양평군 부동산 연구원

Research Report.

 

 

Climate Change on Commercial Real Estate.

impact of climate change on commercial real estate

 

 

Analyzing the impact of climate chang

on commercial real estate values

 

February 2025

 

Yangpyeonggun ESG Researcher

Chief Researcher

 

Hong, Yongho

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Climate Change on Commercial Real Estate.

Impact Analysis

Hong, Young-Ho

ESG Researcher, Yangpyeonggun

 

The goal of this study is to systematically analyze the impact of climate change on the commercial real estate market. It will investigate in depth how diverse factors such as natural disasters, sea level rise, temperature rise, and extreme weather changes due to climate change affect commercial real estate valuations and market volatility. In particular, we will comprehensively analyze aspects of physical risk (e.g., natural disasters), transformational risk (e.g., changes in climate policy), and reputational risk (social responsibility and ESG criteria),

provided substantial strategic insights for real estate investors and policy makers.

The study utilized regional climate change data to provide a comparative analysis of the impact of climate change on the real estate market in specific regions. Through this, the study projected long-term changes in the value of commercial real estate and provided a basis for establishing sustainable investment strategies in response to climate change. Through expert interviews and case study analysis, the study also identified a variety of response options to climate change and proposed policies based on these options to enhance the resilience and sustainability of the commercial real estate market.

 

 

Themes: climate change, commercial real estate, sustainable development, physical risk,Transformational risk, Reputational risk, ESG criteria

 

Table of Contents

 

I. Introduction                                                                  --------------------------------------------------------------------------------1

1. background of the study                                                                 ---------------------------------------------------------------1

2. research objectives and importance                                                              --------------------------------------------------2

3. scope and methodology of the study                                                               ------------------------------------------------3

II. Main Theory                                                                   -------------------------------------------------------------------------------5

1. climate change and the commercial real estate market                                                          ----------------------------5

1) Definition and main causes of climate change.                                                              ------------------------------------5

2)Direct impacts of climate change on the real estate market                                                           ---------------------- 6

3)Indirect effects of climate change on commercial real estate                                                          -------------------- 8

(1)Transitional Risks                                                                         --------------------------------------------------------------------8

(2) Reputational Risks                                                                         ----------------------------------------------------------------- 9

4) Examples of Climate Change Impacts on Commercial Real Estate Markets                                                    --- 10

(1)Coastal Cities,                                                                         ---------------------------------------------------------------------- 10

(2)Extreme Heat and Building Energy Efficiency                                                                -----------------------------------11

(3)Sustainable Development Case Studies                                                                  ------------------------------------------12

2. the impact of climate change on commercial real estate values                                                         -----------------12

1)Physical Risks                                                                        --------------------------------------------------------------------------13

(1)Flooding and Sea Level Rise Flooding and Sea Level Rise                                                           ----------------------13

(2)Extreme heat and building cooling costs                                                                  -----------------------------------------13

(3)Other natural hazards (e.g., wind storms, high winds)                                                              --------------------------13

2)Transitional Risks (Transitional Risks)                                                               ----------------------------------------------- 14

 

 

(1)Policy Changes and Legal Regulations                                                                    ------------------------------------------14

(2)Changes in market demand (increased demand for eco-building)                                                             -----------14

(3)Changes in the financial and insurance industry                                                                 -------------------------------14

3) Reputational Risks                                                                        -------------------------------------------------------------------14

(1)ESG Assessment and Commercial Real Estate                                                                  ---------------------------------15

(2)Social Responsibility and Corporate Image                                                                  -------------------------------------15

3.Climate Change and Changes in Commercial Real Estate Asset Values Case Study                                          --15

1)Case Studies of Climate Change Impacts in U.S. Coastal Cities                                                       -------------------15

(1)New York City                                                                            -----------------------------------------------------------------------15

(2)Miami.                                                                             --------------------------------------------------------------------------------16

2)America's heat wave and building energy efficiency                                                            -------------------------------16

(1)Los Angeles                                                                          --------------------------------------------------------------------------17

3)Social Responsibility for Climate Change and Changing Corporate Reputations in the United Kingdom                                                                                                                             ------------------------------------------------------------------ 17

(1)London                                                                          --------------------------------------------------------------------------------18 

  4)Singapore Commercial Real Estate Development for Climate Change Response                                                                                                                               ----------------------------------------------------------------------------------------------18

(1)Singapore                                                                        ------------------------------------------------------------------------------19

5)Implications of the case study analysis                                                             -----------------------------------------------19

4. Climate Change Response and Future Prospects for the Commercial Real Estate Market                                                                                                                          ---------------------------------------------------------------------------------------20

1)Climate Change Response and Changes in the Commercial Real Estate Market                                               ---21

2)Increasing Demand for Sustainable Commercial Real Estate                                                      ------------------------22

3)Climate Change Adaptation and Future Strategies                                                          -----------------------------------24

III. Conclusions                                                                    ------------------------------------------------------------------------------25

1. the future of the commercial real estate market                                                              ------------------------------------25

IV. References                                                                      ------------------------------------------------------------------------------ 27

 

 

 

index

 

<Table 2-1> Direct Impacts of Climate Change on the Real Estate Market--- 7

 

 

  

 

 

Table of Contents

 

<Figure 1-1> Above average near-surface temperature in 2023 -----------------------2

<Figure 1-2> Scope of the Coastal Real Estate Market Adaptation Model ------------1

<Figure 1-3> Greenhouse Gas Components ----------------------------------------------3

 

 

 

 

 

 

1.Introduction

 

 

1. Background of the Study

 

The impact of climate change on the commercial real estate market is becoming increasingly important. Rising sea levels and extreme weather events can have a tremendous impact on property values, especially in coastal areas.[1] These climate change risk factors increase uncertainty in the real estate market and present new challenges to investors.[2]

Sustainable and environmental considerations are increasingly being integrated into real estate valuations, which will affect value changes in the marketplace.[3] Policymakers are increasing climate change regulations in response to these changes, and these regulations could have a positive impact on the commercial real estate market.[4] Climate change will require strategic responses to mitigate the effects of change, which will help ensure the long-term stability of the real estate market. Therefore, climate change will have a significant impact on commercial real estate values, and investment and policy decisions need to take this into account.

