Return to the bricks
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Transcript of Return to the bricks
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Real Estate and Housing – Peter de Jong 22 April 2023, 1 of 20
Return to the bricks
ERES 2010 Milan June, 23-25
Peter de JongDelft University of TechnologyReal Estate & HousingBuilding Economics/Design & Construction ManagementCo-author: Hans Wamelink
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Real Estate and Housing – Peter de Jong 22 April 2023, 2 of 20
Environmental, Social and Governance
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
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Real Estate and Housing – Peter de Jong 22 April 2023, 3 of 20
Environmental, Social and Governance
• green performance• high rise buildings• vacancy and adaptability• sustainability• transparency• education
Property investors talk the talk, but hardly walk the walk; source Environmental Real Estate Survey, Nils Kok
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Real Estate and Housing – Peter de Jong 22 April 2023, 4 of 20
Green performance
• 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
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Real Estate and Housing – Peter de Jong 22 April 2023, 5 of 20
High Rise
• Building characteristics• Duiker plea• Deur repeating in the High Rise Workshop
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Real Estate and Housing – Peter de Jong 22 April 2023, 6 of 20
High Rise
• 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.
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High Rise
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Real Estate and Housing – Peter de Jong 22 April 2023, 8 of 20
Vacancy
• 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
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Real Estate and Housing – Peter de Jong 22 April 2023, 9 of 20
Adaptability
• • 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)
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Real Estate and Housing – Peter de Jong 22 April 2023, 10 of 20
Sustainability
• Chris Ryan• LEED, BREEAM, BREEAM.NL• EPC, GreenCalc, EVR• scalability and modular
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Real Estate and Housing – Peter de Jong 22 April 2023, 11 of 20
Transparency
• prevent fraud• Governance = anti-corruption (10)• learn from housing corporations
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Education
• existence• return to the bricks• the perfect student
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Conclusions
• Exit value• Scalable forecasting of sustainability
• Portfolio management
• Return to the bricks
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Questions/Discussion
Real Estate and Housing – Peter de Jong 22 April 2023, 14 of 20