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      THE IMPACT OF LEED-ENERGY STAR CERTIFIED OFFICE BUILDINGS ON THE MARKET VALUE OF ADJOINING BUILDINGS IN NEW YORK CITY

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          Abstract

          Green building certification is a useful way to support objective evaluations of the sustainability of a building. Both the Leadership in Energy and Environmental Design (LEED) and Energy Star certifications are designed to reduce the negative environmental impacts of buildings and provide positive economic benefits to certified buildings. Given that a demonstrable positive economic impact is also required to satisfy one element of the triple bottom line of sustainability for these certifications, this study examined the economic impact of LEED and/or Energy Star certified office buildings on the market values of adjoining buildings in Manhattan, New York City (NYC), using a spatial analysis based on a Geographic Information System (GIS) and a statistical analysis utilizing R-Project. The study's findings reveal a positive impact for LEED and/or Energy Star certified office buildings on their adjoining buildings, pointing to the need for future research to investigate the spillover effect of LEED and/or Energy Star certified office buildings on other buildings in their neighborhood from a socio-economic standpoint.

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          Most cited references 33

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          Doing Well by Doing Good? Green Office Buildings

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            Specification and estimation of hedonic housing price models

             Ayse Can (1992)
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              Spillover Effects of Foreclosures on Neighborhood Property Values

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                Author and article information

                Journal
                jgrb
                Journal of Green Building
                College Publishing
                1552-6100
                1943-4618
                1943-4618
                Winter 2019
                : 14
                : 1
                : 31-52
                Author notes

                1. Department of Engineering Technology, Sam Houston State University, Email: mjs068@ 123456shsu.edu .

                2. Department of Building Construction, Virginia Tech, Email: apearce@ 123456vt.edu .

                3. Department of Statistics, Virginia Tech, Email: yuhyun@ 123456vt.edu .

                4. Department of Decision Sciences, The George Washington University, Email: kwak@ 123456gwu.edu .

                5. Department of Civil and Environmental Engineering, Stanford, Email: jikim07@ 123456stanford.edu

                (Corresponding Author).

                6. Department of Urban Affairs and Planning, Virginia Tech, Email: yz@ 123456vt.edu .

                Article
                jgb.14.1.31
                10.3992/1943-4618.14.1.31
                © 2019 College Publishing
                Page count
                Pages: 22
                Product
                Categories
                RESEARCH

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