Session 1: Introduction
[no readings assigned]
Session 2: Green buildings: economic rationale and analytical tools
World Green Building Council. (2013). The business case for green building: a review of the costs and benefits for developers, investors and occupants. WGBC.
Harvard Business School. Rockville business case.
(If no real estate finance background) Chapter 10 of: Geltner, D., Miller, N. G., Clayton, J., & Eichholtz, P. Commercial real estate analysis and investments (Version 3e).
Session 3: Green buildings: economic rationale and analytical tools, continued
IMT (2018). Green lease leaders: using the lease to drive innovation and clean energy.
Session 4: Winthrop Center
Winthrop Center
Session 5: Green building version 2.0: economic rationale and analytical tools of health in buildings
Allen, J.G. and Macomber, J.D., 2020. Chapter 4 and 5. Healthy buildings: How indoor spaces drive performance and productivity. Harvard University Press
World GBC, 2016. Building the Business Case: Health, Wellbeing and Productivity in Green Offices (link)
Session 6: 425 Park Ave
A Tower for the People: 425 Park Avenue.
Buildings emerge as drivers of health and profits, Scott Muldavin, Chris R. Miers; Ken McMackin
Session 7: From Green Buildings to Green Cities: pricing environmental features and supporting decision
making
Zheng, S., & Kahn, M. E. (2008). Land and residential property markets in a booming economy: New evidence from Beijing. Journal of Urban Economics, 63(2), 743-757.
Eichholtz, P., Kok, N., & Quigley, J. M. (2013). The economics of green building. Review of Economics and Statistics, 95(1), 50-63.
Session 8: Climate Change and Real Estate Investments
Hsiang, S. and Kopp, R.E., 2018. An economist’s guide to climate change science. Journal of Economic Perspectives, 32(4), pp.3-32
ULI and Heitman, 2019. Climate Risk and Real Estate Investment Decision-Making. Link report here
Session 9: Climate Change and Real Estate Investments, part 2
Ortega, F., & Taṣpınar, S. (2018). Rising sea levels and sinking property values: Hurricane Sandy and New York’s housing market. Journal of Urban Economics, 106, 81-100.
Clayton, J., van de Wetering, J., Sayce, S., & Devaney, S. (2021). Climate Risk and commercial property values: a review and analysis of the literature. (link)
Session 10: Climate Change and Real Estate Investments, part 3
[no readings assigned]
Session 11: Business Case 2.0: Policy as a Game Changer for Sustainable Real Estate
US energy code landscape: https://www.energycodes.gov/status
Matisoff, D. C., Noonan, D. S., & Flowers, M. E. (2016). Policy monitor—Green buildings: Economics and policies. Review of Environmental Economics and Policy, 10(2), 329-346.
Session 12: EDGE: Reinventing Sustainable Real Estate in the Digital Age
EDGE: Reinventing Sustainable Real Estate in the Digital Age
Supplementary Readings:
Optional: How Smart, Connected Products Are Transforming Competition, 2014, Harvard Business Review, Michael Porter, James Heppelmann (link)
Session 13: Financing Sustainable Real Estate at the Asset Level
Kaza, N., Quercia, R. G., & Tian, C. Y. (2014). Home energy efficiency and mortgage risks. Cityscape, 16(1), 279-298.
FreddieMac (2020) Unravelling Perceptions of Flood Risk: Examining Changes in Home Prices in Harris County, Texas in the Aftermath of Hurricane Harvey. (link)
Economist (2019). Changing weather could put insurance firms out of business. (link)
Session 14: Financing Sustainable Real Estate at the Portfolio Level
Eichholtz, P., Kok, N., & Yonder, E. (2012). Portfolio greenness and the financial performance of REITs. Journal of International Money and Finance, 31(7), 1911-1929.
Devine, A., Sanderford, A., & Wang, C. (2022). Sustainability and Private Equity Real Estate Returns. Journal of Real Estate Finance and Economics.
Session 15: Design strategies for sustainability and resilience
[no readings assigned]
Session 16: Integrating sustainable design in development
[no readings assigned]
Session 17: Applications of environmental modeling tools
Climate Risk in Investment Memo and Final Project Brief [Charles Steelman]
Session 18: Taurus Investment Holdings: Decarbonization Venture
Taurus Investment Holdings: Decarbonization Venture
Session 19: Boston Properties: Measuring and Implementing Portfolio Sustainability
Boston Properties: Measuring and Implementing Portfolio Sustainability
Session 20: Sustainability Data Strategy under new regulation and investor mandate
[no readings assigned]
Session 21: Sustainable Real Estate in the Broader Capital Market
Krueger, P., Sautner, Z., & Starks, L. T. (2020). The importance of climate risks for institutional investors. The Review of Financial Studies, 33(3), 1067-1111.
Session 22: ESG Talking and Doing
[no readings assigned]
Session 23: ESG Preferences and Performance
[no readings assigned]
Session 24: Final Project Presentation
[no readings assigned]
