Tenants' leasing motivators and decisions about the greenness of office buildings and their rental [thesis]

Su Min Kim
2019
Increasing concerns about environmental sustainability in the real estate sector have resulted in a growing number of office buildings being certified by green building certifications to reflect their levels of greenness. In Australia, the number of National Australian Built Environment Rating System (NABERS) and Green Star certified office buildings in major Central Business Districts has been increased rapidly over the last 20 years. Studies in this field show that office buildings with
more » ... levels of greenness can fetch higher rental, and the tangible aspects of office buildings often play a role. Nonetheless, the impacts of tenants' leasing behaviours on rental, especially in regard to office buildings' symbolic aspects, has not been fully explored. As such, this research aims to investigate the determinants of rental of the Australian office buildings. Under this aim, the four objectives are to (i) develop and test a conceptual framework of tenants' office leasing behaviours; (ii) examine the key leasing motivators driving tenants' decisions about the greenness of their office buildings; (iii) examine the collective effects of tangible and symbolic aspects of office buildings on rental; and (iv) explore the moderating effects of market and regulatory forces on the relationships between tenants' key leasing motivators and their decisions about the greenness of their office buildings. To achieve the research aim, a conceptual framework is developed by integrating the three behavioural theories of (i) symbolic self-completion theory; (ii) expectancy-value theory; and (iii) push-pull theory. In this study, it is postulated that tenants' leasing motivators are multi-dimensional and that they could affect the tenants' decisions about the greenness of their office buildings; then, in turn, collectively determine the rental. Moreover, the relationship between tenants' leasing motivators and their decisions about the greenness of office buildings could be moderated by market and regulatory forces. This research ado [...]
doi:10.26190/unsworks/3828 fatcat:x5wsxfmzirbu5dko6hfonrnooi