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題名 綠認證對辦公大樓租金之影響–以台北市為例
The Impact of Green Certification on Office Rents-A Case Study of Taipei City
作者 楊雅婷
Yang, Ya-Ting
貢獻者 陳奉瑤
楊雅婷
Yang, Ya-Ting
關鍵詞 綠建築標章
LEED
特徵價格模型
辦公大樓租金
EEWH
LEED
Hedonic model
Office rent
日期 2019
上傳時間 4-Mar-2019 22:43:40 (UTC+8)
摘要 台灣綠建築發展將近二十年時間，自願申請綠建築標章之私有建築件數僅占同期使用執照核發件數的3.8%，顯見認證數量仍低，本研究期能透過確認取得綠建築標章對於辦公大樓租金存在溢價效果，提供經濟面誘因，提升國內取得綠建築標章之申請意願。
本研究以2012年8月至2017年12月底止之台北市辦公大樓租金交易資料，運用特徵價格模型進行實證分析，探討取得台灣綠建築標章及美國 LEED認證對於台北市辦公大樓租金之影響。研究結果顯示，台北市取得台灣綠建築標章的辦公大樓，其租金單價溢價率為7.9%；而綠建築標章等級亦影響溢價情形，與溢價率呈反向關係，取得銅級之溢價率為16.53%、鑽石級為7.25%，黃金級則未達顯著水準；進一步納入LEED認證因素，探討取得單一綠建築認證及雙認證之溢價率，實證結果顯示，雙認證之溢價率為17.12%，高於單認證的9.12%，綠建築標章及LEED認證間存在加乘效益。
進一步探討綠建築標章對辦公大樓租金之空間溢價影響，以信義計畫區及南京松江區進行新舊辦公商圈實證研究，兩區域間綠建築標章溢價情形存在差異，綠建築標章在租金水準較低的舊辦公商圈較能突顯其競價能力。本研究確認取得綠認證對於辦公大樓租金具溢價效果，為現行綠建築標章制度提供政策誘因。
Taiwan’s Green Building Labeling System (Ecology、Energy Saving、Waste Reduction、Health ,EEWH) has been developing for nearly 20 years. However, the number of private office buildings willingly applying for EEWH only accounts for 3.8% of the number of Building Use Permits issued during the same period, which is obviously that the number of certificates is low. On this account, this study intends to increase people’s willingness to apply for EEWH by confirming the premium effect of obtaining Green Building certified on office rent, which can provide economic incentives for people.
Based on the rent transaction data of Taipei office buildings from August 2012 to December 2017, this study based on the Hedonic Price Theory Model to conduct an empirical analysis for exploring the influence of obtaining EEWH and LEED certifications on the rent of Taipei office buildings. The results showed that the unit rent of Taipei office buildings with Taiwan’s EEWH has a premium rate of 7.9%. The grades of EEWH also affect the premium, presenting an inverse relation to the premium rate: the premium rate is 16.53% for the bronze level, 7.25% for the Diamond level, and is not significant for the Gold level. The LEED certification factor was further incorporated to compare the premium rates of obtaining single and dual certified. The results showed that the premium rate is 17.12% for dual certified, which is higher than that of 9.12% for single certified. Therefore, there is a synergistic effect between EEWH and LEED certifications.
This study further explored the impact of Green Building Labels on the premium for the rent of office buildings in different regions by conducting an empirical analysis for the new and old office business circles in the Xinyi Planning District and the Nanjing-Songjiang Area. The results showed that there is a difference in premium for Green Building Labels between the two regions. The Green Building Labels in the old office business circles with a lower rent level can make their price competition ability prominent.
This study confirms the premium effect of obtaining Green Building certified on office rent, which provide policy and economic incentives for the current Green Building Label system.
