Frank Hovorka
Languages: English | Pages: 5 pp
Bibliographic info:
36th AIVC Conference " Effective ventilation in high performance buildings", Madrid, Spain, 23-24 September 2015.

There is an expanding literature on the value of sustainability features in buildings (European Commission, 2013; World GBC, 2013; World GBC, 2014). While several publications focus on the price differentiation between buildings with sustainability credentials and buildings with no sustainability credentials (Eichholtz et al., 2010; etc.), others examine the costs and benefits of sustainability features individually referring to both monetary and intangible values (Heerwagen, 2000).
These various studies usually refer to different concepts of value and encompass benefits that may not always directly profit the investors themselves. The value of sustainability can thus be interpreted differently according to the stakeholders and scope considered. On the one hand, market value refers to the price at which the good would be traded in a perfect open market. On the other hand, a concept of total value could be defined to encompass all the benefits associated with sustainability features for the various stakeholders (investors as well as users, local authorities, citizens, etc.). This notion would include a wider range of benefits which may not all be priced by the market. However, examining the mechanisms through which benefits for the different stakeholders could impact investors helps better understand the financial gains investors can expect from sustainability.