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Back Matter

Back Matter 2012 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal of Real Estate Research Winner of the Homer Hoyt Advanced Studies Institute Manuscript Prize ($1,000) for the best research paper published in JRER in 2011. Credit Line Availability and Utilization in REITs William G. Hardin III and Matthew D. Hill (33:4, 507–30) Journal of Real Estate Portfolio Management Winner of the PREA Manuscript Prize ($1,000) for the best research paper published in JREPM in 2011. REIT Performance and Lines of Credit David M. Harrison, Kimberly F. Luchtenberg, and Michael J. Seiler (17:1, 1–14) Congratulations to all the authors. 2012 ARES MANUSCRIPT PRIZE WINNERS The American Real Estate Society proudly announces the following manuscript prize winners for research papers presented at the American Real Estate Society’s 28th Annual Meeting. Best Research Paper Presented by a Practicing Real Estate Professional, sponsored by the James R. Webb ARES Foundation: Luciana Suran for ‘‘A Closer Look at Co-Movements in Global Real Estate Cycles.’’ Apartments, sponsored by National Multi Housing Council (NMHC): Steven Saules, Paul Books, Ronald L. Throupe, and Chen Huo for ‘‘Apartment Distress and Prices Discounts: A Multi-City Cross-Sectional Analysis.’’ Costar Data, sponsored by the CoStar Group: Dean H. Gatzlaff and Peng Liu for ‘‘List Price Information in the Negotiation of Commercial Real Estate, Transactions: Is Silence Golden?’’ Real Estate Education, sponsored by Dearborn Real Estate Education: Kimberly Winson- Geideman and Nicholas Evangelopoulos for ‘‘Reading Lists for PhD Seminars in Real Estate.’’ Housing, sponsored by the Lucas Institute for Real Estate Development and Finance at Florida Gulf Coast University: Eli Beracha and Babajide Wintoki for ‘‘Buyer Sentiment and Residential Home Prices: Evidence from Online Search Activity.’’ Industrial Real Estate, sponsored by NAIOP Research Foundation: David M. Harrison for ‘‘Po- litical Risk in Industrial Property Markets.’’ Innovative Thinking ‘‘Thinking Out of the Box,’’ sponsored by the Maury Seldin Advanced Stud- ies Institute (MSASI): Stephan Siegel, Henrik Cronqvist, and Florian Mu ¨ nkel for ‘‘Genetics, Homeownership, and Home Location Choice.’’ Mixed Use Properties, sponsored by NAIOP Research Foundation: James R. DeLisle, Terry V. Grissom, and, Christopher Bitte for ‘‘Mixed-Use Real Estate: An Options Pricing Model to Explain Behavioral Responses to Incentive Programs.’’ Office Buildings / Office Parks, sponsored by NAIOP Research Foundation: Prashant Das and Jonathan Wiley for ‘‘Determinants of Premiums for Energy-efficient Design in the Office Market.’’ Real Estate Brokerage / Agency, sponsored by the National Association of Realtors (NAR): Jia Xie for ‘‘Dual Agency Distortions in Real Estate Transactions.’’ Real Estate Cycles, sponsored by the Pyhrr / Born Trust for Real Estate Cycle Research: Deniz Igan for ‘‘A Closer Look at Co-Movements in Global Real Estate Cycles.’’ Real Estate Finance, sponsored by Real Capital Analytics (RCA): Liu Bo, Tien-Foo Sing, and James D. Shilling for ‘‘Credit Expansion and Residential Mortgage Institutions.’’ Real Estate Investment, sponsored by Education Foundation of the CCIM Institute: Joseph T.L. Ooi, W.C. Wong, Seow Eng Ong, and David H. Downs for ‘‘Related Party Transactions, Wealth Expropriation and Firm Valuation: Evidence from REITs.’’ Real Estate Portfolio Management, sponsored by Royal Institution of Chartered Surveyors (RICS): Jared DeLisle, S. McKay Price, and C.F. Sirmans for ‘‘Pricing of Volatility Risk in REITs.’’ Real Estate Investment Trusts, sponsored by the National Association of Real Estate Investment Trusts (NAREIT): Paul J. Seguin for ‘‘The Relative Value of Public Non-Listed REITS: An Evaluation of Equity Return Sustainability, Liquidity, and Organizational Issues.’’ Real Estate Market Analysis, sponsored by CBRE Econometric Advisors: Samuel M. Otter- strom for ‘‘Transitions in U.S. Housing Markets and Internal Migration, 2005-2010.’’ Real Estate Valuation, sponsored by the Appraisal Institute (AI): Alain M. Chaney and Martin E. Hoesli for ‘‘Transaction-Based Versus Appraisal-Based Capitalization Rates: New Evidence on Cap Rate Determinants and Appraisal Smoothing.’’ Retail Real Estate, sponsored by the International Council of Shopping Centers (ICSC): Peng Liu and Robert H. Edelstein for ‘‘The Economics of Commercial Real Estate Preleasing.’’ Sustainable Real Estate, sponsored by the NAIOP Research Foundation James R. DeLisle, Terry V. Grissom, and Lovisa Hogberg for ‘‘An Empirical Study of the Behavioral Response of Developers and Investors to the LEED Rating System.’’ Seniors Housing, sponsored by the National Investment Center for the Seniors Housing and Care Industry (NIC): Kwame Addae-Dapaah and Quah Shu Juan for ‘‘Life Satisfaction among Elderly Households in Public Rental Housing in Singapore.’’ S PECIAL I SSUES JOURNAL OF REAL ESTATE RESEARCH Real Estate Brokerage (Summer, 1988): Sponsored by the National Association of REALTORS (NAR). Corporate Real Estate (Fall, 1989): Sponsored by AICAM and HHASI. Appraisal (Spring, 1990): Sponsored by the Appraisal Institute (AI). Determinants of Demand (Fall, 1991): Sponsored by NAR. Environmental Influences on Value (Summer, 1992): Sponsored by AI. Real Estate Investment (Fall, 1992): Sponsored by the Pension Real Estate Association. Corporate Real Estate (Fall, 1993): Sponsored by the International Association of Corporate Real Estate Executives (NACORE). Retail Real Estate (Winter, 1994): Sponsored by International Council of Shopping Centers. Real Estate Brokerage (Winter, 1995). REITs (1995: Vol. 10(3 / 4)): Sponsored by the National Association of Real Estate Investment Trusts (NAREIT) and Equitable Real Estate Investment Management. Regulation and the Mortgage Lending Process (1996: Vol. 11(1)): Sponsored by the Mortgage Banker’s Association. International Real Estate Investment (1996: Vol. 11(2)): Sponsored by Jones Lang Wootton USA. Apartments (1996: Vol. 11(3) & Vol. 11(4)): Sponsored by MIG Realty Advisors. International Real Estate Investment (1997: Vol. 13(3)): Sponsored by Jones Lang Wootton USA. Residential Appraisal and the Lending Process (1998: Vol. 15(1 / 2)): Sponsored by the Fannie Mae Foundation. Property / Asset Management (1998: Vol. 15(3)): Sponsored by the BOMI Institute. REITs (1998: Vol. 16(3)): Sponsored by the National Association of Real Estate Investment Trusts. Corporate Real Estate (1999: Vol. 17(3)): Sponsored by NACORE International. Cycles in Real Estate (1999: Vol. 18(1)): Sponsored by PricewaterhouseCoopers and SynerMark Investments. Residential Real Estate Brokerage: (2000: Vol. 20(1 / 2)): Sponsored by Realty One. Corporate Real Estate (2001: Vol. 22(1 / 2)): Sponsored by NACORE International. Multifamily Housing (2003: Vol. 25(2)): Sponsored by Freddie Mac. Issues For Inner-City Real Estate Markets: (2003: Vol. 25(4)): Sponsored by the Real Estate Research Center of Morehouse College. The Home Mortgage Disclosure Act (HMDA): (2007: Vol. 29(4)): Sponsored by Wells Fargo. Chinese Real Estate Markets: (2012: Vol. 34(3)). ARES M ONOGRAPHS PAST,PRESENT AND FUTURE PAST 1994: Essays in Honor of James A. Graaskamp: Appraisal, Market Analysis and Public Policy in Real Estate (481 pages). 1995: Alternative Ideas in Real Estate Investment (189 pages). 1996: Megatrends in Retail Real Estate (co-sponsored by ICSC: 378 pages). 1997: Seniors Housing (sponsored by the National Investment Center for the Seniors Housing and Care Industries: 248 pages). 1998: Ethics in Real Estate (co-sponsored by the Howard Hughes Corporation: 317 pages). 1999: Essays in Honor of James A. Graaskamp: Ten Years After (436 pages). 2000: Real Estate Education: Past, Present and Future (co-sponsored by the European Business School: 523 pages). 2001: Real Estate Valuation Theory (sponsored by the Appraisal Institute: 430 pages). 2002 / 3: Essays in Honor of William N. Kinnard, Jr. (co-sponsored by the Appraisal Institute and the RICS Foundation: 328 pages). 2006 / 8: Indigenous Peoples and Real Estate Valuation Issues (co-sponsored by the Appraisal Institute Education Trust and the Appraisers Research Foundation). 2009 / 11: Essays in Honor of James R. Webb. FORTHCOMING 2012 / 13: ARES 25 Year Anniversary. IN PROCESS 2014 / 15: Property Values and Environmental Factors (needs a sponsor). 2016: Financial Engineering and Innovation in Real Estate (needs a sponsor). 2017: Real Estate Market Microstructure (needs a sponsor). 2018: Behavioral Real Estate (needs a sponsor). 