Purpose

The importance of real estate’s sustainability rating has increased significantly. Studies undertaken in 2007 and 2016 show that, at acquisition, the rating rose from 7th to 3rd most important attribute. This shift in priorities parallels the RICS embracing the 10 principles of the UN Global Compact (RICS, 2015). However, while sustainability value premia appear common in some international markets, the picture is mixed and drivers and mechanisms lack empirical investigation. The literature reveals potential barriers to investors fulfilling both sustainability and financial objectives. The purpose of this study is explore these potential barriers.

Design/methodology/approach

Focus groups with real estate fund managers, sustainability managers and acquisitions surveyors are undertaken to explore the adoption and implementation of environmental sustainability policies. This reveals a series of barriers to implementation and these are then explored in greater depth through a series of interviews with fund managers. This layered, qualitative approach is designed to provide detailed knowledge of practical and conceptual sustainability issues within the UK real estate market.

Findings

Key drivers underpinning the adoption of sustainability policies are revealed and barriers to implementation are found to relate to data on investment performance, valuation methodologies and prohibitive capex. Further, the heterogeneous, opaque and slow-moving nature of the market is prohibitive and intervention is encouraged to overcome the lack of financial viability that hinders improvements.

Originality/value

Research is dominated by highly aggregated quantitative data on sustainability within commercial real estate markets. The qualitative approach used here adds new insights and value to the understanding of the embeddedness of sustainability in real estate investment decision-making.

中文翻译：

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可持续性在房地产投资决策中的嵌入性

目的

房地产可持续性评级的重要性显着增加。2007 年和 2016 年进行的研究表明，在收购时，评级从第 7 位上升到第 3 位最重要的属性。这种优先事项的转变与 RICS 采纳联合国全球契约的 10 项原则（RICS，2015 年）相似。然而，虽然可持续性价值溢价在一些国际市场上似乎很普遍，但情况喜忧参半，驱动因素和机制缺乏实证调查。文献揭示了投资者实现可持续性和财务目标的潜在障碍。本研究的目的是探索这些潜在的障碍。

设计/方法/方法

与房地产基金经理、可持续发展经理和收购调查员组成的焦点小组将探讨环境可持续性政策的采用和实施。这揭示了实施的一系列障碍，然后通过与基金经理的一系列访谈更深入地探讨了这些障碍。这种分层、定性的方法旨在提供有关英国房地产市场内实际和概念可持续性问题的详细知识。

发现

揭示了支持采用可持续性政策的关键驱动因素，并发现实施障碍与投资业绩数据、估值方法和过高的资本支出有关。此外，市场的异质性、不透明和缓慢移动的性质令人望而却步，鼓励干预以克服阻碍改善的财务可行性不足。

原创性/价值

研究主要是关于商业房地产市场可持续性的高度汇总的定量数据。这里使用的定性方法为理解房地产投资决策中可持续性的嵌入性增加了新的见解和价值。