參考文獻 一、中文參考文獻
1. 『綠建築評估手冊-基本型2015版』，內政部建築研究所
2. 陳奉瑤、章倩儀，2015，『不動產經營管理』三版，台北，智勝出版社。
3. 陳奉瑤、梁仁旭，2018，「綠建築標章之溢價率分析—以新北市住宅大樓為例」，『台灣土地研究』21(1)：61-85。
4. 張桂鳳，2008，「永續建築居住效益對購屋選擇之影響」，『住宅學報』，17(1)：51-70。
5. 黃名義、張金鶚，1999，「台北市辦公室市場租金之研究」，『中華民國住宅學會第八屆年會論文集』，1：77-93。
6. 方嘉琳，2005，「由消費者觀點探討住宅產品綠色行銷之研究」，國立高雄大學都市發展與建築研究所碩士論文：高雄。
7. 林睿信，2014，「綠建築標章對辦公商業大樓租金之影響」，國立政治大學財政系碩士論文：台北。
8. 張嘉宇，2007，「台北市辦公大樓租金影響因素分析－以物業管理觀點之分析」，國立政治大學地政學系碩士論文：台北。
9. 陳怡璇，2011，「以國外經驗探討國內綠建築價格之估算」，國立台北大學不動產與城鄉環境學系碩士論文：台北。
10. 陳怡伶，2011，「影響辦公大樓租金折價空間比率因素之研究-以台北市為例」，政治大學地政學系碩士論文：台北。
11. 溫雅貴，2003，「綠建築標章應用在住宅類建築接受態度之研究-以綠色消費觀點探討」，國立台灣大學土木工程學系碩士論文：台北。

 
二、英文參考文獻
1. Brennan, T.P., Cannaday, R.E. and Colwell, P.F., 1984, “Office Rent in The Chicago CBD”, AREUEA Journal, 12(3)：243-260.
2. Chegut, A., Eichholtz, P. and Kok, N., 2011,“The Value of Green Buildings:New Evidence from the United Kingdom”, Working Paper, Maastricht University Netherlands.
3. Chegut, A., Eichholtz, P. and Kok, N., 2014, “ Supply, Demand and the Value of Green Buildings”, Urban Studies, 51(1)：22-43
4. Chen, F.Y., Peng, I.W., Liang, J.H. and Liang, Y.Y., 2014, “Green Premium in Green Condo Buildings? Evidence in Taiwan” Proceedings of GBMCE 2014, Taylor & Francis Group.
5. Clapp, J. M., 1980, “The Intrametropolitan Location of Office Activities”, Journal of Regional Science, l20(3)：387-399.
6. Devine, A. and Kok, N., 2015, “Green Certification and Building Performance Implications for Tangibles and Intangibles”, The Journal of Portfolio Management, 41(6):151-163.
7. Dunse, N. and Jones, C., 1998, “A hedonic price model of office rents”, Journal of Property Valuation and Investment, 16(3), 297-312.
8. Eichholtz, P., Kok, N. and Quigley, J.M., 2010, “Doing Well by Doing Good? Green Office Buildings”, The American Economics Review, 100(5)：2492-2509.
9. Eichholtz, P., Kok, N. and Quigley, J.M., 2013, “The Economics of Green Building”, The Review of Economics and Statistics, 95(1): 50–63.
10. Fuerst, F. and McAllister, P., 2011a, “Green Noise or Green Value? Measuring the Effects of Environmental Certification on Office Values ” , Real Estate Economics, 39(1)：45-69.
11. Fuerst, F., and McAllister, P., 2011b, “Do LEED and Energy Star offices obtain multiple premiums? ”, Ecological Economics, 70:1220-1230.
12. Glascock, J. L., Jahanian, S. and Sirmans, C. F., 1990, “An analysis of office market rents: some empirical evidence. ”, Real Estate Economics, 18(1): 105-119.
13. Guidry, K., 2004, “How Green Is Your Building? An Appraiser`s Guide to Sustainable Design”, The Appraisal Journal, 72 (1): 57-68.
14. Kats, G.H., 2003, “Green Building Costs and Financial Benefits.” U.S. Green Building Council Colorado Chapter ,
http://www.bouldercolorado.gov/files/commercial_green_building_costs_and_benefits_-_kats_2003.pdf
15. Miller, N., Spivey J. and Florance, A., 2008,“Does Green Pay Off?” , Journal of Real Estate Portfolio Management, 14(4)：385-400.
16. Newell, G., MacFarlane, J. and Walker, R., 2014, “Assessing energy rating premiums in the performance of green office buildings in Australia”, Journal of Property Investment and Finance, 32(4)：352-370.
17. Pivo, G. and Fisher, J. D., 2010, “Income , Value , and Returns in Socially Responsible Office Properties”, The Journal of Real Estate Research, 32(3):243-270.
18. Robinson, S. and McAllister, P., 2015 “Heterogeneous price premiums insustainable real estate? An investigation of the relation between value and price premiums”, Journal of Sustainable Real Estate, 7(1): 1-20.
