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The research investigates valuers' understanding of the value of sustainability in property and its' consideration in valuation practice in Australia. This paper explores valuers' perceptions of the relationships between sustainability and market values, sustainability and valuation variables, and the value influence of industry sustainability certification schemes. Further, this paper tracks prevalence of certified buildings in Australian commercial markets and the evolution of valuers' knowledge of sustainability certifications used in Australia.

This paper reports on the next rendition of a longitudinal study examining valuers’ practice in Australia. This research explores the evolution of Australian valuers' perception and knowledge of sustainability in valuation practice. The survey data has been periodically collected from practising valuers from 2007 to 2021. The survey questions investigate valuers' knowledge development, understanding, reporting and consideration of the relationship between sustainability and market value.

The results have identified the evolution of the influence of normative research on valuers' perceptions of the relationship between sustainability and value; with a clearer understanding emerging over time of where the value relationships are identified in valuation variables. Greater alignment between empirical Australian studies and valuers' perceptions of the influence of sustainability ratings on value, demonstrate the value connection for higher rated buildings under NABERS (energy rating) and Green Star. Whilst only 41% of the study's participants are including sustainability in their valuation reports, they include a higher level of commentary on building descriptions and initiatives, building ratings, and reporting of owner and tenant objectives, than in previous studies. Knowledge development relating to sustainability certification tool, NABERS was identified. This is likely linked to the introduction of mandatory disclosure legislation. This has also led to increased awareness and valuers' knowledge of the differences between the two key rating tools used in Australia.

The research has several limitations: firstly, recruitment of valuers and the number of valuers' responses has varied over time; secondly, due to collection methods respondents have a greater likelihood of having an interest in and knowledge of sustainability creating potential for positive bias; thirdly, respondents may have responded to the survey in different years, but due to anonymity there has been no ability to track this. The results provide insights into the Australian valuation profession but may not be fully representative of the profession overall in Australia.

The broader agenda of net zero, climate change, mitigation and carbon requirements, whether driven by market forces or government legislation, are generating changes in property markets as investors' reconsider their positions and model the implications of carbon emissions on their bottom lines. Introductions of policy and legislation over time in the Australian context have led to changes in valuation practice and increasing consideration of energy efficiency and ratings in the valuation of assets. However, further guidance and research still is required in Australia to assist in the knowledge development of valuers, and their ability to consider the emerging effects of sustainability, net zero and other market driven objectives including legislation, and how these may affect or influence their evaluation of market evidence and thus property values.

The research has tracked valuers' understanding, knowledge, and consideration of sustainability and energy efficiency in valuation practice since 2007. In that time the research has found that, as the market has evolved and more rated buildings are built (or retrofitted), so too has valuers' knowledge and consideration in valuation practices evolved. Valuers are more engaged with industry rating tools such as NABERS. This suggests that the Australian mandatory disclosure policies have contributed to changes in the market, which are then interpreted by valuers and reflected in their perceptions and consideration of energy ratings in valuation practice.

The purpose of this paper is to explore the practices, challenges and ethical issues underlying the fabric and dissemination of corporate sustainability ratings.

Based on 36 semi-structured interviews with sustainability rating practitioners, the study shows the trade-offs, ethical judgments and customizable aspects involved in rating practices, which cannot rely only on formal and predefined methods.

In contrast with the official optimistic rhetoric about the rationality and rigor of sustainability rating methods, agencies face serious challenges in the measurement and comparison of performance in this area, particularly in terms of the aggregation of scattered and fuzzy indicators, commercial pressures and the availability, materiality and reliability of the information collected. Despite these concerns, sustainability ratings do appear to be useful in improving corporate responsiveness and increasing investor awareness of the complex and difficult-to-measure aspects of nonfinancial reports.

Rating agencies should collaborate to set up common indicators that would be easier for firms to produce and should better separate their sustainability rating production activities from other services they offer to companies (e.g. consultancy).

This study contributes to the literature on the measurement and promotion of corporate sustainability by analyzing rating practices through the lens of moral fictionalism, which here refers to the human tendency to build ethical judgments on fictional but convenient and useful representations.

Rating tools for the built environment were designed to engage consumers and enhance sustainability and resilience. However, the intended outcomes of these rating systems appear to have limited implementation in the residential new housing market in Australia. The purpose of this paper is to investigate consumers’ motivations and experiences who have purchased houses that are situated in a sustainability-based certified development and will have been required to comply with mandatory dwelling certification.

The paper explores the awareness and perception of sustainability ratings and whether the motivations for purchasing in the sustainably certified development have heightened their awareness of sustainability and the resilience of new housing. This has been investigated through a pilot study of consumers who have purchased land in a certified estate and built a new home, through an online survey.

The findings reveal that the rating systems are at present not having the desired influence as first thought; that is, to inform consumers of the sustainability of a dwelling or property and to instigate trust of the environmental credentials of the property.

This illuminating case study of participants who have purchased a sustainable rated development demonstrates that regardless of their concern for environmental issues, consumers have both low awareness and trust in the ratings. Despite this, consumers do seek value from these credentials to the overall property.

This study aims to illustrate the disconnect in engagement between developers, builders and new home buyers in relation to sustainability certification and implementation.

The purpose of this paper is to describe a pilot application of the Sustainable Transportation Analysis & Rating System (STARS), and highlight how a sustainability rating system can be used to promote sustainable urban development through a university–city partnership. STARS is an example of a second-generation “green” rating system focused on transportation planning, design, operations and maintenance.

