Abstract
Urbanization and technological advancement have resulted in manyurbanites working in window-sealed high-rise office buildings. Manyresearchers have found that indoor air quality (IAQ) affects tenantlandlordrelationships, workers' health and productivity, and buildingelements and systems. This may imply that IAQ could affect, positivelyor negatively, the value of buildings. This paper examines the impact ofIAQ on the value of office buildings in Singapore. The results show thatthe return on investment in IAQ could be substantial (78.56%) whileproperty values could increase by 1.28% to 3.85%. The findings couldbe of interest and usefulness to valuers and investors in office propertiesin Singapore and thus, help to promote sustainability in office propertydevelopments.
Highlights
Urbanization and technological advancement have resulted in many urbanites working in window-sealed high-rise office buildings
The paper set out to investigate the impact of indoor air quality (IAQ) on office property values
The results of the survey show that while both office building owners and tenants acknowledge the benefits of improved office IAQ, the majority of the tenants (54.70%) is not willing to pay additional rent for improved IAQ
Summary
Urbanization and technological advancement have resulted in many urbanites working in window-sealed high-rise office buildings. Many researchers have found that indoor air quality (IAQ) affects tenantlandlord relationships, workers’ health and productivity, and building elements and systems. This may imply that IAQ could affect, positively or negatively, the value of buildings. Environmental concern over the past decades, vis-a-vis the publication of ‘‘Our Common Future’’ by the World Conference on Environment and Development (WCED, 1987), has given sustainability worldwide currency. This is mainly due to the link that has been established between sustainability and economic, social, and environmental benefits. This paper is aimed at: (1) ascertaining (in monetary terms) the impact of IAQ on the rental value of office buildings in Singapore; (2) carrying out an IAQ audit to determine how the office IAQ complies with the stipulated guidelines; (3) determining office property owners’/tenants’ willingness to finance/pay premium rental for improvement in office IAQ; and (4) ascertaining the role of IAQ in tenant’s selection of an office space in Singapore
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