Climate change is causing serious environmental, social, and economic problems worldwide, and its effects are being felt across a variety of industries. In particular, the real estate industry is one of the sectors directly affected by climate change, and the value of commercial real estate can be affected by climate change. Climate change can alter the value of commercial real estate not only through physical hazards, but also through policy changes, changes in market demand, and many other factors.

Commercial real estate markets are closely linked to local economies, and the effects of climate change on the environmental and economic characteristics of these areas will have a significant impact on commercial real estate asset valuations and investment strategies. Especially in coastal areas, extreme weather events such as flooding hazards associated with sea level rise, extreme heat, and heavy rainfall can significantly affect property values. Therefore, climate change will require a readjustment of commercial real estate investment and management strategies.

 

<Figure 1-1> Above average near-surface temperature in 2023 (difference from 1991~2020 average).

 

2. Purpose and Importance of the Study

The purpose of the study is to provide substantial insight to investors and policy makers by analyzing the various risks that may arise from climate change. Studies show that climate change can pose not only physical risks, but also economic and legal risks, which increase the volatility of the real estate market.[5]

Especially in coastal areas, climate change, such as sea level rise, could have a direct impact on real estate values.[6]

It is also important to emphasize sustainable development and environmental responsibility as investment strategies to address climate change.[7] Such research provides important material for policy establishment and asset management and supports strategic responses to ensure long-term market stability. Conclusively, research analyzing the impacts of climate change will contribute to strengthening the sustainability and resilience of real estate markets.[8]

 

This study analyzes the impact of climate change on commercial real estate values and explores the important factors that climate change must consider in the commercial real estate market. It also aims to provide useful information to commercial real estate investors by presenting real estate development and management strategies to address climate change.

 

The impact of climate change on commercial real estate values has not yet been fully studied, and a systematic analysis of its implications is needed. This study will comprehensively examine the physical, transformational, and reputational hazards of climate change to real estate values and will make an important contribution to the search for ways in which real estate markets can respond to climate change.

 

 

 

SOURCE.: https://www.jasss.org/18/2/18/Fig01.png

<Figure 1-2> Scope of the Coastal Real Estate Market Adaptation Model

 

3. scope and methodology of the study

 

This study will utilize a diverse set of sources to analyze the impact of climate change on commercial real estate values. It will examine policy and legal changes, physical hazards, conversion hazards, and reputational risks associated with climate change from multiple perspectives, and analyze how these factors have affected the actual commercial real estate market through empirical case studies. The research methodology will utilize qualitative and quantitative analysis, including a literature review, case studies, and expert interviews. The study will also project the long-term impact of climate change on real estate values through economic modeling.[9]

Contribute to a comprehensive understanding of the complex impacts of climate change and provide substantive insights to investors and policy makers.[10]

 

II. Main Discussion

 

1. Climate Change and the Commercial Real Estate Market

1) Definition and Main Causes of Climate Change

Climate change refers to long-term changes in the Earth's climate patterns caused by increases in the concentration of greenhouse gases in the atmosphere. Among greenhouse gases, carbon dioxide (CO₂), methane (CH₄), and nitrous oxide (N₂O) are the main causative agents. Since the Industrial Revolution, human activities have caused a rapid increase in greenhouse gas emissions and a rise in global average temperature of more than 1°C, which has led to extreme weather events, rising sea levels, and melting of glaciers in polar regions.

The major causes of climate change include fossil fuel burning, deforestation, and agricultural activities, which act as the primary source of increased atmospheric greenhouse gases. These changes are affecting climate patterns globally, increasing the frequency and intensity of climate disasters in diverse regions.

Climate change refers to long-term regional or global changes in climate patterns, including changes in mean temperature, precipitation, wind patterns, and many other factors. The main causes are greenhouse gas emissions such as fossil fuel burning, deforestation, land use change, and natural factors. Studies have shown that,

Climate change affects a wide variety of species, especially species such as the North American duyonbol, with temperature change reported to have the greatest impact.[11]

Climate change is also seen as a serious threat to public health, with communities exposed to greater risk from the harmful consequences of climate change due to structural racism.[12] In this vein, the commercial real estate market may experience a variety of challenges and opportunities due to climate change. For example, climate change in a particular area can have a direct impact on real estate values and can lead to increased demand for climate resilient buildings. Therefore, adapting to climate change and pursuing sustainable development is important to maintaining the stability and competitiveness of the commercial real estate market.

 

<Figure 1-3> Greenhouse Gas Components

Top row: (a) carbon dioxide (CO2) concentration in parts per million, (b) methane (CH4) concentration in parts per billion, and (c) nitrogen dioxide (N2O) concentration in parts per billion,

Monthly average global mean mole fractions (measured atmospheric concentrations) from 1984 to 2022. Bottom row: (d) annual average molar fractional increase in carbon dioxide (CO2)

rate, (e) the annual average mole fractional increase in methane (CH4), and (f) the annual average mole fractional increase in nitrogen dioxide (N2O) growth rates.