2019: Dangerous Visions: The Future of Real Estate Research (needs a sponsor) N EW $1,000 M ANUSCRIPT P RIZE CoStar Group will provide a $1,000 manuscript prize for the best research paper presented at the ARES Annual Meeting that uses CoStar data. CoStar has comprehensive, detailed property level information and up to 15 years of historical data in most major markets throughout the U.S. and U.K. They currently track approximately 1.6 million commercial properties totaling 30 billion square feet and have verified comparable sales data on approximately 1.3 million sales transactions—all property types, including retail, multifamily, hospitality and land. Anyone interested in obtaining CoStar data for research purposes should contact: Jay Spivey Director of Analytics CoStar Group, Inc. 2 Bethesda Metro Center, 10th Floor Bethesda, MD 20814 Phone: 888-576-9223 Fax: 888-537-9358 Email: jspivey@costar.com JRER LEGACY AWARDS WINNERS The American Real Estate Society (ARES) Legacy Awards are for the three best papers published in the Journal of Real Estate Research (JRER) in selected years. The awards are $25,000, $10,000, and $5,000. The 2012 Awards below were determined by the votes of the JRER Editorial Board. The awards cover the period 2009–2011. YEAR PUBLISHED AMOUNT AUTHORS TITLE 2011 $25,000 Nasser Daneshvary, Short-Term Own-Price and Terrence M. Clauretie, Spillover Effects of Distressed & Ahmad Kader Residential Properties: T he Case of a Housing Crash 2010 $10,000 Gary Pivo & Jeffrey D. Income, Value and Returns in Fisher Socially Responsible Office Properties 2010 $5,000 Michael LaCour-Little, Home Equity Extraction by Eric Rosenblatt, & Homeowners: 2000-2006 Vincent W. Yao CALL FOR PAPERS Journal of Sustainable Real Estate The American Real Estate Society, in cooperation with and funding by the CoStar Group, announces a call for papers for the fifth volume of the Journal of Sustainable Real Estate (JOSRE) in 2013. Authors are encour- aged to submit original research that can help investors, developers, appraisers, lenders, asset managers, government officials, and land use regulators improve their strategies, decision making, and understanding of the impact of sustainable real estate practices. Topics and questions of interest include, but are not limited to, the following: Work Space, Sales Space, and Productivity ■ What is the impact of more sustainable real estate (more natural light, better ventilation, better temperature control, etc.) on worker productivity? Can we control for management and other factors affecting productivity? ■ Have we improved how we measure productivity? (For example, new tools like www.mysammy.com are being used by employers to measure computer uses and time spent in various activities, but do they make sense?) ■ Is traditional office space obsolete and what are the trends in more collaborative and innovative work space? ■ What is the impact of green buildings on worker morale, retail sales, and benefits that go beyond energy savings? Can these be valued? Do they or will they eventually translate into rent? Regulatory Issues ■ How do local, state, and national government requirements compare and what have we learned about regulations versus incentives? ■ Do we need mandatory disclosure of energy and water consumption? Are there examples of greater market transparency influencing property values? Financing, PACE Programs, and Valuation Issues ■ PACE programs are being promoted for commercial property. What are their benefits and costs? Will they impact investments in sustainable features that conserve energy or promote more efficient use of space? ■ Have appraisers and lenders finally caught up with the impact on rents, operating expenses, and values from sustainable improvements? Are there successful competitive strategies for lenders and appraisers? High-performance and Intelligent Building Systems ■ Does solar pay off? Will real estate owners trade carbon credits some day? ■ What is the state-of-the-art for water efficiency in terms of operation, rain water capture, and gray water use? What regulations impede or assist these efforts? ■ What are examples of building practices that enhance flexible and productive use, extend economic life, and save retrofit costs? Green and Sustainable Strategies and Policies ■ Are there conflicts