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Return to the bricks

Return to the bricks. ERES 2010 Milan June, 23-25 Peter de Jong Delft University of Technology Real Estate & Housing Building Economics/Design & Construction Management Co-author: Hans Wamelink. Institutional investors apply: United Nations Global Compact

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Return to the bricks

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  1. Return to the bricks ERES 2010 Milan June, 23-25 Peter de Jong Delft University of Technology Real Estate & Housing Building Economics/Design & Construction Management Co-author: Hans Wamelink Real Estate and Housing – Peter de Jong 15 June, 2010, 1 of 20

  2. Institutional investors apply: United Nations Global Compact OECD Guidelines for Multinational Enterprises OECD Principles of Corporate Governance International Corporate Governance Network Statement on Global Corporate Governance Principles Very usable for shares and stocks, hardly for real estate Environmental, Social and Governance Real Estate and Housing – Peter de Jong 15 June, 2010, 2 of 20

  3. green performance high rise buildings vacancy and adaptability sustainability transparency education Environmental, Social and Governance Property investors talk the talk, but hardly walk the walk; source Environmental Real Estate Survey, Nils Kok Real Estate and Housing – Peter de Jong 15 June, 2010, 3 of 20

  4. Doing Well by Doing Good(Eichholtz/Kok, 2010 effective rent > 6% selling price > 16% Energy Star and/or LEED Cost of Green Revisited (Davis Langdon, 2007) integrated, no additional costs Green performance Real Estate and Housing – Peter de Jong 15 June, 2010, 4 of 20

  5. Building characteristics Duiker plea Deur repeating in the High Rise Workshop High Rise Real Estate and Housing – Peter de Jong 15 June, 2010, 5 of 20

  6. At the expenditure site tall buildings are more expensive then other projects. At the revenue site these buildings are less efficient, especially where regulations impose slender buildings. Double trouble for the initial yield, since the increased costs have to be balanced with (higher) rents on decreased lettable floor area. High Rise Real Estate and Housing – Peter de Jong 15 June, 2010, 6 of 20

  7. High Rise Real Estate and Housing – Peter de Jong 15 June, 2010, 7 of 20

  8. Development of buildings in Rotterdam of 50.000-150.000 m2 Take-up 115.000 m2 Replacement market Building your own problem Don’t develop Develop with quality (think solid) Develop with flexibility Vacancy Real Estate and Housing – Peter de Jong 15 June, 2010, 8 of 20

  9. adaptability at almost no cost exit value/whole life costs You cannot predict or control adaptability. All you can do is make room for it (Brand, 1994) Adaptability Real Estate and Housing – Peter de Jong 15 June, 2010, 9 of 20

  10. Chris Ryan LEED, BREEAM, BREEAM.NL EPC, GreenCalc, EVR scalability and modular Sustainability Real Estate and Housing – Peter de Jong 15 June, 2010, 10 of 20

  11. prevent fraud Governance = anti-corruption (10) learn from housing corporations Transparency Real Estate and Housing – Peter de Jong 15 June, 2010, 11 of 20

  12. existence return to the bricks the perfect student Education Real Estate and Housing – Peter de Jong 15 June, 2010, 12 of 20

  13. Conclusions • Exit value • Scalable forecasting of sustainability • Portfolio management • Return to the bricks Real Estate and Housing – Peter de Jong15 June, 2010, 13 of 14

  14. Questions/Discussion Real Estate and Housing – Peter de Jong 15 June, 2010, 14 of 20

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