 

2) Direct Impacts of Climate Change on Real Estate Markets

Climate change has a variety of direct impacts on the real estate market, especially commercial real estate. The most important impact is physical risk. Extreme weather events such as sea level rise, extreme heat, flooding, and wind storms directly affect the physical condition and function of commercial real estate. For example, commercial properties located along the coast are at great risk of being inundated or physically damaged by sea level rise and typhoons and wind storms. In addition, extreme heat due to climate change may cause economic burdens such as increased energy consumption and higher building cooling costs.

Besides this, natural disasters due to climate change can increase construction and maintenance costs and induce additional economic burdens such as higher insurance premiums. Such changes can reduce the asset value and profitability of commercial real estate.

Increasing natural disaster frequency can depress property values in certain areas, which is particularly noticeable in areas sensitive to climate change.[13] Such increased risk can lead to higher insurance costs, which can cause additional financial burdens on property owners [2]. In addition, tighter government climate change response policies can lead to increased regulation of real estate development and operations, which can incur additional costs for compliance with new environmental regulations.[14]

In turn, investors may turn their attention to climate resilient areas and demand for real estate in such areas may increase.[15]

Infrastructure improvements and maintenance costs to address climate change may also increase, raising overall operating costs.[16]

Finally, consumers' growing expectations for sustainable building and energy efficiency are increasing demand for properties that meet these criteria.[17]

These changes further highlight the importance of sustainable development and climate resiliency enhancement in the commercial real estate market.

 

3) Indirect impacts of climate change on commercial real estate

Climate change also has indirect impacts on commercial real estate. This impact can be divided into transformative and reputational risks.

Consumer and investor demands are changing as awareness of climate change increases, and demand for sustainable and environmentally friendly buildings is growing.[18] This is putting pressure on companies to modify their building design and operating methods, an essential factor in maintaining a competitive edge in the marketplace.

Climate change increases uncertainty across the economy, complicating investment decisions and potentially leading to volatility in the real estate market.[19] In addition, as costs for infrastructure maintenance and development increase, companies must seek strategies to save on operating expenses.[20]

Changes in community and government policies will have an indirect impact on real estate values, which may affect long-term investment plans.[21] In this context, it is important for the real estate market to prepare adaptation strategies to climate change and pursue sustainable development.[22]

 

 

 

 

(1) Transitional Risks

Transitional risks are risks that arise from policy changes, legal regulations, and market changes in response to climate change. For example, governments are tightening legal restrictions to limit carbon emissions to mitigate climate change, and these restrictions will affect commercial real estate development and operations. Tighter energy efficiency regulations for existing buildings and stricter carbon emission regulations could affect the value of commercial real estate. In addition, as more and more investors consider environmental, social, and governance (ESG) criteria in their investment decisions, demand for sustainable and environmentally friendly buildings is increasing.

Stricter energy efficiency standards due to policy changes may cause a decline in the value of existing buildings,[23] and increased environmental awareness among consumers may increase demand for sustainable buildings and decrease the profitability of inefficient buildings. In addition, physical environmental changes due to climate change could jeopardize property locations and values in certain areas.[24] Lending conditions could be tightened as financial institutions consider climate-related risks, which could affect real estate development financing.[25]

Such changes can also affect investors' portfolio strategies and increase the volatility of the commercial real estate market.[26] Therefore, real estate companies and investors must have appropriate risk assessment and response strategies in place to manage such transformative risks.[27]

 

(2) Reputational Risks

If a company does not fulfill its social responsibility on climate change, their reputation may be damaged.

This could lead to a decline in the value of the commercial real estate in which the company is located. Reputations associated with corporate ESG practices often affect the profitability of real estate. For example, buildings that are environmentally friendly or utilize renewable energy can provide greater value to investors and renters. Therefore, climate-sensitive companies and real estate developers need to adopt sustainable strategies to ensure competitiveness in the marketplace.

Companies that do not adopt sustainable building practices can be negatively evaluated by environmentally conscious consumers and investors.

According to a study by Khalid et al.[28], climate change management practices have a direct impact on corporate reputation, which may show similar trends in the commercial real estate market.

Akhtyrska&Fuerst[29] analyzed whether climate change regulations are effective in the commercial real estate market and noted that companies that do not comply with regulations are likely to increase their reputational risk. Panetal. [30] also mentioned the importance of strengthening corporate reputation in climate change conditions, suggesting that this is essential for real estate firms to remain competitive in the market. Such studies underscore the importance of companies managing their reputations through their responses to climate change to ensure long-term business sustainability.

 

 

 

 

4) Examples of the impact of climate change on the commercial real estate market

 

The effects of climate change are already being felt in many commercial real estate markets worldwide. Coping with climate change has emerged as a key issue in coastal cities and areas at high risk of flooding.

 

(1) Coastal cities

 

As sea level rises and the risk of powerful typhoons increases, commercial real estate near the coast is experiencing sustained appreciation in value. For example, in large cities such as New York City and Miami, infrastructure improvements are required to prepare for sea level rise, and the associated building durability and disaster preparedness are the criteria for evaluation. This has led to adjustments in property values in the relevant areas and redevelopment to avoid the dangers of climate change.

Rising sea levels and frequent flooding will lead to lower property values and higher insurance premiums, which will act as a major risk to investors and developers. For example, New York City faces a variety of flood risks, which affect the city's infrastructure and natural infrastructure systems.[31]

In Miami and New Orleans, extreme weather conditions due to climate change are worsening financial conditions for development projects. These changes are also affecting consumer preferences, increasing demand for sustainable construction.

This tends to add to the demand for sustainable buildings.

