Program 3: Engaged Communities
RP3031: Information, Risk and Retrofit:
Energy/Carbon Disclosure at the Building Retrofit Investor – User interface
Mandatory disclosure at the point of sale and lease, as an information mechanism, has been shown to encourage investment in low carbon retrofits. It rebalances the investment’s risk and rewards, and shares the green branding rewards between investors and users, but is limited to single transactions at the investor-user interface of the corporate real estate supply chain.
This project will identify benefits from information mechanisms like voluntary or more frequent disclosure, and across a range of investor-user interfaces. A living laboratory will identify the information required and the communication mechanisms between actors at this interface.
Program
Project leader
Dr Chris Heywood
Project status
Complete
Project period
07/2015 to 07/2018
- Publications
- Posters
- Partners
Peer Reviewed Research Publications
RP3031: Conference Paper: Work-architecture: A new space for real estate
This paper looks at the changing role of Corporate Real Estate use in business - presented at the 22nd Pacific Rim Real Estate Society Conference, Sunshine Coast, 2016.
Work-architecture: A new space for real estate (487924 PDF)
RP3031: Conference Paper: Bundling and splitting: Workspace tenure in two vectors
The relationship between levels of energy efficiency and differing forms of commercial office workspace tenure is theoretically affected by the economic principal-agent problems of moral hazard and adverse selection. Tenure involving contracts gross with energy utilities is subject to the moral hazard of overconsumption of energy which results in lower measures of energy efficiency. Tenure involving contracts net of energy utilities is subject to underinvestment in energy efficiency leading to the adverse selection of buildings put to market. Both these problems are theoretically mitigated by information sharing, that is by “disclosure” between principal and agent.
Past empirical research has measured the relationship between energy efficiency and differing contract types. A gap in this research is the inclusion of information-age workspace tenure subject to not just one, but multiple contracts, multiple associated principal agent problems, and the effect to which total energy efficiency has been affected by the presence, or absence of disclosure. To fill this gap a conceptual framework for future empirical research is presented.
Tenure is described in two vectors: bundling and splitting. Using a measure of tenure energy efficiency based upon that of the mandatory National Australian Built Environment Rating System, this framework is then used to derive hypotheses concerning the empirical measurement of the relationship between levels of energy efficiency in commercial office workspace tenure, involving either owner occupancy, and gross or net contracts or some combination of the two.
This paper is to be presented at the Asian Real Estate Society Conference, Shenzhen, July 2019 (following CRCLCL official closure).
undling and splitting: Workspace tenure in two vectors (422868 PDF)
RP3029e1: Report: Driving a National Social Media Conversation on Energy Efficient Housing Stage 2 – Final Report
This project used the insights gleaned from CRCLCL Program 3 social research projects, particularly RP3029, to develop a web-based platform to support a transition to a low carbon and energy efficient residential housing sector. The platform provides a mechanism for renovators to socialise, discuss their renovations, communicate with trades and manage their renovation projects adopting renovation options in the process that minimises the environmental impact and carbon emissions of the house.
The project aimed to deliver a real outcome for consumers using CRCLCL research to inform project development at all stages. The major output of the project can be found at https://demo.myrenovationplanner.com/.
In building this website this project, RP3029e1 sought to do many things:
- To provide sustainability information direct to consumers, when, where and how it was needed during the renovation process.
- To deliver a public policy outcome (lower carbon housing) by creating a viable business which could operate without ongoing Government funding.
- To enable people to engage socially, via the web and in person, to harness the power of peer-to-peer and professional networks in support of low-carbon housing.
To achieve these aims the project participants used lean start-up methodologies, survey and focus group research, agile software development practises and aimed to learn fast and adapt quickly when necessary. From beginning to end the project shifted its focus and project output was altered in response to end-user feedback. The final project output has evolved into more of a planning and project management platform than a social media platform – albeit with a strong social component. The platform has tested well with its target market and the project participants are working with a prospective licensee of the technology to see it launched as a commercial website.
Project RP3029e1 has delivered a minimum viable product website, capable of being licenced to a commercial operator, which could support the delivery of carbon savings. The project participants will actively seek a third-party licensee to realise these benefits after the conclusion of the project.
Driving a National Social Media Conversation on Energy Efficient Housing Stage 2 – Final Report (2445132 PDF)
Peer Reviewed Research Publications
Student Poster 2017: RP3031 - INFORMATION, TENURE AND ENERGY EFFICIENCY
Ann Godfrey: Student Poster 2017 - RP3031 (368866 PDF)
Student poster 2015: RP3031 Information, risk and retrofit: Energy/carbon disclosure at the building retrofit investor – user interface
Student poster - Participants Annual Forum 2015 - Ann Godfrey
Information, risk and retrofit: Energy/carbon disclosure at the building retrofit investor-user interface
Ann Godfrey student poster 2015 RP3031 (166026 PDF)
Student poster 2016: RP3031 Information and retrofit: Energy/Carbon disclosure at the building retrofit investor-user interface
Student poster - Participants Annual Forum 2016 - Ann Godfrey Information and retrofit: Energy/Carbon disclosure at the building retrofit investor-user interface
Ann Godfrey Student Poster 2016 RP3031 (395673 PDF)
Partners on this project
- UNSW Sydney
- University of Melbourne
- Swinburne University
- Multiplex