with state and local building codes and municipal subdivision and site conditions that make implementation difficult? Is land use and building code official education an issue? ■ How many public and private companies have green policy statements? Has this affecte real estate decisions? ■ Portfolio approaches to energy consumption and sustainable benchmarks: For example, what will be the impact of GRESB? (See www.gresb.com.) ■ What are the new technologies and strategies affecting water consumption? Are they cost-effective? ■ Who is defending the status quo of the energy grid? Case Studies of Net Zero Energy Buildings, Self-generated Power and Batteries ■ What are the lessons learned from great new net zero buildings? Do we know how to store excess energy? All papers are subject to anonymous double-blind review by practicing professionals and academicians. Articles must be written to be understandable by institutional real estate investors; lengthy formulas and mathematics should appear in an appendix. Applied empirical studies will be given preference. Style guidelines are at: www.josre.org. Submissions must be in MS Word or PDF format. Authors should submit their manuscripts to greenjournal@sandiego.edu. Senior Editor: Norm Miller, University of San Diego, email: nmiller@sandiego.edu. Associate Editors: Nico B. Rottke, (Europe), European Business School, Robert Simons, (North America), Cleveland State University, and Kwame Addae-Dapaah, (Asia), National University of Singapore. CALL FOR PAPERS JOURNAL OF HOUSING RESEARCH The American Real Estate Society announces a call for papers for the Journal of Housing Research (JHR). The objective of the JHR is to serve as an outlet for theoretical and empirical research on a broad range of housing related topics, including but not limited to, the economics of housing markets, residential brokerage, home mortgage finance and mortgage markets, and international housing issues. All submitted manuscripts are subject to double-blind peer review by members of the journal’s Editorial Board and other real estate scholars and professionals. Electronic submissions are strongly encouraged, either as email attachments, CD-ROM or disk. Preferable word processing format is as a PDF or Microsoft Word file. Paper submissions require four copies of the manuscript. The JHR style is similar to the Journal of Real Estate Research (see www.aresnet.org or a copy of the journal for a style guide). Final revisions must be in Word, WordPerfect or other acceptable word-processing program. Manuscripts should be original, unpublished works not under publication consideration anywhere else. Interested authors should contact or submit manuscripts to: Ken H. Johnson Florida International University 11200 SW 8 Street, MARC 234 Miami, FL 33199 Phone: 561-886-7099 jhr@fiu.edu 2013 Membership Form American Real Estate Society Name________________________________________Title/Department__________________________ Company/University____________________________________________________________________ Address______________________________________________________________________________ City__________________________ State_______ ZIP Code________+_ ___Country______________ Phone ____________________________ Fax ________________________________________________ Email________________________________________________________________________________ 2013 Membership Dues ___ Professional Membership (circle one) Method of Payment Printed Media……………..…………… $325 Electronic Media………………………. $300 Total Dues $___________ Both (printed and electronic)…….……. $350 ____Check (Payable to ARES) Payment by check preferred by ___ Academic Membership (circle one) ARES Printed Media……………..…………… $150 Electronic Media………………………. $135 Both (printed and electronic)………….. $175 Method of Payment ___VISA ___MasterCard ___Discover ___ Academic Retired Membership (circle one) Printed Media……………..…………… $95 Card # _________ - _________ - _________ - _________ Electronic Media………………………. $85 Expiration ________ Both (printed and electronic)……….…. $135 ___ Student Membership (circle one) Authorized Signature ________________________________ Printed Media……………..…………… $95 Electronic Media………………………. $85 Date________________________ Both (printed and electronic)….