Wallace presented a framework for coastal cities to adapt to climate change and emphasized the need for appropriate response strategies.[32] Teicher studied how real estate companies can turn climate risk into a competitive advantage and explored strategies needed to remain competitive in the market.[33]

Such studies suggest that appropriate responses to climate change are essential in the commercial real estate market in coastal cities.

 

(2) Extreme heat and building energy efficiency

 

Extreme heat increases building cooling demand and raises energy costs, which translates into higher operating costs. According to a study by Bamdad et al., rising temperatures due to climate change can negatively affect the energy efficiency of buildings, which can affect property values in the long term.[34]

Chenetal. emphasized that improving energy efficiency is important for reducing city-scale energy consumption, explaining that this is essential for commercial real estate to remain competitive.[35]

These changes have provided an opportunity for companies to adopt sustainable building practices and adopt technologies that increase energy efficiency. Olabi&Abdelkareem noted that the use of renewable energy sources is an effective way to respond to climate change, suggesting that this can also provide positive perceptions in the real estate market.[36] Therefore, energy efficiency in the commercial real estate market as a response to extreme heat

improvements are becoming increasingly important as the commercial real estate market responds to extreme heat.

In areas where extreme heat is a frequent occurrence, energy efficiency in commercial buildings is emerging as a key factor. Buildings vulnerable to high temperatures may experience increased operating costs and reduced renter demand. On the flip side, buildings with high-efficiency energy systems maintain relatively higher values.

(3) Examples of sustainable development

 

In many cities, there is a growing movement to construct environmentally friendly and sustainable buildings in response to climate change. For example, "green building" certified commercial real estate is in high demand by investors and renters, which results in higher market values for the buildings in question. This increased demand for sustainable buildings indicates that climate change adaptation is acting as an important factor in the commercial real estate market.

Sustainable development increases environmental value by increasing energy efficiency and reducing carbon emissions, and these characteristics are prominent in buildings with environmental certifications such as LEED certification.[37] Such buildings are experiencing higher rental income and increased property values in the market, which, along with energy cost savings, reflects consumer [38]

Sustainable development also minimizes the effects of climate change and increases community resilience through the integration of renewable energy and green space.[39]

Bamdad et al. emphasized that climate change can have negative impacts on the energy efficiency of buildings, but sustainable building technologies can mitigate such impacts.[40]

Chen et al. showed that it is possible to reduce energy consumption across cities, which contributed to improved long-term investment returns for commercial real estate.[41] These studies suggest that sustainable development is an important strategy for effectively managing the effects of climate change.

 

 

2. the impact of climate change on commercial real estate values

 

Climate change will affect commercial real estate values in a variety of ways. This impact can be broadly divided into physical risks, transitional risks, and reputational risks. We will examine how each risk affects the value of commercial real estate.

 

1) Physical Risks

 

Physical risks refer to the risk of actual natural disasters or weather extremes caused by climate change. Physical risks have a significant long-term impact on the value of commercial real estate. This physical risk can manifest itself in the form of sudden weather changes, floods, extreme heat, powerful typhoons, etc. Such risks directly affect the physical condition of commercial real estate.

 

(1) Flooding and sea level rise

 

Commercial properties located near the coast or near rivers face the hazards of flooding and sea level rise. If the risk of inundation increases due to sea level rise, property values could decline sharply. In particular, when commercial properties are located in flood-prone areas, they tend to experience lower rental income and lower property values. For example, cities such as New York City and Miami have already undertaken extensive rebuilding and flooding work in response to sea level rise and storm hazards, and these costs affect long-term investments.

 

(2) Extreme heat and building cooling costs

 

Climate change is expected to result in more frequent heat waves during the summer months. This will have a variety of negative impacts on commercial real estate. First, energy costs may skyrocket as demand for cooling increases. Second, extreme heat can weaken the durability of certain buildings. For example, hot environments can damage building envelope and roofing materials, thereby increasing maintenance costs. Third, extreme heat can make it difficult for people to be active in a building, which can negatively impact renter demand.

 

(3) Other natural disasters (e.g., storms, strong winds)

 

Strong storms and high winds are on the rise due to climate change. Such natural disasters could directly affect the structure of the building and require additional disaster prevention measures to prevent them. Damage caused by storms increases repair costs and drives up insurance premiums. In particular, commercial property values are likely to decline in areas where such natural disasters occur frequently.

 

2) Transitional Risks

 

Transitional risks are those arising from policy changes, legal regulations, and economic and social changes in response to climate change. It is one of the main factors that can affect commercial real estate values. Transitional risks stem from efforts to mitigate and adapt to climate change, and these changes have a significant impact on the demand and supply of real estate markets.

 

(1) Policy Changes and Legal Regulations

 

Governments and international organizations are responding to climate change by tightening regulations on greenhouse gas emissions and introducing environmentally friendly building codes. For example, many countries are strengthening building energy efficiency standards to reduce carbon emissions, an important consideration for commercial real estate developers.

Buildings with poor energy efficiency may gradually be turned away from the market, which could lead to a decline in the value of the building in question.

 

(2) Changing market demand (increasing demand for environmentally friendly buildings)

 

The strengthening of ESG (Environmental, Social, and Governing Structure) investment criteria among global investors has led to a surge in demand for sustainable buildings. In particular, buildings with excellent energy efficiency and low carbon emissions are regarded as assets with high income potential. Green buildings" are now a key competitive advantage in the commercial real estate market, and such buildings are likely to generate stable rental income over the long term.

 

(3) Changes in the Finance-Insurance Industry

 

The finance and insurance industries are adjusting their investment standards and premium rates to reflect the risks posed by climate change. For example, insurance companies may increase premiums for commercial real estate in areas vulnerable to climate change, which increases the operating costs of such real estate. Financial institutions could also ease lending conditions for climate-responsive businesses and buildings, and conversely reduce lending to assets that are vulnerable to climate change.

