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Can Sustainability Issues Impact the Valuation of UK Commercial Property?

Sustainability Issues and UK Commercial Property Dissertation – The topic of sustainability and property valuation covers two broad disciplines which both directly relate to the specialism of Land and Property Markets. Sustainability has been considered in the real estate industry for decades. With the high potential of the property industry to mitigate climate change and consequently more stringent legislation being enacted towards achieving sustainable development, it has become an inherent part of the industry.

The increasing emphasis on the reduction of environmental footprints in urban development has led to the emergence of sustainable buildings and the development of sustainability assessment tools. Correspondingly, there are calls for the valuation industry to follow suit by appropriately reflecting the value of sustainability factors in building development.

The aim of this dissertation is to analyse the extent to which sustainability issues are incorporated into the valuation process of the UK commercial property. The research involved both primary and secondary techniques. Firstly, a review of the relevant literature was conducted, followed by a series of semi-structured interviews with valuation professionals.

Valuation professionals in the UK are starting to gather supplementary property data related to sustainability following the implemented legislation and issued guidance by the RICS. Sustainability factors are generally not incorporated into the valuation process, which is primarily due to the lack of empirical evidence proving sustainable value.

As valuation professionals start collecting sustainability related data and the market is progressively recognizing the value differential between sustainable and conventional buildings, new means of gathering, storing and presenting data about properties should be implemented to facilitate the dissemination of information regarding the benefits of sustainable property.


  • 12,000 words – 46 pages in length
  • Excellent use of literature
  • Excellent analysis of subject area
  • Well written throughout
  • Includes interview questions
  • Ideal for construction management students

1 – Introduction
Rationale
Research question and objectives
Methodology
Relation to land and property markets
Dissertation Structure

2 – Literature Review
Sustainable development
Sustainability in buildings
Measuring sustainability in buildings
Single-issue assessment methods
Comprehensive assessment methods
First and second generation methods
Legislation in the UK
Role of valuation professionals
Relevant concepts
Green premium
Depreciation and obsolescence
Brown discount
Relationship between sustainability and value
Market analysis
Challenges faced in sustainability valuation
To recognise and quantify sustainability factors
Perceived lack of technical knowledge
Methodological differences
Vicious Circle of Blame
Conclusion

3 – Research Methodology
Research methods and approach
Data collection techniques
Literature review
Interviews
Ethics

4 – Analysis of Research
Sustainability and real estate
Incorporating sustainability into the valuation process
Collection of sustainability data
Reporting on sustainability issues
Impact of sustainability factors on the value
Do EPC or BREEAM affect value?
Barriers
Drivers

5 – Conclusions and Recommendations
References

Appendix
Interview Questions

Sustainability Issues and UK Commercial Property Dissertation
Sustainability Issues and UK Commercial Property Dissertation

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