| With more and more attention has been paid to energy saving and environmental protection,energy-saving building has become one of the important aspects of global energy conservation.Each country has established its own architectural evaluation system.Leadership in Energy and Environmental Design(LEED),founded by the USGBC,is considered the most comprehensive and influential assessment standard and has therefore become a model for countries to establish green building assessment standards.With the internationalization of LEED certification,in 2003 LEED into the Chinese market,as of now(February 2017)China has 3057 projects have been registered or are applying for LEED certification,and involves a variety of real estate products,which shows that LEED Certification in the Chinese market is gradually recognized and widely used.Therefore,this paper take LEED as the object,to explore the impact of LEED certification on office rent value.Based on the investor's point of view,this paper uses the characteristic price model and the pairing fixed effect model to analyze the 14 commercial offices which have been LEED certified in Guangzhou,and study the influence of green certification on the rental value of office buildings in Guangzhou,at the same time also we also considered some other features in the model to avoid missing some variables.The results show that the impact of LEED certification on sample office rents has a significant positive impact: 1)LEED-approved office rents are 13.85% higher than non-LEED certified offices;2)LEED certification increases for each level,rental premium will rise 4.66%.Compared with Western developed countries,China is at a new stage in the concept of sustainable development,so there is little information on the impact of green characteristics on building environmental performance and financial performance.As a result,building developers who first introduced these green features can face both lower competition and higher rental benefits. |
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