19. Rosen, S., 1974, “ Hedonic Price and Implicit Markets: Product Differentiation in Pure Competition”, Journal of Political Economics, 82(1):34-55.
20. Sirmans, G. S., Macpherson, D. A. and Zietz, E. N., 2005, “The Composition of Hedonic Pricing Models”, Journal of Real Estate Literature, 13(1): 3-43.
21. Wiley, J. A., Benefield J. D. and Johnson, K.H., 2010, “Green Design and the Market for Commercial Office Space”, Journal of Real Estate Finance and Economics , 41(2): 228–243.
22. Yoshida, J., 2009 , “The Economic Value of Green Buildings”, The Japan Economic Research Institute Monthly, June 2009.
23. Yoshida, J., Onishi, J. and Shimizu, C., 2016, ” Energy Efficiency and Green Building Markets in Japan”, SSRN: https://ssrn.com/abstract=2844040.

三、網站參考文獻
1. 中華民國內政部建築研究所
https://www.abri.gov.tw/
2. 財團法人台灣建築中心，綠建築標章、候選綠建築證書通過案件一覽表(迄2017年12月底)
http://gb.tabc.org.tw/
3. 經濟部能源局-能源知識庫，新加坡Green mark體系相關配套措施分析
http://km.twenergy.org.tw/ReadFile/?p=KLBase&n=201768135739.pdf
4. BREEAM
http://www.breeam.com/
5. Environmental Protection Agency and the Department of Energy
https://www.energy.gov/eere/solarpoweringamerica/us-environmental-protection-agency
6. U.S. Green Building Council
https://new.usgbc.org/
描述 碩士
國立政治大學
地政學系碩士在職專班
104923001
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104923001
資料類型 thesis
dc.contributor.advisor 陳奉瑤zh_TW
dc.contributor.author (Authors) 楊雅婷zh_TW
dc.contributor.author (Authors) Yang, Ya-Tingen_US
dc.creator (作者) 楊雅婷zh_TW
dc.creator (作者) Yang, Ya-Tingen_US
dc.date (日期) 2019en_US
dc.date.accessioned 4-Mar-2019 22:43:40 (UTC+8)-
dc.date.available 4-Mar-2019 22:43:40 (UTC+8)-
dc.date.issued (上傳時間) 4-Mar-2019 22:43:40 (UTC+8)-
dc.identifier (Other Identifiers) G0104923001en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/122408-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 地政學系碩士在職專班zh_TW
dc.description (描述) 104923001zh_TW
dc.description.abstract (摘要) 台灣綠建築發展將近二十年時間，自願申請綠建築標章之私有建築件數僅占同期使用執照核發件數的3.8%，顯見認證數量仍低，本研究期能透過確認取得綠建築標章對於辦公大樓租金存在溢價效果，提供經濟面誘因，提升國內取得綠建築標章之申請意願。
本研究以2012年8月至2017年12月底止之台北市辦公大樓租金交易資料，運用特徵價格模型進行實證分析，探討取得台灣綠建築標章及美國 LEED認證對於台北市辦公大樓租金之影響。研究結果顯示，台北市取得台灣綠建築標章的辦公大樓，其租金單價溢價率為7.9%；而綠建築標章等級亦影響溢價情形，與溢價率呈反向關係，取得銅級之溢價率為16.53%、鑽石級為7.25%，黃金級則未達顯著水準；進一步納入LEED認證因素，探討取得單一綠建築認證及雙認證之溢價率，實證結果顯示，雙認證之溢價率為17.12%，高於單認證的9.12%，綠建築標章及LEED認證間存在加乘效益。
進一步探討綠建築標章對辦公大樓租金之空間溢價影響，以信義計畫區及南京松江區進行新舊辦公商圈實證研究，兩區域間綠建築標章溢價情形存在差異，綠建築標章在租金水準較低的舊辦公商圈較能突顯其競價能力。本研究確認取得綠認證對於辦公大樓租金具溢價效果，為現行綠建築標章制度提供政策誘因。		zh_TW
dc.description.abstract (摘要) Taiwan’s Green Building Labeling System (Ecology、Energy Saving、Waste Reduction、Health ,EEWH) has been developing for nearly 20 years. However, the number of private office buildings willingly applying for EEWH only accounts for 3.8% of the number of Building Use Permits issued during the same period, which is obviously that the number of certificates is low. On this account, this study intends to increase people’s willingness to apply for EEWH by confirming the premium effect of obtaining Green Building certified on office rent, which can provide economic incentives for people.
