Abstract
The emergence and rapid growth of voluntary certification systems such as Energy Star and LEED in the U.S. are reflective of a paradigm shift towards increased environmental awareness in the commercial real estate industry. The main objective of these certifications is to impart information on a building's degree of energy efficiency and sustainability to both occupiers and investors. Although environmental certification has only recently emerged from a niche market to becoming a mainstream phenomenon, a number of prominent pricing studies of green buildings have been conducted in the past three years. Apart from case studies of individual properties, several cross-sectional and pooled studies, which will be reviewed below, have demonstrated that certified buildings command higher rental rates compared to non-certified buildings.
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