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Decarbonizing real estate portfolios considering optimal retrofit investment and policy conditions to 2050.

ABSTRACT: Retrofitting existing buildings is crucial for achieving Net Zero emissions. Institutional real estate owners play a key role because of their significant ownership, especially of large buildings. We utilize an interdisciplinary approach to evaluate cost-optimal decarbonization conditions for three Swiss real estate portfolios owned by a global institutional investor. We leverage a bottom-up optimization framework for building asset retrofitting, scaled to the portfolio-level, to study the effect of policy scenarios and implementations. Results indicate that achieving Net Zero necessitates significant investments, largely through thermal energy efficiency measures and low-CO₂ energy systems, as early as possible to avoid locked-in emissions. Owners will be challenged to smooth long-term capital investments, pointing to a potential liquidity crisis. Consequently, hard-to-decarbonize assets are unable to reach regulatory benchmarks largely because of lingering embodied emissions. To lower transition risk, we recommend that policymakers move toward average CO₂ benchmarks at the real estate portfolio-level, emulating automotive fleets.

SUBMITTER: Petkov I

PROVIDER: S-EPMC10165412 | biostudies-literature | 2023 May

REPOSITORIES: biostudies-literature

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Decarbonizing real estate portfolios considering optimal retrofit investment and policy conditions to 2050.

Petkov Ivalin I Lerbinger Alicia A Mavromatidis Georgios G Knoeri Christof C Hoffmann Volker H VH

iScience 20230408 5

Retrofitting existing buildings is crucial for achieving Net Zero emissions. Institutional real estate owners play a key role because of their significant ownership, especially of large buildings. We utilize an interdisciplinary approach to evaluate cost-optimal decarbonization conditions for three Swiss real estate portfolios owned by a global institutional investor. We leverage a bottom-up optimization framework for building asset retrofitting, scaled to the portfolio-level, to study the effec ...[more]

PMID: 37168550

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Project description:"Efficient Solutions and Cost-Optimal Analysis for Existing School Buildings" (Paolo Maria Congedo, Delia D'Agostino, Cristina Baglivo, Giuliano Tornese, Ilaria Zacà) [1] is the paper that refers to this article. It reports the data related to the establishment of several variants of energy efficient retrofit measures selected for two existing school buildings located in the Mediterranean area. In compliance with the cost-optimal analysis described in the Energy Performance of Buildings Directive and its guidelines (EU, Directive, EU 244,) [2], [3], these data are useful for the integration of renewable energy sources and high performance technical systems for school renovation. The data of cost-efficient high performance solutions are provided in tables that are explained within the following sections. The data focus on the describe school refurbishment sector to which European policies and investments are directed. A methodological approach already used in previous studies about new buildings is followed (Baglivo Cristina, Congedo Paolo Maria, D׳Agostino Delia, Zacà Ilaria, 2015; IlariaZacà, Delia D'Agostino, Paolo Maria Congedo, Cristina Baglivo; Baglivo Cristina, Congedo Paolo Maria, D'Agostino Delia, Zacà Ilaria, 2015; Ilaria Zacà, Delia D'Agostino, Paolo Maria Congedo, Cristina Baglivo, 2015; Paolo Maria Congedo, Cristina Baglivo, IlariaZacà, Delia D'Agostino,2015) [4], [5], [6], [7], [8]. The files give the cost-optimal solutions for a kindergarten (REF1) and a nursery (REF2) school located in Sanarica and Squinzano (province of Lecce Southern Italy). The two reference buildings differ for construction period, materials and systems. The eleven tables provided contain data about the localization of the buildings, geometrical features and thermal properties of the envelope, as well as the energy efficiency measures related to walls, windows, heating, cooling, dhw and renewables. Output values of energy consumption, gas emission and costs are given for a financial and a macro-economic analysis. This data article provides 288 and 96 combinations for REF1 and REF2, respectively. The output values are obtained using the software ProCasaClima 2015v.2.0.

Project description:People typically purchase residential properties for two reasons: to live in or invest. However, both purposes necessitate careful consideration before deciding because high financial costs are involved, and housing loans are typically considered necessary for this purpose. Customers' demands are constantly changing, becoming more complicated with higher requirements. The focus of this research is on tourism real estate selection. This market in Vietnam is still new and emerging and has encountered numerous issues regarding government policy, finance, and land authorization for constructing, owning, and managing. Because the form of tourism real estate is still new, customers are hesitant about investing in or buying these properties. Hence, to compete in the current fiercely real estate industry, real estate firms must understand their customers' expectations by frequently involving customer research in the company's strategy. However, there is still a lack of research on the connection between these factors and individual expectations in the well-known philosophy of the Theory of Planned Behavior (TPB), leading to behavioral intentions. Therefore, to fulfill the gap in the previous literature, this paper aims to investigate the connection between these factors with core variables of TPB, hence, addressing the current problems in the real estate industry. 471 valid respondents in Vietnam were collected for data analysis through two survey approaches. PLS-SEM was used to test hypotheses due to the relationship complication in the conceptual models. The results show that government policy influences attitudes and perceived behavioral control, whereas social infrastructure affects social norms and perceived behavioral control. Moreover, Fengshui ambient condition also positively influences all three core factors: attitudes, social norms, and perceived behavioral control. Finally, these factors impact on intention to buy tourism real estate. Through results, this paper has developed a purchase intention model through social aspects of the tourism real estate industry. In addition, this paper demonstrates the connection between social factors and individuals' expectations for a purchase intention, providing the importance of the government's role, architecture style, and social infrastructure in the marketing literature of the real estate industry. As a result, managers and governments need to take advantage of new releases of government regulations in time to enhance customers' positive attitudes toward purchasing tourism real estate. Moreover, social infrastructure and Fengshui conditions are crucial to establishing social norms and perceived control, aiming to leverage the intention to purchase tourism real estate. Thereby, recommendations of marketing strategies based on these findings were suggested to attain the optimal result for sales. Finally, this research also includes some limitations. Hence, suggestions for further research were also provided, such as possible moderation, possible mediating effects, or control of data bias.

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Decarbonizing real estate portfolios considering optimal retrofit investment and policy conditions to 2050.

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Decarbonizing real estate portfolios considering optimal retrofit investment and policy conditions to 2050.

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