………. $135 ___ Life Membership Return this form with payment to: ___Printed Media ___Electronic Media Diane Quarles Clemson University For information on becoming a Life Member, contact Mike Department of Finance Seiler at (757) 683-3505 or mseiler@odu.edu. 2-210 Lee Hall Clemson, SC 29634-1323 ___ Corporate Membership (circle one) Phone: 864-656-1373 Printed Media……………..…………… $650 Fax: 864-656-7519 Electronic Media………………………. $600 Both (printed and electronic)……….…. $675 ___ Fellows Contribution Regular…………. $250 ___ Fellows Contribution Distinguished....... $500 ___ Fellows Contribution Benefactor…….. $1000 ___ Endowed Doctoral Sponsorship ........ $10,000 ___ Endowed International Scholar ……. $25,000 ___ Sponsor................................................. $1,500 ___ Regent................................................. $3,000 ___ President’s Council............................. $6,000 EDITORIAL POLICY and SUBMISSION GUIDELINES Journal Objectives The Journal of Sustainable Real Estate (JOSRE) is an official publication of the American Real Estate Society (ARES). JOSRE is committed to publishing the highest quality analytical, empirical, and clinical research that is useful to business decision-makers in the fields of real estate development, economics, finance, investment, law, management, marketing, secondary markets, and valuation. Theoretical papers that fail to provide testable or policy implications are discouraged. Data used in empirical research must be thoroughly documented and sufficient details of computations and methodologies must be provided to allow duplication. Authors are encouraged to provide data (at a reasonable cost) for replication purpose should such a request arise. The Editorial Board of JOSRE is interested in expanding the frontiers of scholarly real estate research and is willing to work with any potential author who is developing new and exciting ideas. Please visit http: / / www.josre.org for the most up-to-date information on the Journal. Review and Publication Policies The Editor reads each submitted manuscript to decide if its topic and content of the paper fit the objectives of JOSRE. Manuscripts that are appropriate are assigned anonymously by the Editor to one member of the Editorial Board and at least one other reviewer. The Editor makes the final decision regarding re-submissions. Upon receiving a re-submission, the Editor determines whether or not the manuscript should re-enter the reviewing process, be accepted or simply be returned. The Editor determines the publication schedule for accepted manuscripts. As a general rule, the Editor attempts to ‘‘balance’’ the topics covered in any one issue. Consequently, the Editor may choose the articles to be included in a given issue from among those already accepted for publication. This general rule will be set aside should the Board of Directors decide to do so, such as in the case of a special issue devoted to a single topic. Submission Requirements Authors should submit a manuscript that is double-spaced and paginated. The cover page, which will be removed before the manuscript is sent to a reviewer, should contain: the title, all authors and their affiliations (mailing addresses), phone and fax numbers, and email addresses. Except for the cover page, all pages should be numbered consecutively. Submitted manuscripts should be original research, and the names appearing on the manuscript should be that of the individuals who conducted the research. The manuscript should not be under review simultaneously at another journal nor substantially resemble those that are under review at another journal. Upon acceptance, ARES automatically owns the copyright of the manuscript. The transfer of copyright will ensure the widest possible dissemination of information. Submission via email is strongly encouraged. Except for the final version, manuscripts can be submitted via email in Word or PDF file formats to nmiller@sandiego.edu. Submitted papers will be sent to reviewers via email, whenever feasible. For manuscripts submitted via email, the expected turnaround time is eight weeks. For hard copy submissions, the expected turnaround time is twelve weeks. Upon acceptance, authors will have to submit a PC-compatible disk containing the file of the manuscript, four style- correct hard copies and a signed