Green building, as an environmentally responsible and resource-efficient product, has emerged in recent decades. Along with the growing interest in green building design and operating practices, a number of green building certification standards and rating systems have been developed by different organizations worldwide. Those rating systems allow government regulators, building professionals, and consumers to embrace green building with confidence. Many recent studies find that LEED and Energy Star certified commercial buildings gain significant rental and sales price premiums and have higher occupancy rates. However, little research has been conducted to measure the market value of certified multi-family residential buildings, for instance, green condominiums. This study investigates the price effects of LEED certification on condominium real estate assets in a local housing market, in this case Portland, Oregon. The overall dataset is developed by combining information from Metro's Regional Land Information System (RLIS) and LEED certifications by the U.S. Green Building Council (USGBC). A hedonic pricing model is employed to measure the effects of certification levels on sales prices. The model results indicate that, compared to non-certified condominiums in Portland, green certified properties have a 5.8 percent sales price premium on average. The result of this study confirms that LEED condominiums exhibit higher sales prices controlling for location- and property-specific factors.
| Identifer | oai:union.ndltd.org:pdx.edu/oai:pdxscholar.library.pdx.edu:open_access_etds-2112 |
| Date | 24 July 2013 |
| Creators | Yang, Xi |
| Publisher | PDXScholar |
| Source Sets | Portland State University |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | Dissertations and Theses |
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