Greenfield shopping center development. The integration between environmental features, building design and investment analysis at the decision making stage

Neila Gonzalez, Francisco Javier and Ramírez Pacheco, Gema Maria and Vieira, Aliane (2014). Greenfield shopping center development. The integration between environmental features, building design and investment analysis at the decision making stage. "The valuation journal", v. 9 (n. 2); pp. 26-55. ISSN 1842-3787. https://doi.org/10.15396/eres2014_91.

Description

Title: Greenfield shopping center development. The integration between environmental features, building design and investment analysis at the decision making stage
Author/s:
  • Neila Gonzalez, Francisco Javier
  • Ramírez Pacheco, Gema Maria
  • Vieira, Aliane
Item Type: Article
Título de Revista/Publicación: The valuation journal
Date: 2014
ISSN: 1842-3787
Volume: 9
Subjects:
Freetext Keywords: Shopping Centre Development, Passive Strategies Design, Investment Analysis, Green Building, Decision Making
Faculty: E.T.S. Arquitectura (UPM)
Department: Construcción y Tecnología Arquitectónica
Creative Commons Licenses: Recognition - No derivative works - Non commercial

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Abstract

The Shopping centre is a long term investment in which Greenfield development decisions are often taken based on risks analysis regarding construction costs, location, competition, market and an expected DCF. Furthermore, integration between the building design, project planning, operational costs and investment analysis is not entirely considered by the investor at the decision making stage. The absence of such information tends to produce certain negative impacts on the future running costs and annual maintenance of the building, especially on energy demand and other occupancy expenses paid by the tenants to the landlord. From the investor´s point of view, this blind spot in strategy development will possibly decrease their profit margin as changes in the occupancy expenses[ ] have a direct outcome on the profit margin. In order to try to reduce some higher operating cost components such as energy use and other utility savings as well as their CO2 emissions, quite a few income properties worldwide have some type of environmental label such as BREEAM and LEED. The drawback identified in this labelling is that usually the investments required to get an ecolabel are high and the investor finds no direct evidence that it increases market value. However there is research on certified commercial properties (especially offices) that shows better performance in terms of occupancy rate and rental cost (Warren-Myers, 2012). Additionally, Sayce (2013) says that the certification only provides a quick reference point i.e. the lack of a certificate does not indicate that a building is not sustainable or efficient. Based on the issues described above, this research compares important components of the development stages such as investments costs, concept/ strategy development as well as the current investor income and property value. The subjects for this analysis are a shopping centre designed with passive cooling/bioclimatic strategies evaluated at the decision making stage, a certified regional shopping centre and a non-certified standard regional shopping centre. Moreover, the proposal intends to provide decision makers with some tools for linking green design features to the investment analysis in order to optimize the decision making process when looking into cost savings and design quality.

More information

Item ID: 35884
DC Identifier: http://oa.upm.es/35884/
OAI Identifier: oai:oa.upm.es:35884
DOI: 10.15396/eres2014_91
Official URL: https://eres.architexturez.net/doc/oai-eres-id-eres2014-91
Deposited by: Memoria Investigacion
Deposited on: 14 Jul 2015 06:59
Last Modified: 07 Jun 2019 09:59
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