release form. The Editor does not accept responsibility for damage or loss of submitted papers. Articles and correspondence can also be directed to: Norman G. Miller University of San Diego Burnham-Moores Center for Real Estate 5998 Alcala Park Drive San Diego, CA 92110-2492 Phone: 619-260-7939 Email: nmiller@sandiego.edu Abstract An abstract of not more than 100 words is required. Headings Primary, secondary and tertiary heading should be indicated by numbering or in outline fashion (i.e., I, II, A, B, i, ii, etc.). Such outlining / numbering is for editorial purposes only and will not appear in print. Summary Each manuscript should include at the end of the text, a non-technical summary statement of the main conclusions. Exhibits Illustrations must be titled and numbered consecutively as exhibits with Arabic numbers. Please check that the text contains a reference to each exhibit. Verify that all numerical amounts add up to totals shown in the tables and that significant digits are rounded to no more than 2 or 3 numbers. All figures need to be sharp, clear and laser-quality. Exhibits in the final version must not be in color. Mathematical Proofs, Equations Lengthy mathematical proofs and extensively detailed mathematical tables should be placed in an appendix (or omitted entirely) and every effort should be made to explain the proofs. Equations should be placed on a separate line, centered and numbered consecutively at the right margin. Endnotes Endnotes in the text must be cited consecutively. They should be double-spaced and appear on a separate page. Avoid numerous and lengthy endnotes. References References must be presented alphabetically by the last name of the author and be double- spaced. References must be dated, and the citations in the text must agree. Only those references cited within the text should be included. The references must fit the following format: Deutsch, C.H. Commercial Property: Retail Space; For Retailers, It’s Space for Hard-Put Landlords. The New York Times, January 26, 1992, 10:1. Judge, G.G., W.E. Griffiths, R.C. Hill, H. Lutkepohl, and T.-C. Lee. The Theory and Practice of Econometrics. Second edition, New York: John Wiley, 1985. Kinnard, W.N. Tools and Techniques for Measuring the Effects of Proximity to Radioactive Contamination of Soil on Single-Family Residential Sales Prices. Paper presented at the Appraisal Institute Symposium, October 1991. Mills, E.S. The Value of Urban Land. In H. S. Perloff, editor, The Quality of the Urban Environment, Baltimore, MD: Johns Hopkins University, 1971, 229–53. Shilton, L., W. O’Connor, K. Teall, and J.R. Webb. Real Estate Taxation and Commercial Loan Underwriting. Decision Sciences, 1992, 23:5, 1162–73. Acknowledgment Authors may include a brief acknowledgment. It should appear after the references. Special Note Authors are strongly advised to review a recent issue of the JOSRE to confirm that their manuscript is in the style the Journal requires. For nonmembers, a submission fee of $135 is required (one year’s Academic Membership dues). THE AMERICAN REAL ESTATE SOCIETY Officers President President Elect Vice Program Chair Grant I. Thrall G. Stacy Sirmans David Harrison Business Geography Advisors Florida State University Texas Tech University Vice President and Director of Finance Secretary Program Chair Joseph B. Lipscomb* Thomas M. Springer Michael J. Seiler Texas Christian University Clemson University Old Dominion University Meeting Planner Director of Industry Liaison Executive Director Arthur L. Schwartz, Jr.* Larry Wofford* Stephen Pyhrr* University of South Florida–Emeritus University of Tulsa Kennedy Wilson Director of Strategy Ombudsperson Treasurer Stephen E. Roulac* Larry E. Wofford* Bart Danielsen Roulac Global Places LLC & University of Tulsa University of Ulster North Carolina State University Historian and Parliamentarian Director of Development Director of Publications Joseph D. Albert* Michael Seiler William G. Hardin, III James Madison University Old Dominion University Florida International University Appointed Positions Editors, JREPM Co-Editors, JHR Associate Executive Director Randy Anderson Ken H. Johnson Christopher Manning University of Central Florida Florida International University Loyola Marymount University Ping Cheng Geoffrey K. Turnbull Doctoral