 

3) Reputational Risks

 

The reputation of a company or commercial property has an important impact on its value. In particular, if companies do not show a positive response to climate change, their reputations can be negatively impacted, which can act as a factor in depressing the value of real estate assets.

 

1) ESG assessment and commercial real estate

 

As more companies become climate sensitive, commercial real estate lessees' demand for buildings that meet ESG criteria is increasing. This increases the preference for sustainable buildings and is a factor that increases the market value of buildings that are well climate change compliant. Conversely, companies and buildings that are indifferent to climate change may be turned away by investors. For example, buildings that have not taken steps to reduce carbon emissions can be adversely evaluated by renters and investors.

 

(2) Social Responsibility and Corporate Image

 

If a company fails to fulfill its social responsibility, its image may be tarnished, which may affect the rental demand for commercial real estate in which the company is located. For example, a building in which an environmentally destructive company is located can create a negative image among renters, which may lead to lower rental rates and reduced property values. On the other hand, firms with sustainable business models are likely to prefer to locate in environmentally friendly buildings.

 

3. Climate Change and Changes in Commercial Real Estate Asset Values Case Study

 

To gain a substantive understanding of the impact of climate change on commercial real estate asset values, it is important to analyze specific case studies. In this section, I will provide specific examples of how the physical, transformational, and reputational hazards of climate change have manifested themselves in the commercial real estate market and how each case has impacted asset values.

 

1) Examples of Climate Change Impacts in U.S. Coastal Cities

 

(1) New York City

 

New York City, a city vulnerable to sea level rise and wind storms, is one of the most prominent examples of the impact of climate change on commercial real estate assets. In 2012, Hurricane Sandy battered major commercial areas in New York City, severely damaging many commercial properties.

Buildings along the coast were flooded and many commercial properties had to undergo lengthy recovery efforts. As a result, property values in the area declined.

he incident had a major impact on the New York City real estate market, and since then the government and private sector have initiated major infrastructure improvement efforts to prepare for climate change. As part of this effort, additional development in low-lying areas was discouraged, and disaster-prevention facilities and stronger building codes were introduced to prepare for sea level rise.

This has led to a resurgence in commercial property values in some coastal areas, but risks to these areas are still being assessed on a sustained basis.

 

(2) Miami.

 

Miami is another city affected by sea level rise and climate change, with commercial properties especially near the coast facing flooding and strong storm hazards due to climate change. In 2017, Hurricanes Harvey and Irma severely damaged major commercial real estate in the Miami area, causing confidence in the real estate market to drop for some time.

However, the City of Miami has responded to climate change by establishing a Climate Adaptation Plan to promote redevelopment in low-lying areas while strengthening its waterproofing system. Thanks to these efforts, Miami's commercial real estate market is once again thriving, especially demand for high-rise buildings and those designed for sea level rise.

 

2) Extreme heat in the U.S. and building energy efficiency

 

The increased demand for cooling due to the extreme heat is driving up energy costs, which can negatively impact the profitability of real estate. Chenetal. noted that improving building energy efficiency can reduce energy consumption on a citywide scale, and emphasized that such improvements can help mitigate the negative effects of the heat wave.[42] Energy efficiency strategies such as high-efficiency HVAC systems and improved insulation

help reduce operating costs and increase the market value of buildings in the long run.[43] The Lietal. study also showed that buildings with energy efficiency can provide a positive image to consumers and investors through environmental certifications.[44] Such changes can help reinforcement, which is an essential strategy to remain competitive in the commercial real estate market and have a strong backbone.

 

(1) Los Angeles

 

Los Angeles is one of the cities most likely to be affected by climate change, with extreme heat often occurring in the summer months. Extreme heat can cause building cooling costs to skyrocket, and commercial properties with poor energy efficiency will experience increased operating costs. In particular, when record-breaking heat waves hit Los Angeles in the summer of 2020, energy costs for various commercial buildings skyrocketed, causing some building renters to move to other buildings that are more energy efficient.

Los Angeles has responded by promoting a variety of policies to enhance "green building" and "energy efficiency. Energy-efficient buildings are highly preferred by renters, and accordingly, the value of such buildings has remained stable or increased. For example, "LEED-certified" commercial buildings are rated higher than other buildings in terms of rental rates and property values.

 

3) Social Responsibility for Climate Change in the UK and Changes in Corporate Reputation

 

In the UK, corporate social responsibility (CSR) plays an important role in addressing climate change, and this has had a direct impact on corporate reputation. Studies show that CSR activities have a positive impact on consumer loyalty and corporate reputation, which is mediated by customer satisfaction and trust.[45] Studies also show that a combination of CSR and consumer social responsibility (CnSR) can contribute to corporate customer retention and satisfaction.[46] Climate change exposure and risk management can act as an important component of CSR, and companies can build a positive reputation through a sustainable energy transition.[47] Some companies have set carbon neutrality targets and are reinforcing their positive image by increasing their use of renewable energy. Such responsible actions are essential for the long-term success and maintenance of a company's reputation, and companies that do not fulfill their social responsibility may be at risk of negative reputations.[48] Therefore, fulfilling social responsibility for climate change is an important strategy to meet consumer and investor expectations and ensure a sustainable competitive advantage for companies.

 

(1) London

 

London has seen a surge in demand for buildings that meet ESG (Environmental, Social, and Governing Structure) criteria as awareness of climate change and sustainable development increases. In particular, the "carbon neutral" targets that began in 2019 have made climate change response a key corporate strategy for many companies. This has led to a significant increase in demand for commercial real estate with adopted sustainable building practices.

