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The continuous need for change in corporate real estate spaces warrants consideration of flexibility in new space design. To help decision makers invest more effectively in physical infrastructure and its ability to evolve, a formal method of identifying and valuing flexibility is developed. A model, based on real options techniques for valuing managerial flexibility, is constructed to answer the following question: how much is it worth to invest in a space that could be renovated to office space for a specified renovation cost in the future? Decision makers can use the option valuation results to determine whether the initial design and construction costs to achieve flexibility are justifiable. The transparent model is intended to be accessible to design teams in practice. It is an improvement on net present value and first‐cost based decision‐making techniques in that it explicitly accounts for uncertainty and for the ability of managers to make a rational future decision (between renting and renovating). The model considers three sources of uncertainty: the market price of rent for office space (as measured by volatility); date of space need; and amount of space need. Input values and/or probability distributions are needed for these variables. The model is constructed using a binomial lattice technique and Monte Carlo simulation. Results are given in a format that allows for comparison with cost estimates of physical architectural designs. For example, in a case study where current five‐year office‐space leases are estimated at US$98 per square foot and 0.39 annual volatility and the mean amount of space needed in the future is 50 per cent of the total, the real options valuation suggests that it is worth up to US$40 per square foot in initial investment expenses to achieve a space that could be renovated to office space for US$25 per square foot within the next eight years. The concept of addressing risk through ‘flexible design’ and analysing the value of flexibility is pertinent to judicious management of any new building project that is subject to uncertain future conditions.

The purpose of this paper is to report on the results of an Massachusetts Institute of Technology Chemistry Department campaign to reduce energy consumption in chemical fume hoods. Hood use feedback to lab users is a crucial component of this campaign.

Sash position sensor data on variable air volume fume hoods are remotely collected. A 15 minutes average fume hood sash positions for each laboratory are recorded. Data are compiled monthly and a report with average sash position over time and relative frequency of hood position are delivered to the principal investigators of the labs.

Average sash height is lowered by 26 percent (from 16.3±0.85 percent open to 12.1±0.39 percent open) throughout the department, saving an estimated $41,000/year. Sash position during inactive periods is lowered from 9 to 6 percent open. Half of all department savings occurred in four (of 25) labs. Energy savings are substantially less than original expectations because most installed fume hoods use combination sashes. Labs with vertical sashes use the most energy, and see the most savings from the intervention.

Monthly feedback is an effective tool for encouraging better hood use behavior. Potential savings from even large behavior changes can be limited if existing equipment is relatively efficient, so conservation programs should be tailored to the existing conditions.

The present analysis provides data on the impact of a program in a relatively efficient setting compared to other fume hood conservation reports. The results have cautionary value for designers of similar programs. A breakdown of a laboratory building utility use is also provided.

Some of Henryk Grossman's contributions to Marxist economic theory are familiar. Ignorance and misinformation about his life has accompanied and sometimes underpinned widespread criticism of his account of economic crises and neglect of his other work. Grossman's life and work before he moved to Frankfurt am Main in 1925 and wrote his best known publications are therefore outlined, highlighting his deep and active involvement in the Jewish social democratic movement in Galicia before and in the Polish Communist movement after the First World War.