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This paper presents a simple method to assess the value of a commercial property, considering the cost and timing of refurbishment. It is constructed on the understanding that net rental income tends to decrease as the property ages, while maintenance cost increases with time. As a result, there is a desirable duration of successive leases, at the end of which refurbishment can take place. A suitable choice of this duration could give a higher value to the property. By assessing the value of a property over one refurbishment cycle, values for similar successive cycles can be capitalised. This approach is equivalent to finding the annual equivalent of the discounted cash flow over one cycle, and then capitalising it as if it is a constant income to perpetuity.

The purpose of this paper is to report an investigation of the effect of location on refurbishment strategies to reduce greenhouse gas (GHG) emissions using the temperate and sub-tropical urban locations in Australia. This occurred within a larger research project that investigated methods for sustainable refurbishments to office buildings and their optimized timing from an investment perspective.

An office building in Melbourne was used to develop seven sets of improvements using an integrated approach to upgrade mechanical services and the building envelope. Using asset management trigger points the impact on net present value and internal rate of return were calculated, taking into account the capital expenditure required, the energy savings due to the refurbishment, as well as a possible rental increase due to the upgrade and lesser operational energy bills for the tenants. To investigate the importance of the location attribute the upgraded building’s performance was modelled in a different climate by using a Brisbane weather file.

A number of unexpected results were found, including that the same sets of improvements had similar reductions in GHG emissions in the two locations, they had similar impacts on the investment criteria and when using the National Australian Building Energy Rating System it was shown that it was easier and cheaper to get an uplift in stars in Melbourne than Brisbane.

This location-specific analysis is the result of using a more sophisticated and holistic methodology to analyse sustainable refurbishments that more closely resembles the complexity of the decision making required to make buildings more sustainable.

This paper provides a basis for property investors to make decisions about sustainable investments when location is important. This can occur when a portfolio is distributed across various climate zones.

The research project that the paper reports addresses the complexity of building attributes, possible sets of improvements to reduce GHG emissions and their investment decisions, within a life cycle view of assets. It is rare that this complexity is addressed as a whole, and rarer that locational climatic differences are examined.

This paper aims to examine the relationships between macro-, meso- and micro-level contextual factors that enable or inhibit the contribution of product service systems (PSS) to circularity. It is informed by the natural resource-based view (NRBV) and the multi-level perspective as theoretical lenses.

A theory elaboration approach is used through three in-depth case studies of UK and German manufacturers. Case studies provide use- and result-oriented PSS for personal computers, power tools and wind turbines. Multiple sources of evidence, including 20 semi-structured interviews, company documents and quantitative data, are triangulated to improve the validity of the results.

Empirical evidence for relationships between macro-, meso- and micro-level contextual factors show significant barriers to the extending and cycling of resource loops, primarily through maintenance, repairs and refurbishment. A firm’s environmental awareness has a determining role in the contribution of PSS to circularity. The evidence from two use-oriented PSS reveals different circularity maturity levels.

This research makes three key contributions. Firstly, it elaborates on NRBV by showing that a firm’s environmental awareness determines product stewardship. The type of product stewardship practices depends on the enabling and inhibiting effects of macro- and meso-level factors. Secondly, it shows that use-oriented PSS have different circularity profiles and proposes three circularity maturity levels. Finally, it provides an empirically validated framework of macro-, meso- and micro-level enablers and barriers and how they interact to enable or inhibit circularity in PSS.

Investigates the results of research into attitudes towards shopping centre refurbishment. Considers the historical background of retail development and the motivation and requirements for refurbishment. Concludes that development is likely to proceed in two ways: centres with simpler, more durable design; and a return to the department store format.

Many factors can have an effect on the patronage turnover of retail stores. While there is a concentration on the more obvious aspects such as demography and site location, this paper examines the less publicised, but potentially important effects of in‐store factors. The methodology and findings of a research project encapsulating in‐store factors are discussed. It was found from the empirical evidence of the focus group, a supermarket chain in Hong Kong, that in terms of facilities, aspects of check‐out counter provision and frequency of refurbishment provided the greatest explanation for changes in patronage turnover.