In the City of London area, the main financial center of London, the number of "green buildings" that meet ESG criteria has increased, driving up rents and property values for these buildings. For example, a large commercial building in the City of London saw an increase in rental income of over 20% after it was renovated to be more energy efficient and sustainable using recycled materials. The building also gained significant traction with lessees who considered the ESG reputation of the company, which played an important role in increasing the market value of the building in question.

 

4) Singapore Commercial Real Estate Development for Climate Change Response

 

Singapore has adopted a strategy of focusing on sustainability in commercial real estate development to address climate change.

Studies have shown that green building has a premium in the Singapore real estate market, which indicates that energy efficiency and environmentally friendly design add commercial value.[49]

The government encourages energy efficiency and eco-friendly design through its green building certification program, which contributes to operating cost savings by reducing carbon emissions and optimizing energy consumption. Such policies have also helped mitigate the urban heat island effect. Commercial real estate developers can integrate green spaces and ecosystems to build a positive brand image, attract investor interest, and enhance competitiveness.[50]

Such sustainable development strategies are also linked to corporate social responsibility (CSR), with CSR having a positive impact on corporate reputation and customer loyalty.[51] Such an approach shows that Singapore is developing in an innovative and sustainable direction to effectively address climate change. The following are some of the key findings of the study.

 

(1) Singapore.

 

Singapore is a city-state that is proactively responding to climate change and is a prime example of a city-state that emphasizes sustainable building and energy efficiency in commercial real estate development. Singapore offers strict environmental regulations and benefits to promote "green building," which has had a significant impact on commercial real estate development.

In particular, large commercial mixed-use developments such as Marina Bay Sands in Singapore were designed to address climate change, through which sustainable buildings are recognized as more valuable in the Singapore real estate market. Marina Bay Sands was built with solar panels, energy-efficient cooling systems, and recyclable materials, and these attributes have led to high demand from renters. Sustainable development has also had a positive impact on Singapore's global image as well as on the value of the relevant properties.

 

 

5) Implications of the Case Analysis

 

The case analysis of the impact of climate change on the commercial real estate market shows several important implications: First, corporate social responsibility (CSR) can strengthen a company's reputation, increase consumer loyalty, and lead to long-term economic benefits.[52]

Second, a study showing that green construction has a premium in Singapore's real estate market suggests that sustainable development can contribute to higher market value.[53]

Third, the durability and hazard management of real estate is becoming increasingly important to prepare for natural disasters due to climate change, which is an essential component of disaster preparedness.[54]

Fourth, the alignment of energy policies with climate goals acts as a core strategy for sustainable development, which contributes to achieving energy security and environmental protection at the same time.[55]

 

Finally, innovative technologies and designs for climate change response offer important opportunities to save on real estate operating costs and enhance a company's competitiveness.[56] These factors provide important insights for preparing effective response strategies to climate change.

An important point that can be seen through these examples is that the impacts of climate change on the commercial real estate market are very diverse. Real estate values can decline in areas where sea level rise and natural disasters act as physical risks, and extreme weather changes, such as extreme heat waves, can have important impacts on building operating costs and energy efficiency. However, property developers and renters who respond proactively to these climate changes can increase property values through sustainable buildings and energy efficient design.

Corporate reputation and social responsibility in addressing climate change also have an important impact on real estate values. Buildings that meet ESG criteria provide greater value to investors and renters, which ensures the long-term stability of real estate assets. Climate change policies and legal regulations have become a major factor in changing real estate market trends, and adapting to such regulations will be an important strategy for increasing commercial real estate asset values.

 

4. Climate Change Response and Future Prospects for Commercial Real Estate Markets

 

The impact of climate change responses on the future of commercial real estate markets is multifaceted, and these changes can lead to a structural realignment of the market.

First, sustainable development and increased demand for green certified real estate will increase market values, which was confirmed in the Singapore case.[57]

Second, stricter environmental regulations will cause developers to emphasize energy efficiency and environmentally friendly design, which will contribute to building durability and long-term cost savings.[58]

Third, the increasing frequency of natural disasters due to climate change will increase demand for durable buildings, which will require diverse risk assessments by region.[59]

Fourth, corporate social responsibility (CSR) will improve corporate reputation, enhance customer and investor confidence, and This is essential to ensure competitive advantage.[60]

Finally, technological innovation and energy policy developments will be key factors in accelerating a sustainable energy transition and enhancing the sustainability of the commercial real estate market.[61]

Climate change is having a profound impact on the commercial real estate market, and future markets will evolve around climate change response and sustainability criteria. This section addresses the impact of climate change response on the commercial real estate market and the direction in which the market will evolve.

 

1) Climate Change Response and Changes in the Commercial Real Estate Market

 

Climate change regulations are having an increasing effect on the commercial real estate market, which underscores the importance of sustainable construction and energy efficiency.[62] Investors are allocating more capital to sustainable development projects in light of climate risks, which is leading to changes in investment patterns.[63] Property values in climate-sensitive areas are likely to decline, while those with sustainable characteristics are more likely to increase in value. [64] These changes are closely linked to legal regulations, and governments are strengthening regulations to address climate change. [65] Consumer needs are also shifting in favor of environmentally 65) Consumer needs are also shifting in favor of environmentally friendly spaces, affecting the way commercial real estate is designed and operated. [66] These changes are acting as important elements in long-term investment strategies, changing the structure and dynamics of the commercial real estate market. [67] Addressing climate change

suggests that the commercial real estate market is moving in the direction of simultaneously pursuing sustainability and economic value.

Addressing climate change has become one of the key drivers of the commercial real estate market. This extends beyond simply addressing natural disasters and physical risks to sustainable development-operations that meet ESG (environmental, social, and governance) criteria. In line with this, real estate developers, investors, and renters are increasingly making "sustainability" a key evaluation criterion, and this is causing a significant shift in market trends.

