Abstract
In the paper, we investigate the role of smart building or green building innovations on the Polish real estate market using the Analytic Hierarchy Process (AHP) method on the group of experts (consultants, managers, brokers) that are active on the office market in Krakow (study area). The findings point towards the highest relevance of the localisation factor, but also at the relatively low importance of the features of a sustainable building: building automation and information technology systems, as well as energy efficiency or certification. The findings suggest that despite the growing interest in sustainability and technological advancement amongst office market participants in Krakow, the relative importance of smart and green building features in their decision-making processes is relatively low. The study has some interesting practical implications. The knowledge regarding the relative importance of decision criteria can be valuable for developers and investors because the anticipation of tenants’ expectations is directly linked with return on investment and innovation premiums.
Highlights
The economic literature has identified both positive and negative effects of Industry 4.0 in the service sector and industry
Results from the Analytic Hierarchy Process (AHP) depend on the choice of experts, who evaluate decision criteria and decision alternatives
Our experts came from the Institute of Analysis Real Estate Market Monitor
Summary
The economic literature has identified both positive and negative effects of Industry 4.0 in the service sector and industry. The problem of diffusion of innovation has been an object of scientific research, at least since the breakthrough work of Hagerstrand (1953). Both economic and spatial threads appeared in the research because proximity (geographical, cultural, economic) is an important factor in the spread of innovation. One can find a view that diffusion can be facilitated by several economic and institutional stimuli. It can be slowed down by the existing market (strong competition) and legal barriers. There is a dominant view that the process of diffusion of innovation most often takes place along the centre (developed countries)—peripheries (developing countries) axis; see
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