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Cash is King: Assessing the Financial Performance of Green Buildings

発行 Lux Research 商品コード 315365
出版日 ページ情報 英文 23 Pages
納期: 即日から翌営業日
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現金が一番:省エネ型建築物の財務実績の評価 Cash is King: Assessing the Financial Performance of Green Buildings
出版日: 2014年09月29日 ページ情報: 英文 23 Pages




  • エグゼクティブ・サマリー
  • 市場環境
    • 省エネ型建築物の経済的利点につながる諸要因:現在は賃貸/転売時の価格引き上げやユーティリティ費用の節約が現在だが、健康・生産性の面での利点も今後は更に拡大する
  • 分析
    • 省エネ効果はまだ十分ではなく、賃料・リセール価格の引き上げや、利子への補助金補填がNPVのプラス成長には必要である。特に賃貸ビルの場合、所有者は明らかに利益拡大を主張するようになる。
  • 将来展望
  • 脚注


  • 図:省エネ基準住宅の総面積は3億2500万平米を突破
  • 図:米国の商用建築物のコスト低下傾向
  • 図:商用不動産の評価に用いられる評価方法での、省エネ建築物の評価
  • 図:米国の省エネ住宅基準は、世界でも最高水準にある
  • 表:米国の評価基準(LEED認証、ENERGY STAR)が幅広く通用しているが、中国の基準も普及し始めている
  • 表:オーストラリア:NABERSおよびGreen Star Buildings Carry Premium制度
  • 表:省エネ型建築物による運用費用削減効果
  • 表:付属品の利点:空間・企業・現地住民にとっての利点の分類
  • 図:IEQ:住民の福利と生産性との関係
  • 図:Luxの研究活動
  • 図:省エネ建築物の経済的分析:投入変数がビルオーナーに最も大きく貢献
  • 表:省エネ建築関係の分析用変数に関する前提条件:カリフォルニア州の大型小売店の場合
  • 図:暖房・照明・冷蔵庫がエネルギー小売消費量の大半を占める
  • 図:LEED認証に基づく小売建築物の場合、運用支出の点での利点が、一時的な資本支出額を上回る(オーナー側の観点)
  • 表:オーナー側の観点−−ユーティリティ費用の軽減は、賃貸収益の拡大につながる
  • 表:賃借人側の見解−−省エネ型住宅は賃料が高い
  • 図:資本支出以外の節約効果には、オーナーが自ら保有する建築物への投資を促進させる効果がある
  • 表:政府の支援策がある場合のみ、投資回収期間やROI(投資収益率)は魅力的なものとなる

A steady rise in green building construction over a decade has brought the sector firmly in mainstream of the construction industry. Hence, not surprisingly, designers, developers, buyers, and occupants all are closely monitoring the promised benefits of green buildings; particularly whether these can be monetized. Our analysis of three building standard-segment combinations, namely a LEED retail building in the U.S., a Passive House home in Germany, and a Green Rating for Integrated Habitat Assessment (GRIHA) 4 Star office in India, shows that utility savings by themselves don't justify the green construction premium. Factors like a rental and/or resale premium and government financial incentives will make or break the financial case for green buildings. Where such factors exist, the internal rates of return (IRRs) are steady, predictable, and north of 5%, making green buildings an attractive, bankable asset class.

Table of Contents



  • A variety of factors lead to economic gains in green buildings; rental/resale premiums and utility savings are currently quantifiable, but further upside exists in health and productivity gains.


  • Utility savings are not sufficient, higher rental, higher resale, or subsidized interest rates are needed for a positive NPV; in leased buildings, owners clearly stand to gain more.




  • Figure 1: Graphic Floor Space Under 19 Major Green Building Standards Now Amounts to 325 Million m2
  • Figure 2: Graphic U.S. Commercial Real Estate Cost Breakdown 20126
  • Figure 3: Graphic Capitalization rate Equation Commonly Used for Commercial Real Estate Valuation
  • Figure 4: Graphic U.S. Standards Holds the Top Rank for Green Building Certified Floor Space
  • Figure 5: Table LEED and ENERGY STAR Certifications Have Significant Traction, but China 3-star Rising
  • Figure 6: Table LEED-Certified and ENERGY STAR Buildings Strongly Correlated with Price Premiums in the U.S.
  • Figure 7: Table NABERS and Green Star Buildings Carry Premium in the Australian Market
  • Figure 8: Table Operation Cost Savings from Green Buildings Are Well Documented
  • Figure 9: Table Ancillary Benefit Classifications Relate to Space, Company, and Occupants
  • Figure 10: Graphic IEQ-Occupant Well-being and Productivity Relationship
  • Figure 11: Graphic Source: Lux Research
  • Figure 12: Graphic Green Building Economic Analysis Input Variables Mostly Benefit Building Owner
  • Figure 13: Table Baseline Building Variables Assume a Big-Box Retail Location in California
  • Figure 14: Graphic Heating, Lighting Refrigeration Dominate Retail Energy Consumption
  • Figure 15: Graphic Opex Benefits Far Outweigh One-time Capex Costs of a LEED-certified Retail Building (Owner Perspective)
  • Figure 16: Table Owner Perspective Shows Utility Savings Dwarf Rental Income Gains
  • Figure 17: Table Tenant Perspective Shows that Cost Rises with Green
  • Figure 18: Graphic Non-opex savings Make or Break the Investment in Owner-occupied Buildings
  • Figure 19: Table Payback Periods and ROI Become Attractive Only with Government Incentives
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