Breaking the circle of blame for sustainable buildings – evidence from Nordic countries. Issue 1 (7th April 2015)

• Record Type: Journal Article
• Authors: Andelin, Mia; Sarasoja, Anna-Liisa; Ventovuori, Tomi; Junnila, Seppo
• Is Part Of: Journal of corporate real estate. Volume 17:Issue 1(2015)
• Page Start: 26
• Page End: 45
• Publication Date: 2015-04-07
• Subjects: Sustainability -- Tenant -- Corporate real estate -- Drivers -- Investor -- Sustainable buildings; Corporations -- Real estate investments -- Periodicals; 332.6324
• DOI: 10.1108/JCRE-05-2014-0013
• Languages: English
• ISSNs: 1463-001X

Abstract

Abstract : Purpose: – The study aims to examine how the vicious circle of blame for sustainable buildings can be turned into virtuous loops of adaptation when considering sustainable buildings and what are the drivers for tenants and investors regarding sustainable buildings and gaining insights of investors' and tenants' corporate responsibility (CR) actions. Design/methodology/approach: – The paper consists of a literature review and two surveys. The literature review concentrates on exploring investors' and tenants' CR and sustainability drivers. Empirical evidence was gathered via two specific surveys. The first survey targeted investors, and the second survey targeted tenants to determine the focus areas of sustainability. Findings: – The findings of this study indicate that the vicious circle of blame can be turned into one of cooperation with respect to sustainable buildings if the mutual drivers for improving sustainability are linked with investor–tenant collaboration. Based on the survey, the tenants claim that productivity, corporate culture and image are the primary drivers for sustainable buildings, whereas the investors claim that corporate culture and image, tenant demand and marketability are the primary drivers. Both parties mentioned the same sustainability drivers: corporate culture and image and lower operating costs. However, it was found that investors are not communicating their CR actions to public or promoting image and productivity benefits of green buildings to potential tenants. Research limitations/implications: – The limitation of this study is the sampling of Nordic countries, as there are indications of different situation in other markets such as the USA. Originality/value: – Improving sustainability in the real estate industry is linked to investor–tenant collaboration. In addition to common drivers, both investors and tenants have their own list of benefits and drivers for sustainable buildings. These drivers are linked to each other. Making progress with respect to sustainability in the built environment depends on people in the industry being aware of the importance of and possibilities offered by sustainable buildings, as well as being able and willing to act on this knowledge. Only through partnership can the full potential of the built environment be realised and help deliver an economically, environmentally and socially sustainable future.