The background of our thesis is the fact that properties and their related industry have a big negative impact on our environment. Since the real estate business is an important part of how the society is constructed, environmental solutions and sustainable real estate development can contribute to positive climate changes globally. The last decades have shown an increasing number of green properties, however the proliferation on the Swedish market is still slow. Existing research describes different benefits and motivators that should encourage investments in environmentally certified properties among real estate companies. Benefits that are established are for example lower energy- and maintenance costs, lower vacancy rate, an improved company image and increasing market value. We believe there is a gap of information considering how the real estate companies experience that these benefits are generated from a green building, as well as how motivators have impacted on the companies’ investment decisions. The purpose of this thesis is therefore to explain how different motivators affect real estate companies to invest in environmentally certified properties. To answer the purpose of our thesis, we have created four different hypotheses based on existing research which includes an improved result, increased economic profitability, improved company image and the opportunity of incentive programs and economic contributions. The hypotheses of our study have been tested with a quantitative method, through a survey. Collected data from our study has been analysed through a multiple regression analysis, where the four motivators have been analysed against the real estate companies share of investment decisions in environmentally certified properties. The conclusion of this thesis is that none of the hypotheses reached statistical significance and therefore the collected data cannot prove any relations between the motivators and companies’ investment decisions. Although, through our study, we have been able to identify both differences and similarities between theoretical claims and the result from our study. Even though statistical relations cannot be confirmed, the survey has collected descriptive data which contributes to a general view of how Swedish real estate companies today evaluate environmentally certified properties and how they are motivated to invest in these properties.

The construction and real estate industry accounts for a large share of the global energy consumption. Thus, an onerous responsibility is resting on the shoulders of the property owners and developers to alleviate the emissions derived from the real estate sector. With the escalating necessity for undertaking measures aimed at averting additional negative impact on the climate, a rising level of engagement from governmental as well as private stakeholders emerges. As a consequence of the negative development in the sector, and with tenants willing to pay rentalpremiums to be seated in premises in buildings certified as green, the issuance of green certifications have surged. The purpose of this study is to examine whether the distance from the city center has an impact on the green sales premiums for commercial office properties on the Swedish property market, to be able to compose more accurate calculations of green investments. This is investigated ona national level, as well as for cities exceeding 200,000 inhabitants. The study is a quantitative study which uses hedonic regression models to answer the research questions. The data used is collected through a transaction database provided by Cushman & Wakefield Sweden, with additional data from Sweden Green Building Council and Statistics Sweden, among others. The results conclude an incremental green premium of 14.80% at the 1 km mark from the city center for the country level data set, and 31.92% for the larger cities, at the 10%, respective 1% level of significance. However, some coefficients are inconsistent and the author highlights potential deficiencies within the course of action. / Bygg- och fastighetssektorn står idag för en stor del av den globala energiförbrukningen. Därmed vilar ett tungt ansvar på fastighetsutvecklare, förvaltare och andra aktörer i branschen för att minska utsläppen från fastighetssektorn. Med det ökande behovet av att vidta åtgärder för att undvika ytterligare negativ påverkan på klimatet, har även engagemanget från både offentliga och privata aktörer tilltagit. Som en konsekvens av den negativa utvecklingen inom sektorn och att hyresgäster är villiga att betala en premie för att husera i byggnader som är miljöcertifierade, har utfärdandet av gröna certifikat ökat markant. Syftet med denna studie är att undersöka om avståndet från centrum har en inverkan på den gröna försäljningspremien för kommersiella kontorsfastigheter på den svenska fastighetsmarknaden, för att kunna göra mer exakta investeringskalkyler gällande investeringar i miljöcertifierade fastigheter. Detta undersöks på dels nationell nivå, och dels för städer med över 200 000 invånare. Studien är en kvantitativ studie som använder hedoniska regressionsmodeller för att besvara forskningsfrågorna. Dataseten komponeras med hjälp av en transaktionsdatabas som tillhandahålls av Cushman & Wakefield Sweden, tillsammans med ytterligare data från bl.a. Sweden Green Building Council och Statistiska centralbyrån. Resultatet indikerar en ökande grön premie om 14,80% vid 1 km från stadens centrum för datasetet på nationell nivå, och 31,92% för de större städerna, vid 10% respektive 1% signifikansnivå. Vissa koefficienter är dock inkonsekventa och författaren lyfter fram potentiella brister i handlingsförloppet.

In the wake of the recent turbulent economic landscape caused by the Covid-19 pandemic with high inflation and subsequent interest rate hikes the real estate sector has been in the eye of many. What are the effects of interest rate changes on real estate transaction values? Are all real estate sectors and regions equal? Previous research on the topic suggests that there is sensitivity, but a lot of research is done one REITs or publicly traded companies, using direct property transactions in the market as the focus of the studies that have been conducted is rare. Furthermore, the comparison between different regions and property types is also left largely unexplored. The theoretical frameworks that have been used to give an understanding of the multifaceted effects interest rate has on real estate vital mechanics includes DCF, 4Q, Yield curve and Leverage. A transaction database spanning the years 2003-2023 consisting of 7.182 transactions was used for the study. Regression models were used to answer the questions of the study and the findings suggest that there is a sensitivity to changes in interest in the Swedish real estate market as well as a difference between different regions and property types. / I spåren av det nyligen turbulenta ekonomiska landskapet orsakat av Covid-19 pandemin, med hög inflation och efterföljande räntehöjningar, har fastighetssektorn varit i många människors fokus. Vilka är effekterna av ränteförändringar på värden i den direkta marknaden för fastighetstransaktioner? Och delar olika regioner och segment samma känslighetsnivå? Tidigare forskning på området tyder på att det finns en känslighet, men att använda direkta transaktioner på marknaden som fokus för genomförda studier är sällsynt. Vidare är jämförelsen mellan olika regioner och fastighetstyper också till stor del outforskat. De teoretiska ramverk som har använts för att förstå de mångfacetterade effekterna av ränteförändringar på fastigheters vitala mekanismer inkluderar DCF, 4Q, avkastningskurvan och hävstångseffekten. En transaktionsdatabas mellan åren 2003-2023 och 7 182 transaktioner användes för studien. Regressionsmodeller användes för att besvara studiens frågor och resultaten tyder på att det finns en känslighet för ränteförändringar på den svenska fastighetsmarknaden samt skillnader mellan olika regioner och fastighetstyper.