Kan grönt bli till guld? : En studie av miljöcertifieringars värde och utveckling i den svenska bygg- och fastighetssektorn

Sammanfattning: Certification systems, that assess companies’ work with social and environmental issues, have emerged in an increasing number of industries. Today, there are environmental certifications for the food industry, the forestry, the fisheries sector and several more. In apparel industry, certification for sustainable working conditions has been of major impact. The property sector is no exception from other industries. Today, there are a variety of different environmental assessment methods in the world, in order to support sustainable construction. In recent years, a rapid development has also been taken place in the Swedish real estate market, where many property owners show great interest in certifying their portfolios. On the Swedish market for commercial real estate there are three different environmental certification systems being used: BREEAM, LEED and the national label Miljöbyggnad. The GreenBuilding Programme, which focuses solely on energy efficiency, has also had a significant impact in the country. Environmental certifications are market-driven regulations, based on customer demand driving companies to conduct their operations in a sustainable way. According to Auld, Bernstein and Cashore (2008), the certification systems differs from other forms of CSR because the companies voluntary agree to let external organizations regulate their activities. In return, the companies get a credible recognition on the market, showing they work seriously and concretely with sustainability issues. According to previous studies, the demand for environmentally certified properties and offices is still limited (Broström & Weinz, 2010; Reuterskiöld & Fröberg, 2010; Bonde, Lind, & Lundström, 2009; van der Schaaf & Sandgärde, 2008). Yet, the interest of stakeholders in the real estate sector is widely spread. This examination aims to determine the value of environmental certification for property owners, and from that basis try to find out how the development might proceed. The study is based on qualitative interviews with stakeholders in the Swedish construction and property sectors, as well as a literature review of the development of certification systems in other industries and in international property markets. In order to get a holistic perspective of this complex industry, the commercial real estate is seen as a system through four phases: Construction, Management, Renovation and Transaction. Interviews were conducted with stakeholders who were considered representative for each phase, resulting in Property development companies, Property owners and Real Estate appraisals. Based on empirical findings, the interest of environmental certifications peaks in the phase of construction, while companies mainly active in management and renovations are more hesitant in the choice of certifying their buildings or not. The fact that the share of newly constructed buildings is very small relative to the total property stock implies that the market for certified buildings is virtually nonexistent, and will so remain unless the environmental certification systems spread to existing buildings. The minimal market has consequences in the transaction phase, since the yield is determined from previous transactions of comparable properties. In the present situation, certified buildings are compared to conventional ones, which imply that the certification doesn’t result in a higher market value. In addition, the limited supply leads to badly informed tenants and, thus, a low demand for certified offices. Despite the lack of purely economic value, that is, price or rent premiums, the environmental certifications still seems to be valuable, though in a more qualitative way. Interviewed companies think that a certification provides a communication value in the relationship with external stakeholders, credibility through third party review, insurance against future customer requirements, sustainable internal processes and an internal sense of pride among employees. To be able to transform qualitative values to monetary ones, the environmental certifications must develop through the value chain of commercial real estate, to the phases of management and renovations. This development can be supported and accelerated by adapting certification systems for the management of the existing building stock. In addition, the author argues for the importance of not restricting the number of certification schemes in the market, as well as not neglecting the importance of political leadership for a continued development in the sector.