Energy Efficiency and the Future of Real Estate PDF
Preview Energy Efficiency and the Future of Real Estate
EDITED BY N. EDWARD COULSON, YONGSHENG WANG, AND CLIFFORD A. LIPSCOMB EEE nnn eee rrr gggg yyy EEEffffffffffffffffffiiiccciiieeennncccyy aannnddd tt hh ee EE ss ttt aa tt ee FF uu tt uu rreee oofff RReeeaaalll Energy Efficiency and the Future of Real Estate N. Edward Coulson · Yongsheng Wang Clifford A. Lipscomb Editors Energy Efficiency and the Future of Real Estate Editors N. Edward Coulson Clifford A. Lipscomb Merage School of Business Greenfield Advisors University of California, Irvine Cartersville, GA, USA Irvine, CA, USA Yongsheng Wang Washington and Jefferson College Washington, PA, USA ISBN 978-1-137-57445-9 ISBN 978-1-137-57446-6 (eBook) DOI 10.1057/978-1-137-57446-6 Library of Congress Control Number: 2017939876 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: © JOHN KELLERMAN/Alamy Stock Photo Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Nature America Inc. The registered company address is: 1 New York Plaza, New York, NY 10004, U.S.A. We would like to dedicate this book to our families for their sacrifices made in allowing us to work on this endeavor. Ed Coulson thanks Linda and Brendan. Yongsheng Wang thanks Ruihua, Freddie, Changzhong, and Suzhen. Clifford Lipscomb wishes to thank his wife Amelia, his mother Angie, and his children Thoreau, Hadassah, Garrison, Araminta, and Barnette. A cknowledgements We would like to acknowledge the input of Allison Neuburger and Sarah Lawrence. In addition, the editors would like to acknowledge the work of Greenfield Advisors employees Joe Schulman and Patty Eagar for editorial assistance. vii c ontents 1 Introduction 1 N. Edward Coulson, Clifford A. Lipscomb, Yongsheng Wang and Avis Devine 2 Why Energy-Efficient Commercial Real Estate Matters 9 Avis Devine 3 Energy Efficiency and Green Building Assessment 37 Jordan Stanley and Yongsheng Wang 4 Innovation in the Built Environment: Energy Efficiency and Commercial Real Estate 55 Andrea Chegut, Rogier Holtermans and Isabel Tausendschoen 5 The Political Economy of Energy Efficiency 81 David M. Harrison 6 An Analysis of LEED Certification and Rent Effects in Existing U.S. Office Buildings 99 Jordan Stanley and Yongsheng Wang 7 Energy Efficiency and Green Building Markets in Japan 137 Jiro Yoshida, Junichiro Onishi and Chihiro Shimizu ix x CONTENTS 8 Paths of Green Building Technology in China 159 Yu Zhou 9 Energy Efficiency and High-Performance Buildings 185 Ryan Colker 10 Future Research Directions of Energy Efficiency 243 N. Edward Coulson, Clifford A. Lipscomb and Yongsheng Wang Index 249 e c ditors And ontributors About the editors Dr. N. Edward Coulson is Professor of Economics and Public Policy in the Merage School of Business at the University of California, Irvine. He is also co-editor of Journal of Regional Science and served as President of the American Real Estate and Urban Economics Association in 2016. Dr. Yongsheng Wang Associate Professor of Economics, Director of Financial Economics, Washington and Jefferson College. He is also a visiting scholar at the graduate school of public and international affairs at the University of Pittsburgh. His research focuses on energy econom- ics and real estate economics. His past research was funded by LUCE Foundation, Freeman Foundation, Heinz Endowments, and NIST (Department of Commerce). Dr. Clifford A. Lipscomb Vice Chair and Co-Managing Director, Greenfield Advisors. He is the Chairman of the American Real Estate Society’s Practitioner Research Award committee, an Associate Editor of the Journal of Real Estate Literature, and a Visiting Scholar at the Federal Reserve Bank of Atlanta. His research interests include auto- mated valuation models, survey research, and econometrics. xi xii EDITORS AND CONTRIBUTORS contributors Andrea Chegut Massachusetts Institute of Technology, Cambridge, USA Ryan Colker National Institute of Building Sciences, Washington, DC, USA N. Edward Coulson University of California, Irvine, CA, USA Avis Devine Schulich School, York University, Toronto, ON, Canada David M. Harrison University of Central Florida, Orlando, USA Rogier Holtermans University of Southern California, Los Angeles, USA Clifford A. Lipscomb Greenfield Advisors, Cartersville, GA, USA Junichiro Onishi Xymax Real Estate Institute Corporation, Chiyoda-ku, Tokyo, Japan Chihiro Shimizu Nihon University, Chiyoda-ku, Tokyo, Japan Jordan Stanley Department of Economics, Syracuse University, Syracuse, NY, USA Isabel Tausendschoen University of Graz, Graz, Austria Yongsheng Wang Department of Economics and Business, Washington and Jefferson College, Washington, PA, USA Jiro Yoshida The Pennsylvania State University, University Park, State College, PA, USA Yu Zhou Department of Earth Science and Geography, Vassar College, Poughkeepsie, USA
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