Based on the rent transaction data of Taipei office buildings from August 2012 to December 2017, this study based on the Hedonic Price Theory Model to conduct an empirical analysis for exploring the influence of obtaining EEWH and LEED certifications on the rent of Taipei office buildings. The results showed that the unit rent of Taipei office buildings with Taiwan’s EEWH has a premium rate of 7.9%. The grades of EEWH also affect the premium, presenting an inverse relation to the premium rate: the premium rate is 16.53% for the bronze level, 7.25% for the Diamond level, and is not significant for the Gold level. The LEED certification factor was further incorporated to compare the premium rates of obtaining single and dual certified. The results showed that the premium rate is 17.12% for dual certified, which is higher than that of 9.12% for single certified. Therefore, there is a synergistic effect between EEWH and LEED certifications.
This study further explored the impact of Green Building Labels on the premium for the rent of office buildings in different regions by conducting an empirical analysis for the new and old office business circles in the Xinyi Planning District and the Nanjing-Songjiang Area. The results showed that there is a difference in premium for Green Building Labels between the two regions. The Green Building Labels in the old office business circles with a lower rent level can make their price competition ability prominent.
This study confirms the premium effect of obtaining Green Building certified on office rent, which provide policy and economic incentives for the current Green Building Label system.		en_US
dc.description.tableofcontents 第一章　緒論
第一節　研究動機與目的 1
第二節　研究範圍與方法 5
第三節　研究架構與流程 8
第二章　文獻回顧
第一節　各國綠建築發展沿革及評估系統 11
第二節　綠建築對辦公大樓租金之影響 21
第三節　特徵價格理論與應用 27
第三章　研究設計
第一節　模型建立與變數說明 31
第二節　樣本資料分析說明 36
第四章　實證分析
第一節 樣本租金單價差異比較分析 51
第二節　綠認證類型及等級對辦公大樓租金之影響 55
第三節　綠建築標章對辦公大樓租金之空間溢價影響 59
第五章　結論與建議
第一節　結論 65
第二節　政策及後續研究建議 67
參考文獻		zh_TW
dc.format.extent 1695743 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104923001en_US
dc.subject (關鍵詞) 綠建築標章zh_TW
dc.subject (關鍵詞) LEEDzh_TW
dc.subject (關鍵詞) 特徵價格模型zh_TW
dc.subject (關鍵詞) 辦公大樓租金zh_TW
dc.subject (關鍵詞) EEWHen_US
dc.subject (關鍵詞) LEEDen_US
dc.subject (關鍵詞) Hedonic modelen_US
dc.subject (關鍵詞) Office renten_US
dc.title (題名) 綠認證對辦公大樓租金之影響–以台北市為例zh_TW
dc.title (題名) The Impact of Green Certification on Office Rents-A Case Study of Taipei Cityen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、中文參考文獻
1. 『綠建築評估手冊-基本型2015版』，內政部建築研究所
2. 陳奉瑤、章倩儀，2015，『不動產經營管理』三版，台北，智勝出版社。
3. 陳奉瑤、梁仁旭，2018，「綠建築標章之溢價率分析—以新北市住宅大樓為例」，『台灣土地研究』21(1)：61-85。
4. 張桂鳳，2008，「永續建築居住效益對購屋選擇之影響」，『住宅學報』，17(1)：51-70。
5. 黃名義、張金鶚，1999，「台北市辦公室市場租金之研究」，『中華民國住宅學會第八屆年會論文集』，1：77-93。
6. 方嘉琳，2005，「由消費者觀點探討住宅產品綠色行銷之研究」，國立高雄大學都市發展與建築研究所碩士論文：高雄。
7. 林睿信，2014，「綠建築標章對辦公商業大樓租金之影響」，國立政治大學財政系碩士論文：台北。
8. 張嘉宇，2007，「台北市辦公大樓租金影響因素分析－以物業管理觀點之分析」，國立政治大學地政學系碩士論文：台北。
9. 陳怡璇，2011，「以國外經驗探討國內綠建築價格之估算」，國立台北大學不動產與城鄉環境學系碩士論文：台北。
10. 陳怡伶，2011，「影響辦公大樓租金折價空間比率因素之研究-以台北市為例」，政治大學地政學系碩士論文：台北。
11. 溫雅貴，2003，「綠建築標章應用在住宅類建築接受態度之研究-以綠色消費觀點探討」，國立台灣大學土木工程學系碩士論文：台北。

 
二、英文參考文獻
1. Brennan, T.P., Cannaday, R.E. and Colwell, P.F., 1984, “Office Rent in The Chicago CBD”, AREUEA Journal, 12(3)：243-260.
