,with on-going measures in place to maximize benefits.Staff members at the facility are educated about sustainability features,and utility management is addressed as part of on-going staff review processes.So far,capital costs for the retrofit hav

293、e not recouped through tenants.Ultimately,the center will structure leases so that energy costs and savings are shared with tenants.Meanwhile,the focus has been on tenant education and updating tenant criteria documents for refurbishments and new tenancies.The project has also been well received ext

294、ernally,with positive and regular publicity.The development has featured in a number of articles that praise its energy savings and greening initiatives,and V&A Waterfront is picking up numerous awards and winning competitions for its energy saving efforts.This recognition is another way that V&A Wa

295、terfront is experiencing the benefits of its sustainable retrofit,in addition to the cost savings the project has generated that will enable the work to pay for itself in a little over four years.Cape Towns V&A Waterfront,a 400,000 square meter mixed-use development that sees 23 million visitors per

296、 year,is demonstrating measurable results from its US$2.48 million retrofit that began in 2008.According to Colin Devenish,V&A Waterfronts Executive Manager of Operations,the projects key driver was the business case for going green.“Most of what we have done is based on sound business practices,”ex

297、plains Devenish.“We considered pay back periods,return on investment,customer perception,and improving our relationship with various other stakeholders.More recently,there has been pressure from staff and our tenants to move towards sustainability.”This business and stakeholder-focused approach led

298、V&A Waterfront to embark on the extensive,deep energy retrofit,which took place gradually over three years.Armed with a clear plan built on careful analysis and review,the project began with measurements of energy and water usage to establish benchmarks.Cost savings and the tasks that would achieve

299、them were prioritized.Simple measures that cost little and paid for themselves quickly were introduced first;adjustments to air conditioning controls,for example,recouped costs in just one month of operation.Exemplary by Any MeasureCASE STUDYPremier Cape Town property shows that deep energy retrofit

300、s dont need deep pockets54THE BUSINESS CASE FOR GREEN BUILDINGINITIATIVECOST (US$)MONTHLY SAVING(US$)ANNUAL SAVINGS(US$)Installation of power factor correction equipment to reduce maximum demand20,700(2008)9,200(2009)1,15013,800Review and restructure of electrical tariffsNo cost17,200207,000Installa

301、tion of energy efficient lighting and lighting control system(Phase 1)368,0008,700105,000Installation of more energy efficient lighting and upgrade of lighting levels(Phase 2)279,0003,70044,500Re-use of excess fittings in other buildingsNo costNot applicable23,000Improvement of air conditioning cont

302、rols customize and change operating times in accordance with the seasons and outside weather conditionsNo Cost in management actions,but a cost of 5,700 to upgrade the Building Management System5,70082,700Replace four screw chillers with two centrifugal chillers that are 25%more energy efficient(par

303、t of normal end of life replacement).Move from a constant volume to a variable volume system variable speed drives on air handling units,variable volume diffusers1,700,0008,00096,000Moving from traditional cooling tower system to seawater coolingNot available7,80093,600Converted part of irrigation s

304、ystem from spray to drip irrigation for less water usage,reduced weed growth and pest problems(25 liters/10m2 for spray irrigation vs.10 liters/10m2 for drip irrigation)Not available2,30027,600Reduced watering times,especially during the rainy Cape Town winter and watering times adjusted according t

305、o weather and location(e.g.shade vs.sun)No costNot available36,700(2008)38,000(2009)34,000(2010)Waste recycling program implemented in 2009.Guaranteed payback of US$6,300 per month on recycled material.Approximately 50%of the precincts waste is now recycled(180 tons per month)Not available8,725104,7

306、0055OPERATING COSTSOverall Operational Cost SavingsKats(2003)found that a minimal upfront investment of 2%on top of the construction costs of a project yields savings of over ten times the initial investment,based on a life cycle of 20 years for 33 LEED-rated projects in the United States.12 While t

307、his figure includes the savings estimated from increases in productivity and health,looking at operational cost saving alone finds that these savings also exceed any cost premiums associated with green building design and construction(Figure 9).The degree of savings will vary depending on the energy

308、 prices in a given location.In a smaller study carried out in New Zealand in 2006,operational cost savings offset the marginal cost increase of green buildings by five or six times for owner occupiers and that the higher rental premium for tenants would be offset by a factor of three.13 So,even with

309、out productivity in the mix,the savings on operation and maintenance costs alone present a compelling business case for green buildings,particularly as energy costs continue to rise and the capital cost uplift for green buildings decreases.Figure 9Net present value analysis of the operational cost b

310、enefits of LEED certified buildings 1156THE BUSINESS CASE FOR GREEN BUILDING01020COST SAVINGS(USD per square foot)WaterEmissionsEnergyMaintenance and OperationsConstruction$5.79$8.47$3.00to$5.00$0.51$1.18Total 20-yearNPV=$11-13$*It should be noted that since this graph is based on 2003 data,these va

311、lues may no longer be accurate due to economic changes since then,however the relative difference between maintenance,operations,energy,emissions,water and construction is what is of interest here.Making Green Leases WorkTHOUGHT PIECESingapore is well recognized as a leader in the Asia Pacific regio