Carbon Neutrality Goals and Environmentally Friendly Building DevelopmentThe adoption by the international community of a variety of policies aimed at carbon neutrality has accelerated efforts to reduce carbon emissions in the commercial real estate market.

Many countries have set a goal of zero carbon emissions by 2050, and in response, governments are tightening building regulations and encouraging technologies that can reduce carbon emissions. In response, commercial real estate developers are stepping up efforts to design greener buildings and improve the energy efficiency of existing buildings.

For example, LEED (Leadership in Energy and Environmental Design) certified commercial real estate offers high value to investors, and in an era that emphasizes sustainability, such buildings have an important competitive advantage in the marketplace. Sustainable construction and operation for climate change adaptation will continue to be an important component of real estate value.

Assessing and Managing Climate Change RisksClimate change entails not only physical risks (e.g., flooding, extreme heat, sea level rise) but also transformational risks (e.g., regulatory changes, financial market changes) in the commercial real estate market. In turn, commercial real estate markets require systems to precisely assess and manage climate change risks. More thorough risk assessments will be conducted for assets located in climate sensitive areas, and investors will develop prices that reflect such risks.

Such risk management and valuation systems will become even more important in future real estate markets, and this will be an important tool to help investors and developers respond proactively to climate change.

 

2) Increased demand for sustainable commercial real estate

 

Climate change and related regulations and incentives are acting as important factors to promote sustainable building and operating practices in commercial real estate.[68] Studies have shown that increased demand for sustainable real estate offers economic benefits such as operating cost savings through energy efficiency, which leads to long-term investment attractiveness.[69]

Another study shows that there is a "green premium" and that the market value of sustainable buildings is increasing.[70] These sustainability trends are also

increasing their investments in sustainable real estate as part of their efforts to comply with ESG (environmental, social, and governance) standards.[71] Collectively, the growing awareness of climate hazards and the emerging importance of climate hazard management in the real estate market has led to a change in investment patterns.[72]

These factors are driving sustainable development in the commercial real estate market, a trend that is expected to continue in the future.[73]

Responding to climate change has gone beyond short-term responses and has become a mid- to long-term trend. Demand for sustainable buildings has surged in recent years, and this trend is expected to continue. The preference for sustainable buildings is strongly manifested by the changing values of investors, companies, and renters. They recognize addressing climate change as an important social responsibility, and in line with this, they prefer sustainable commercial real estate.

Green Buildings and Renter DemandThe advantages of green buildings go beyond simply increasing energy efficiency and saving on operating costs. Environmentally friendly buildings also have a positive impact on staff satisfaction and productivity. This is a key factor in firms' preference for environmentally friendly office spaces. In addition, sustainable buildings can contribute to better ESG outcomes for companies, which will further increase demand for corporate renting.

ESG and Financial Market ChangesESG criteria are having an important impact on the commercial real estate market.

In particular, financial institutions are carefully considering their investments and lending for climate sensitive assets, and tend to limit their financial support for assets that fail to meet ESG criteria. This has led to a surge in demand for commercial real estate that meets ESG criteria, which is acting as a factor to increase the market value of the relevant assets.

In addition, financial instruments such as green bonds play an important role in encouraging the development of environmentally friendly buildings. In the future, the financial market will continue to see a wide variety of financial instruments for climate change adaptation, and this will bring even more capital into the commercial real estate market.

 

3) Adaptation to climate change and future strategies

 

Research into climate change adaptation and future strategies is ongoing in diverse fields and has become an essential consideration in the commercial real estate market. Studies show that climate change has a direct impact on the value and profitability of commercial real estate, which suggests that it is important to identify vulnerabilities through climate risk assessments and prepare response strategies.[74] Demand for sustainable real estate is increasing, which will help companies comply with ESG standards and adopt environmentally friendly building designs, [75] It is also emphasized that infrastructure and building design must be adjusted to adapt to climate change and enhance durability against natural disasters. [76] Other studies suggest that technological innovation and energy transition will promote sustainable economic growth and require increased use of renewable energy. expansion of renewable energy use is necessary.[77] Finally, some have suggested that sustainable development should be pursued through cooperation with local communities to explore joint response strategies to climate change.[78] Such strategies play an important role not only in the commercial real estate market, but in overall social development as well.

Strategies to address climate change are becoming increasingly important in the commercial real estate market along with changes in national government policies. In this connection, several important strategies can be presented.

Policy Responses to Climate ChangeGovernments are strengthening their policies to respond to climate change, and this will have a significant impact on the commercial real estate market. Governments are introducing legal regulations aimed at reducing carbon emissions, increasing energy efficiency, and using renewable energy, which are changing commercial real estate design and operating standards. For example, the European Union has set a goal of reducing carbon emissions by 55% by 2030, and has introduced carbon taxes and emissions trading schemes to achieve this goal. These policies will be important benchmarks for commercial real estate development.

Infrastructure Development for Climate ChangeIn order to reduce the physical risks posed by climate change, commercial real estate developers must strengthen their infrastructure for climate change adaptation. For example, commercial real estate located along the coast could apply waterproofing systems and seismic design to prepare for natural disasters.

Another important strategy would be to create green spaces and water management systems to reduce the urban heat island effect and the risk of flooding.

