After the COVID-19 outbreak, workplace environment is looked at from various angles. Corporate tenants are now majorly focusing on having a safe and healthy working environment for their employees. Looking at both environmental and social impact, commercial office markets have seen dynamics in past few years. In this study, major focus is on (1) the factors due to which the green buildings are generating premium rents, by floating a questionnaire survey to working professionals of various sectors, real estate developers, certified valuers and professionals working in the tenant advisory and leasing profiles and checked the reliability of it through Cronbach Alpha Test. The factors were identified through the existing literature and recent market trend reports. Further Principal Component Analysis (PCA) is used in SPSS software to find the factors. A total of 14 variables were categorized into 3 different factors. The model fitness was checked by Confirmatory Factor Analysis (CFA) in SPSS Amos. (2) The ranking of these factors was done using Kendall’s W Test and each variable was ranked according to the factors identified. Among all the variables Location, Indoor Air Quality and Accessibility were ranked by their mean ranks as 1st, 2nd and 3rd, respectively. Finally, the study suggests that these factors are responsible for the premiums availed in green spaces. It has a future scope of work to apply these factors in other micro markets and check how the rankings differ depending on the market conditions.

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Rental Growth and Rental Premiums: A Comparative Analysis of Green Versus Conventional Commercial Office Spaces in India

  • Duke Das,
  • Priti Pandey

摘要

After the COVID-19 outbreak, workplace environment is looked at from various angles. Corporate tenants are now majorly focusing on having a safe and healthy working environment for their employees. Looking at both environmental and social impact, commercial office markets have seen dynamics in past few years. In this study, major focus is on (1) the factors due to which the green buildings are generating premium rents, by floating a questionnaire survey to working professionals of various sectors, real estate developers, certified valuers and professionals working in the tenant advisory and leasing profiles and checked the reliability of it through Cronbach Alpha Test. The factors were identified through the existing literature and recent market trend reports. Further Principal Component Analysis (PCA) is used in SPSS software to find the factors. A total of 14 variables were categorized into 3 different factors. The model fitness was checked by Confirmatory Factor Analysis (CFA) in SPSS Amos. (2) The ranking of these factors was done using Kendall’s W Test and each variable was ranked according to the factors identified. Among all the variables Location, Indoor Air Quality and Accessibility were ranked by their mean ranks as 1st, 2nd and 3rd, respectively. Finally, the study suggests that these factors are responsible for the premiums availed in green spaces. It has a future scope of work to apply these factors in other micro markets and check how the rankings differ depending on the market conditions.