2. Chegut, A., Eichholtz, P. and Kok, N., 2011,“The Value of Green Buildings:New Evidence from the United Kingdom”, Working Paper, Maastricht University Netherlands.
3. Chegut, A., Eichholtz, P. and Kok, N., 2014, “ Supply, Demand and the Value of Green Buildings”, Urban Studies, 51(1)：22-43
4. Chen, F.Y., Peng, I.W., Liang, J.H. and Liang, Y.Y., 2014, “Green Premium in Green Condo Buildings? Evidence in Taiwan” Proceedings of GBMCE 2014, Taylor & Francis Group.
5. Clapp, J. M., 1980, “The Intrametropolitan Location of Office Activities”, Journal of Regional Science, l20(3)：387-399.
6. Devine, A. and Kok, N., 2015, “Green Certification and Building Performance Implications for Tangibles and Intangibles”, The Journal of Portfolio Management, 41(6):151-163.
7. Dunse, N. and Jones, C., 1998, “A hedonic price model of office rents”, Journal of Property Valuation and Investment, 16(3), 297-312.
8. Eichholtz, P., Kok, N. and Quigley, J.M., 2010, “Doing Well by Doing Good? Green Office Buildings”, The American Economics Review, 100(5)：2492-2509.
9. Eichholtz, P., Kok, N. and Quigley, J.M., 2013, “The Economics of Green Building”, The Review of Economics and Statistics, 95(1): 50–63.
10. Fuerst, F. and McAllister, P., 2011a, “Green Noise or Green Value? Measuring the Effects of Environmental Certification on Office Values ” , Real Estate Economics, 39(1)：45-69.
11. Fuerst, F., and McAllister, P., 2011b, “Do LEED and Energy Star offices obtain multiple premiums? ”, Ecological Economics, 70:1220-1230.
12. Glascock, J. L., Jahanian, S. and Sirmans, C. F., 1990, “An analysis of office market rents: some empirical evidence. ”, Real Estate Economics, 18(1): 105-119.
13. Guidry, K., 2004, “How Green Is Your Building? An Appraiser`s Guide to Sustainable Design”, The Appraisal Journal, 72 (1): 57-68.
14. Kats, G.H., 2003, “Green Building Costs and Financial Benefits.” U.S. Green Building Council Colorado Chapter ,
http://www.bouldercolorado.gov/files/commercial_green_building_costs_and_benefits_-_kats_2003.pdf
15. Miller, N., Spivey J. and Florance, A., 2008,“Does Green Pay Off?” , Journal of Real Estate Portfolio Management, 14(4)：385-400.
16. Newell, G., MacFarlane, J. and Walker, R., 2014, “Assessing energy rating premiums in the performance of green office buildings in Australia”, Journal of Property Investment and Finance, 32(4)：352-370.
17. Pivo, G. and Fisher, J. D., 2010, “Income , Value , and Returns in Socially Responsible Office Properties”, The Journal of Real Estate Research, 32(3):243-270.
18. Robinson, S. and McAllister, P., 2015 “Heterogeneous price premiums insustainable real estate? An investigation of the relation between value and price premiums”, Journal of Sustainable Real Estate, 7(1): 1-20.
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22. Yoshida, J., 2009 , “The Economic Value of Green Buildings”, The Japan Economic Research Institute Monthly, June 2009.
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三、網站參考文獻
1. 中華民國內政部建築研究所
https://www.abri.gov.tw/
2. 財團法人台灣建築中心，綠建築標章、候選綠建築證書通過案件一覽表(迄2017年12月底)
http://gb.tabc.org.tw/
3. 經濟部能源局-能源知識庫，新加坡Green mark體系相關配套措施分析
http://km.twenergy.org.tw/ReadFile/?p=KLBase&n=201768135739.pdf
4. BREEAM
http://www.breeam.com/
5. Environmental Protection Agency and the Department of Energy
https://www.energy.gov/eere/solarpoweringamerica/us-environmental-protection-agency
6. U.S. Green Building Council
https://new.usgbc.org/		zh_TW
dc.identifier.doi (DOI) 10.6814/THE.NCCU.MPLE.003.2019.A05en_US