312、n on sustainability in the built environment,with world-class policies and building rating tools.Recent discussions between property industry and Singaporean Government representatives has shown green leasing as perhaps the last missing piece of the sustainable building puzzle,providing some key fac

313、tors can be met:Green leasing must work hand-in-hand with existing green building rating systems;Lease clauses with easily quantifiable benefits,such as energy performance targets,are easier to manage than less-quantifiable(though still worthwhile)initiatives(e.g.,workplace productivity);and Externa

314、l authorities to enforce lease clauses may further encourage landlord and tenant collaboration.Green leases are a governance framework between landlords and tenants which facilitate collaboration towards better building performance.Leases can range from light green,with parties focusing on,though no

315、t necessarily committing to,specific actions,to dark green,where more rigorous targets,monitoring and penalty mechanisms may apply.Working alongside green building rating tools,which provide the specific performance indicators to monitor,the green lease helps to bridge the gap between building desig

316、n and site operation,via target setting,specifying roles and responsibilities,and mediating non-compliance.The idea sounds simple enough.But how will this work in practice?The concept is relatively new in Singapore,with less than a handful of known examples.One example involved a site where district

317、 chilled water was purchased from a utility provider,with the landlord to be penalized if the return water temperature is too low.The green lease allows the landlord to partially pass through these costs to tenants,if they are returning the chilled water below the pre-agreed limit.During real-life o

318、peration,the landlord was penalized a sizable sum for missing the target and,rather than simply passing on the relevant costs and walking away,is now actively supporting the tenants to resolve this issue.Although cost is a clear driver,the landlord and tenants are both focused on collaboration to ac

319、hieve better energy performance,which is leading to overall improvements in building operations.No doubt technology like intelligent Building Automation Systems(BAS)or processes like Building Information Modeling(BIM)will continue to improve building performance;green leasing can add a new dimension

320、 to the green building movement and drive real collaboration between landlords and tenants.57by Shengkai ChiuJones Lang LaSalle(with thanks to Matthew Clifford)57OPERATING COSTSBridging the Performance GapThe evidence presented above demonstrates that operation and maintenance cost benefits do exist

321、 and that they are substantial.However,even the most well-designed buildings with high servicing requirements may not perform as predicted if not supported by robust modeling,design and construction management,effective stakeholder communications,proper commissioning and effective management during

322、the occupancy phase.Figure 10 shows how the discrepancy between predicted versus actual energy performance is not just generated by a single event but of a series of factors that occur throughout the building design and procurement process(the percentages presented in the graph are based on theoreti

323、cal modeling and extensive industry experience rather than statistical modeling).14 The role of Integrated Design Process(IDP)is significant here,as it is probably the most useful tool in ensuring that the expected benefits from green design are realized during the buildings occupancy phase.The perf

324、ormance gap has been documented in several studies,and has led to the perception that the cost benefits for green buildings are often not realized15 and that predicted worker satisfaction and comfort is often not delivered.16So,how can we ensure that predicted building performance matches the perfor

325、mance of the building in operation?The answer lies in the following key strategies:The positive impacts of building commissioning have been outlined in numerous studies,illustrating the influence it can have in identifying malfunctions and other issues related to efficiency that increase the opportu

326、nities for energy savings and building systems optimization.Proper commissioning of both new and existing green buildings results in reduced operating,maintenance and repair costs.This also ensures that specifications set out during the design phase are followed through to installation.58THE BUSINES

327、S CASE FOR GREEN BUILDINGSource:adapted from“What is the Performance Gap?”by Arup,2013ElectricityUseGasConsumptionDESIGNCONSTRUCTIONCOMMISSIONINGOPERATIONEnergy modelling inaccuracyCalculated energy useIneffective commissioningConstruction stage changes to designManagement and operationsUnregulated

328、energy useLEGEND+10-20%+10-20%+10-30%+10-30%+10-20%+15-30%+30-100%+10-20%+80-120%+30-120%Gas Consumption=+125%Electricity Use=+275%Cost =+235%0500300Increase in Actual Energy Consumption(%)The energy use calculated for compliance with Building Regulations and the actual energy consumed in

329、 the operation of buildings can be vastly different.This discrepancy between predicted vs.actual energy performance has multiple causes that occur throughout the building procurement process.All percentages relate to calculations carried out for the UKs Part L of the Building Regulations.Building Re

330、gulations only require the calculation of energy use for space heating,hot water,fans and pumps,cooling and lighting.Energy use from small power,computer server rooms and catering are not included.In addition,the accuracy of the energy modelling carried out during design phase is limited,and assumpt

331、ions have to be made building use,operating hours and level of detail.Contractor-designed elements and changes implemented in cost-cutting exercises may not meet the original design intent.A level of quality in workmanship is also required to achieve good performance,and this may not necessarily be

332、realised in practice.If commissioning activites are not completed adequately,building systems will not be optimised and will not work efficiently.Building operators and occupiers may find the building and its controls difficult to understand and therefore may not be managing or using it as efficient

333、ly as possible.Insufficient maintenance may also result in a loss of performance.Predicted Energy UseActual Energy UseFigure 10The performance gap between predicted and actual energy performance in the UK59OPERATING COSTS60THE BUSINESS CASE FOR GREEN BUILDINGCommissioning should be an on-going process that is carried out for a minimum of the first 12 months after handover in order to be meaningful