Abstract
AbstractThis article focuses on socially responsible property investment (SRPI), which is an investment estimated not only to bring financial gain but also social and environmental benefits. The theoretical part of the paper draws on existing literature on responsible investment. The empirical part discussed in this article is based on original research conducted by the author. Starting with a global and regional overview, the query was narrowed down to a national level (Poland) with a case study of the capital - Warsaw. The overarching research problem was described as follows: How are SRPI principles manifested and implemented by investors in the commercial real estate market? Additionally, investigation was supported by numerous questions regarding the interest in SRPI and an understanding of its principles and benefits among investors. Research goals were pursued based on primary and secondary data sources regarding existing and planned SRPI projects within the commercial real estate industry. Results indicate that there is a disparity between declared support for SRPI and market practice. At the conceptual level, there is an understanding of responsible investment principles and will to conduct such projects. However, commercial property practice proves a different reality with primary focus on green buildings, while the social factor is missing.
Highlights
Over the past few years, issues related to socially responsible property investment (SRPI) and responsible property investing (RPI), which are very similar concepts and used in this article interchangeably, have appeared with increasing frequency on corporate agendas, as well as in political and academic discussions
This study identified numerous reasons for the application of SRPI within the commercial real estate industry, approved by participants from all three-research regions
The results of three studies discussed in this article prove that, at a conceptual level, there is support from commercial investors for SRPI and an understanding of its social and economic principles
Summary
Over the past few years, issues related to SRPI and responsible property investing (RPI), which are very similar concepts and used in this article interchangeably, have appeared with increasing frequency on corporate agendas, as well as in political and academic discussions. 2, 2017 www.degruyter.com/view/j/remav focused on risk pricing, return requirement, and a correct debt to equity mix (ADAIR et al 2011). This concerns both corporate and private investors. In the real estate market, support for SRPI and sustainability is mainly manifested in the form of green building design and energy certification (SAYCE 2013). In this context, the article presents results of three research projects conducted by the author between 2007 and 2016, in which the issue of SRPI was investigated. The global and regional perspective was explored; the research focused on Poland and Warsaw as a case study
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