A method for assessing the environmental performance of Hong Kong’s buildings has been developed, known as the Hong Kong Building Environmental Assessment Method or HK‐BEAM. The assessment is a type of expert‐based survey, either of the design, in the case of proposed buildings, or an evaluation of building performance for newly built or existing buildings. The assessment essentially provides a benchmark of environmental performance against a series of qualitative and quantitative measures that earn “credits”. Buildings can be rated as “excellent”, “very good”, “good” or “fair”. The assessment covers global, local and indoor issues. The original assessment has been in use since 1996 and allowed appraisal of new and existing air‐conditioned offices. A new version has been recently produced for residential buildings. The latest version has addressed some of the criticisms of the earlier versions and covers a wider range of issues, taking a life‐cycle approach. Reviews the latest new residential version, making comparisons with the earlier new offices scheme.

The purpose of this paper is to develop the empirically tested framework about the knowledge and perception about sustainability of building materials in Prishtina, Kosovo from the perspective of users, construction industry and facility managers.

A survey of representative sections of the population was designed and carried out in the capital city of Kosovo to determine the knowledge and perception of the population about the sustainability of building materials and to determine the main criteria of selection of sustainable building materials. The study may be used as guidelines for sustainable real estate developers in Prishtina during the materials selection process. Qualitative interviews were conducted with architects, consulting engineering companies, construction companies and facility managers from the region of Prishtina with open-ended questions also being used.

Results of quantitative research find that embodied energy, durability and low energy consumption are used as key criteria that influence the materials selection process on the part of users. The results of the cross-case analysis of qualitative measure the perceptions of construction industry and facility managers, according to which durability to a large degree is the main criterion for selection of sustainable building materials followed by embodied energy and low energy consumption.

The study of measurement of level of knowledge and perception about sustainability of building materials in Kosovo focuses only on one pilot city; hence, further research is needed throughout Kosovo to validate the empirically tested tool within other geographical settings in Kosovo.

This survey represents the first quantification of knowledge and perception regarding the sustainability of building materials among users, construction sector and facility managers.

The aim of this research is to examine if building information modelling (BIM) is feasible as an information management platform to determine a financially and environmentally affordable housing refurbishment solution based on the life cycle cost (LCC) and LCC calculation.

A case study in conjunction with BIM simulation approach using BIM tools (Autodesk Revit and IES VE/IMPACT) was adopted to identify the feasibility of BIM for the simultaneous formulation of LCC and life cycle assessment in housing refurbishment.

This research reveals that BIM is a suitable for the information management platform to enable construction professionals to consider trade-off relationship between LCC and life cycle assessment simultaneously, and determine the most financially and environmentally affordable refurbishment solution. The interoperability issues in data exchange among different BIM tools and unstandardized BIM object libraries with incomplete data sets of construction materials are recognised as the major shortcomings in a BIM system. Essential remedial actions to overcome the shortcomings in the current BIM tools are identified.

Actual housing information and various refurbishment materials for the BIM simulation are limited.

This research contributes to supporting construction professionals to prepare practical BIM adoption for the integration of the LCC and life cycle assessment that can significantly improve early decision-makings on sustainable housing refurbishment.

This research will contribute to providing proper remedial actions to overcome the shortcomings in the current BIM tools, and insights for construction professionals to understand the implication of BIM-embedded housing refurbishment.

The purpose of this paper is to present a methodology to improve decision making about investments that reduce buildings' energy consumption.

A three‐stage methodology was developed and tested to analyse an existing Australian office building's energy use, its energy rating, and its life cycle investment. In total, seven cases of sets of improvements were modelled for energy performance. Their investment value was evaluated using a life cycle‐based analysis across several investment options.

A holistic approach to investment shows that the most effective sustainable refurbishments need not be the most expensive. Optimised investment can take advantage of the timing of both re‐investment in component renewal and efficiency gains from the refurbishment. Furthermore, relatively small changes in income can offset capital expenditure for refurbishments and protect against obsolescence.

Much work on sustainable refurbishments rarely considers the investment basis, across a life cycle, of that expenditure, generally seeing them as a cost and rarely considers the optimal time for that expenditure in the asset life cycle. This paper addresses both concerns.

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.