 

 

 

 

 

 

 

 

 

III. CONCLUSIONS.

 

1. The Future of the Commercial Real Estate Market

 

The future of the commercial real estate market is expected to be heavily influenced by climate change, technological innovation, and changing consumer behavior. Research indicates that as sustainable construction and energy efficiency become increasingly important, there will be an increase in environmentally friendly development projects, which will likely act as an attractive factor for investors.[79] In particular, the "green premium" phenomenon is emerging, with the market value of certified environmentally friendly buildings [80] In addition, climate change regulations are changing the way real estate is managed, and are likely to make it more sustainable.[81]

Social changes such as the proliferation of telecommuting are changing the demand for office space and increasing the importance of real estate that provides a flexible work environment. [82] Technological developments are increasing the efficiency of real estate management and operations, and the introduction of smart buildings and IoT technologies is expected to accelerate. will accelerate.[83] With consumers preferring sustainable spaces, this will change the structure and function of the real estate market to move toward simultaneous pursuit of environmental and economic sustainability.[84]

Climate change is fundamentally changing the existing understanding of and approach to the commercial real estate market. A strategic approach to addressing climate change will not only reduce costs in the short term, but will also play a key role in ensuring stable investment returns over the long term. Asset valuations that reflect climate change risks, enhanced sustainable development, and increased demand for commercial real estate that meets ESG criteria will be key drivers of the commercial real estate market going forward.

Responding to climate change will become a necessity rather than a choice, and with it the commercial real estate market will develop into a more sustainable and resilient market. Through a proactive response to climate change, the commercial real estate market of the future will be positioned as a healthier, more competitive market.

Climate change is impacting the commercial real estate market in a variety of ways that are causing important changes in property values and investment strategies. Studies show that while the frequency and intensity of natural disasters are increasing and property values in certain areas are at greater risk of declining, increased demand for sustainable buildings is driving up the value of properties with energy efficiency and environmentally friendly design.[85] The "green premium" phenomenon is driving up the market value of sustainable buildings. and this will influence investors to adjust their portfolios to account for climate hazards.[86] As regulations to address climate change become more stringent, properties that do not comply with such regulations may decrease in value due to legal liability and additional costs.[87] This will have new implications for the long-term stability and profitability of the commercial real estate market.88) The "green premium" phenomenon will also increase the market value of sustainable buildings. This calls for a new approach that takes into account the long-term stability and profitability of the commercial real estate market, increasing the investment attractiveness of sustainable real estate that adheres to ESG criteria.[88]

The results of the study suggest that the commercial real estate market is moving toward a simultaneous pursuit of sustainability and economic value.[89]

 

 

 

 

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Jang - Hee Sun, Dictionary of Real Estate Studies, Seoul: Buyeonsha, 2017.

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한국의 선분양이 어떻게 작동하는지, 특히 수분양자가 왜 미리 주택을 사는지______ 

 양평군 부동산 연구원 수석 홍영호

 

건설사가 아직 완공되지 않은 주택을 미리 판매하는 제도를 말합니다. 이 제도는 주택 공급 

부족 문제를 해결하고, 건설 자금을 확보하기 위한 중요한 방법으로 사용됩니다. 선분양을 통

해 건설사는 주택이 완공되기 전에 구매자들로부터 자금을 조달할 수 있고, 이는 건설에 필요

한 자금을 확보하는 데 큰 도움이 됩니다. 수분양자들이 선분양을 선택하는 이유는 여러 가지가 있습니다. 

첫째, 선분양을 통해 상대적으로 낮은 가격에 집을 구매할 수 있는 기회를 얻을 수 있습니다. 주택이 완공되면 가격이 상

승할 가능성이 있기 때문에 미리 구매하면 향후 시세 차익을 얻을 수 있는 기회가 됩니다. 둘

째, 자신이 원하는 위치나 평형대의 집을 선택할 수 있는 장점이 있습니다. 마지막으로, 선분

양은 장기적인 안정성을 제공하는데, 집값 상승과 함께 자신이 살 집을 장기적으로 확보할 수 

있는 기회로 여겨집니다. 하지만 선분양에는 리스크도 존재합니다. 주택이 완공되기 전에 가격 변동이나 건설 지연 등

의 불확실성이 존재하기 때문에, 수분양자들은 충분한 리스크를 감수하고 선택해야 합니다.

기후 변화가 상업용 부동산에 미치는 영향 분석_____________________________________________________________홍영호 양평군 부동산 연구원

 

 본 연구는 기후 변화가 상업용 부동산 시장에 미치는 영향을 체계적으로 분석하는 것을 목표로 한다. 기후 변화로 인한 자연재해, 해수면 상승, 기온 상승, 극단적인 날씨 변화 등 다양한 요소들이 상업용 부동산의 가치 평가와 시장 변동성에 어떻게 작용하는지를 심층적으로 조사한다. 특히, 물리적 위험(자연재해 등), 전환적 위험(기후 정책 변화 등), 평판 리스크(사회적 책임 및 ESG 기준) 등의 측면을 종합적으로 분석하여, 부동산 투자자와 정책 입안자에게 실질적인 전략적 인사이트를 제공하였다.

 이 연구는 지역별 기후 변화 데이터를 활용하여, 특정 지역에서의 기후 변화가 부동산 시장에 미친 영향을 비교 분석하였다. 이를 통해 상업용 부동산의 장기적 가치 변화를 예측하고, 기후 변화에 대응하는 지속 가능한 투자 전략을 수립할 수 있는 근거를 제시하였다. 또한, 전문가 인터뷰와 사례 분석을 통해 기후 변화에 대한 다양한 대응 방안을 도출하고, 이를 바탕으로 정책 제안을 하여, 상업용 부동산 시장의 회복력과 지속 가능성을 강화하는 데 기여 한다.

 

주제어: 기후 변화, 상업용 부동산, 지속 가능한 개발, 물리적 위험, 전환적 위험, 평판 리스크, ESG 기준