EFFECTS OF CASBEE AND TOKYO METROPOLITAN GOVERNMENT TOP LEVEL CERTIFICATES ON THE NET OPERATING INCOME AND UTILITY EXPENSES IN J-REIT OWNED OFFICE BUILDINGS

Abstract

 The purpose of this research is to evaluate the economic value of certification of green buildings based on j-reit (Japan Real Estate Investment Trust) owned office buildings. In the recent years, assessment systems for the environmental performance of buildings are being widely used in Japan. Some analyses were conducted in Japan to investigate whether green building certificates have a positive influence on the contract rent. However we need to investigate profits and expenses of the real estate rent to clearly explain the economic benefits of green buildings.
 In this research, we analyze the office building annual data in Japan which was disclosed by J-REIT. Operating benefits and utilities costs of 657 buildings in January 2014 － December 2014 was analyzed. Regarding the objective office, the total leased area is under 50000 m² and each building was divided into green building certified or Non-certified. Subject green building certifications are Tokyo Top-Level Business Facility and CASBEE (Comprehensive Assessment System for Built Environment Efficiency).
 The net operating incomes of Top-Level Business Facility or CASBEE certified office buildings over 10000 m² of total building area are bigger than that of not certified office buildings. The utilities costs of Top-Level Business Facility certified office buildings are the same as that of not certified office buildings, but the utilities cost of CASBEE certified office buildings is bigger than that of not certified office buildings. The net operating incomes of CASBEE certified office buildings over 3000 m² and less than 10000 m² of total building area are bigger than that of not certified office buildings. The utilities costs of CASBEE certified office buildings over 3000 m² and less than 10000 m² are the same as that of not certified office buildings. The net operating incomes of expired CASBEE certified office buildings over 10000 m² of total building area are bigger than that of not certified office buildings. The utilities costs of expired CASBEE certified office buildings are the same as that of not certified office buildings. Using these results, the environmental performance of Top-Level Business Facility certified office buildings over 10000 m² of total building area and expired CASBEE certified office buildings over 10000 m² of the area, CASBEE certified office buildings over 3000 m² and less than 10000 m² of the area may be high in the value of the real estate.
 The utilities costs of buildings are not always related to the energy consumption, because an energy source, a type of contract and a contract fee are different in each building. In this survey, the primary energy consumption of CASBEE real estate buildings is correlated with the utilities cost of the buildings. The objective buildings do not install the regional air-conditioning.