Assessing sustainability in the existing commercial property stock: Establishing sustainability criteria relevant for the commercial property investment sector

摘要

Purpose – This paper seeks to set out a series of criteria through which the sustainability of commercial property can be assessed. It is part of a wider research project that addresses sustainability as a set of investment risks and is seeking to specify these risks and incorporate them within commercial property investment appraisals. Design/methodology/approach – The paper draws on existing literature to establish a series of sustainability criteria and then uses focus groups and interviews with industry operators to establish the relevance and potential significance of each criteria to property investment worth. Findings – The research is focused on the investment performance of commercial property. The findings in the paper are thus driven by a strong economic imperative and the criteria focus on factors within the control of the investor-owner. The research also reflects the views of a small group of industry operators. However, it sets out a practical set of sustainability criteria, reviewed by industry experts, against which the performance of any commercial property can be assessed. Originality/value – The paper provides a set of sustainability criteria that are relevant to the performance of property as an operational asset and an investment asset. This will enable market operators to begin to address sustainability within the commercial property stock from a market-based perspective reflecting the economic imperative that drives the industry. The focus on the investment sector differentiates the work from studies that look at sustainability more broadly as a qualitative issue.