eprintid: 10193353
rev_number: 7
eprint_status: archive
userid: 699
dir: disk0/10/19/33/53
datestamp: 2024-06-12 15:17:47
lastmod: 2024-06-12 15:17:47
status_changed: 2024-06-12 15:17:47
type: article
metadata_visibility: show
sword_depositor: 699
creators_name: Ke, Qiulin
title: Does Energy Performance Rating Affect Office
Rents? A Study of the UK Office Market
ispublished: pub
divisions: UCL
divisions: B04
divisions: C04
divisions: F39
keywords: EPCenergy efficiency rating, office building, rent premium/discount, minimum energy efficiency standard (MEES)UK
note: This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions.
abstract: Environmental concerns and the rise in energy costs have heightened the focus on reducing CO2 emissions within the built environment. By concentrating on the office market in the UK, where a significant portion of a service-based economy operates, progress towards achieving emission reduction goals could be accelerated. Nevertheless, the speed at which this sector can enhance its environmental impact and whether individuals are willing to invest in energy-efficient measures and new energy-efficient buildings has remained uncertain. This paper investigates the influence of varying Energy Performance Certificate (EPC) ratings on the rental rates of office buildings in the UK, drawing on an extensive dataset spanning the years of 2011–2021. Our research seeks to determine whether there exists a willingness to pay for more energy-efficient office spaces by assessing whether there is a rental premium associated with office building with higher EPC ratings. Furthermore, we examine whether buildings failing to meet minimum energy efficiency standard (defined as EPC ratings of F and G) experience rental discounts. Our findings, which take into account heteroscedasticity and various disaggregations within the office market, consistently reveal a willingness to pay for energy-efficient office spaces.
date: 2024-06-11
date_type: published
official_url: https://doi.org/10.1080/19498276.2024.2356715
oa_status: green
full_text_type: pub
language: eng
primo: open
primo_central: open_green
verified: verified_manual
elements_id: 2284648
doi: 10.1080/19498276.2024.2356715
lyricists_name: Ke, Qiulin
lyricists_id: QKEXX02
actors_name: Ke, Qiulin
actors_id: QKEXX02
actors_role: owner
full_text_status: public
publication: Journal of Sustainable Real Estate
issn: 1949-8276
citation:        Ke, Qiulin;      (2024)    Does Energy Performance Rating Affect Office Rents? A Study of the UK Office Market.                   Journal of Sustainable Real Estate        10.1080/19498276.2024.2356715 <https://doi.org/10.1080/19498276.2024.2356715>.       Green open access   
 
document_url: https://discovery.ucl.ac.uk/id/eprint/10193353/1/Does%20Energy%20Performance%20Rating%20Affect%20Office%20Rents%20%20A%20Study%20of%20the%20UK%20Office%20Market.pdf