Eichholtz, Kok, and Quigley (2010)

Eichholtz, Piet, Nils Kok, and John Quigley.  "Doing Well by Doing Good?  Green Office Buildings."  American Economic Review, 2010.

From the authors' abstract:  "We analyze clusters of certified green and nearby buildings, establishing that [green] 'rated' buildings command substantially higher rents and selling prices than otherwise identical buildings. Variations in premiums are systematically related to energy-saving characteristics. Increased energy efficiency is associated with increased selling prices -- beyond the premiums paid for a labeled building. Evidence suggests that the intangible effects of the label itself may also play a role in determining the values of green buildings in the marketplace.

 

LK comment:  A pioneering analysis of the impacts of sustainability practices on real estate economics.  These analysts really pioneered this field.

Link:  https://www.aeaweb.org/articles?id=10.1257/aer.100.5.2492