In Fall 2013, James Madison University (JMU) initiated a STARS pilot demonstration using a local corridor that connects the university and the city of Harrisonburg. The pilot’s purposes were to develop attainable transportation-development targets, evaluate infrastructure and programmatic options in the context of a credit-based system and demonstrate a decision-making framework centered on sustainability optimization. The paper provides an overview of the STARS framework and the pilot’s collaborations, analysis, findings and recommendations for credits across sustainability dimensions.

Upon applying the rating system, the research team found that STARS may initially be easier to integrate into a comprehensive transportation planning process than a corridor-level evaluation due to data needs, in-house expertise and planning timelines for campus and city developments. A campus-wide master plan based on STARS would enable a university and a city to apply sustainability principles to their physical and/or policy interfaces to systemically create change and achieve quantifiable targets.

The STARS framework provides a novel approach for integrating multiple stakeholders (faculty, the university and city staff, students and community members) in a process of capacity building, evaluating options, policy-making, implementation and performance monitoring. The JMU pilot is the first application of STARS at a university and the only US East Coast application to date.

With the increasing demand for sustainable developments, higher education should focus on teaching both sustainable buildings and infrastructure systems. This study aims to investigate the existing sustainable infrastructure (SI) teaching efforts in sustainability courses; identify best practices to integrate SI throughout bachelor’s and master’s programs under the construction management (CM) curricula; and propose guidelines for students to obtain Envision sustainability professional (ENV SP) credential during sustainability education.

This study conducted keywords search within the sustainability course descriptions under the American Council for Construction Education accredited CM curricula to locate SI topics. Additionally, this research collected inputs from the Envision Academic Committee members to develop a matrix representing the best practices for integrating SI in higher education and provided a guide with a step-by-step procedure to obtain ENV SP credentials.

This study identified a gap regarding the availability of SI education and offered best practices on how CM curricula might nurture such knowledge. Phase I highlighted that only two CM programs taught infrastructure sustainability, and three programs offered sustainability credentialing processes under a bachelor’s degree. Phase II developed a framework that offered a variety of pedagogical approaches and outlined the process for obtaining the ENV SP certificate for CM students in the freshman, sophomore, junior and senior years.

The findings of this study can facilitate CM education to create awareness among the future workforce and encourage them to establish skills pertaining to the economic, social and environmental implications while designing SI.

The relationship between sustainability and value in property has been a major area of investigation over the past decade. However, in spite of the extant literature and research, the connections made by valuers in practice of the value relationship are still unresolved. The purpose of this paper is to investigate, in the Australian context, valuers’ perception of the relationship between sustainability and value; and their experience and knowledge of sustainability in valuation practice.

The research investigates valuers’ perception and knowledge of sustainability and its inclusion in valuation practice in Australia. The approach uses a longitudinal survey of valuers from 2007 to 2015 tracking valuers’ knowledge, understanding, inclusion of sustainability reporting and the perceptions of the relationship between sustainability and market value.

This paper presents findings from a longitudinal survey that has been conducted in Australia since 2007, identifying changes between 2007, the height of the property market and sustainability engagement prior to the global financial crisis, and the subsequent years to 2015. The growth of sustainability in the property market is significant, however, valuers’ knowledge and reporting on sustainability is not demonstrating the same level of development. As a result, this is inhibiting valuers reporting on sustainability and has implications for practice and treatment of market values.

This research highlights the need to examine how to assist valuers to more rapidly develop knowledge and experience to reflect the implications of change in practice. Current approaches being developed in the UK and Europe, like the introduction of RenoValue professional development programs and guidance documents, to assist valuers to develop their knowledge needs to be implemented in the Australian environment as current approaches are inadequate, and steps need to be taken in order to assist their development of knowledge and experience as the market demonstrates growth and acceptance of sustainability. This research identifies the need to re-examine how professional development is undertaken and knowledge developed by those practicing in the profession in Australia.

This longitudinal survey is the only research that has spanned a substantial period of time attempting to ascertain valuers’ perception of the relationship between sustainability and value; and attempts to track the knowledge development of valuers in the context of sustainability. The findings identify how the market is developing and adhering to a product model development theory, however, also identifies more fundamental issues and implications for valuation praxis, in the development of knowledge and ability of valuers to adapt to change and reflect these valuations.

Heritage buildings are significant for their historical and architectural value. Due to the lack of rating systems designed specifically for heritage buildings, it is essential to develop and validate a heritage building assessment tool that considers its specific characteristics. The purpose of this study is to provide an extensive review of research on Sustainability of Heritage Buildings (SHBs).

This review highlights methodologies applied in SHBs research and analyzes major global rating systems in order to identify their deficiencies for SHBs assessment. A systematic review was employed and articles from the top 10 high impact factor journals were studied. Twelve major global rating systems and their assessment criteria were identified.

Significant variability was observed among the assessment tools since each tool assesses several criteria, factors and indicators that fit its local context. Part of this variability can also be seen in the rating scales, threshold values and accreditation titles. As a result, the final sustainability ranking for a given building cannot be compared among the 12 rating systems. Most importantly, these systems fail to analyze some factors such as energy that are considered important with respect to heritage building assessment.

Since no specific rating system could be identified in this review as the most appropriate for heritage buildings, a new sustainability assessment tool that is specific to heritage buildings should be developed. Such a tool will enable facility managers to evaluate and improve the sustainability of their heritage buildings while preserving them.