@unpublished{theses_frw4049,
            year = {2022},
           title = {Green certification and rents in the Dutch office market},
          author = {Kaj Wentink},
             url = {https://frw.studenttheses.ub.rug.nl/4049/},
        abstract = {Climate change is one of the most critical global issues. Therefore, the real estate sector is transitioning to becoming more sustainable and limiting its impact on the environment. In response, the real estate sector introduced green building certification to gauge and value sustainability characteristics. However, clear empirical evidence of the financial values regarding the green rental premium is missing. Therefore the question arises: What is the relationship between green certification and the market rent for Dutch office real estate assets? A hedonic pricing model is used, whilst performing an OLS regression analysis. The main findings indicate that green-certified buildings are associated with a green rental premium of 14.9\%, compared to not-green-certified office buildings. Furthermore, special attention is paid to the association between the green rental premium and location. Interestingly, no significant location effect is found. This implies that the green rental premium does not significantly increase or decrease, depending on the offices? location. All in all, this study provides critical evidence of a green rental premium for the Dutch office market, yet a significant location effect cannot be observed. This study?s findings may have broad implications for real estate investors and sustainable real estate as a whole.}
}