Seminar Director Florida Atlantic University University of Central Florida Elaine Worzala* Clemson University Glenn R. Mueller* Justin Benefield University of Denver & Dividend Capital Auburn University Director of International Corp. Liaison Editor, JOSRE Graeme Newell Co-Editors, JREL Norman G. Miller University of Western Sydney David M. Harrison University of San Diego Texas Tech University Newsletter Editors Ass. Editors, JOSRE Stephen Pyhrr* Mauricio Rodriguez* Kwame Addae-Dapaah Kennedy Wilson Texas Christian University National University of Singapore Susan Thrall Michael J. Seiler Nico B. Rottke Business Geography Advisors Old Dominion University European Business School Director of Placement Co-Editors, JREPE Robert Simons* Jesse Saginor William G. Hardin, III Cleveland State University Texas A&M University Florida International University Editor, JRER Elections Officer H. Shelton Weeks Ko Wang John S. Baen Florida Gulf Coast University Baruch College / CUNY University of North Texas Eli Beracha ARES Webmasters Director, Critical Issues University of Wyoming Mark Sunderman Seminar University of Memphis Case Editor, JREPE Ron Throupe Sean Salter Ko Wang University of Denver Middle Tennessee State University Baruch College / CUNY Executive Editor, JHR Leonard Zumpano University of Alabama Board of Directors Marsha Courchane (2010–15) Youguo Liang (2009–14) James Shilling (2009–14) CRA International Prudential Real Estate DePaul University Sofia Dermisi (2010–15) Marc A. Louargand* (2008–13) Robert A. Simons* (2012–17) Roosevelt University Saltash Partners Cleveland State University Terry R. Dunkin (2012–17) Margaret McFarland (2012–17) Thomas M. Springer (2008–13) Appraisal Institute & Grubb & Ellis University of Maryland Clemson University Andrew C. Florance (2010–15) Mauricio Rodriguez* (2009–14) John Williams* (2011–16) CoStar Group Texas Christian University Morehouse College William G. Hardin, III (2008–13) Jonathan Salk (2011–16) Richard Wincott (2008–13) Florida International University REALTOR University / NAR Altus Group Mike Highfield (2012–17) Sean Salter (2011–2016) Elaine M. Worzala* (2011–16) Mississippi State University Middle Tennessee State University Clemson University Steven P. Laposa* (2010–15) Douglas Sawyer (2009–14) Alvarez & Marsal Real Estate Advisory CCIM Institute & Sawyer Properties Services IRES Board Members Jane Londerville (2010–13) Karen Gibler (2011–14) Velma Zahirovic-Herbert (2012–15) University of Guelph Georgia State University University of Georgia *Past ARES President 1 Introduction 4 The Economics of Green Retrofits Nils Kok, Norman G. Miller, and Peter Morris 23 LEED in the U.S. Commercial Office Market: Market Effects and the Emergence of LEED for Existing Buildings David Blumberg 48 The Key Drivers and Barriers to the Sustainable Development of Commercial Property in New Zealand Sandy Bond and Guy Perrett 78 Sustainability and Income-Producing Property Valuation: North American Status and Recommended Procedures Grant Austin 122 Colorado’s High Performance Commercial Buildings: An Index and Market Evaluation Stephanie L. Gripne, J.C. Martel, and Brian Lewandowski 149 Comparative Analysis of Housing in Conservation Developments: Colorado Case Studies Christopher Hannum, Steve Laposa, Sarah E. Reed, Liba Pejchar, and Lindsay Ex 177 Sustainable Management of Real Estate: Is It Really Sustainability? Georgia Warren-Myers 198 Landscape Restoration and Stewardship Funded in Perpetuity through Home-site and Golf Course Development Roger Smith, Michael Brownfield, Toni Harlan, Judith H. Shepherd, Charles D. Laird, and Diane P. Genereux 212 Sustainability for Suburbs Errol Cowan J O SRE Vo l . 4 N o . 1–2 0 1 2 ISS N: 19 49 -82 76 http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Sustainable Real Estate Taylor & Francis

Back Matter

Journal of Sustainable Real Estate , Volume 4 (1): 1 – Jan 1, 2012
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Publisher
Taylor & Francis
Copyright
© 2012 American Real Estate Society
ISSN
1949-8284
DOI
10.1080/10835547.2012.12091840
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Abstract

2012 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal of Real Estate Research Winner of the Homer Hoyt Advanced Studies Institute Manuscript Prize ($1,000) for the best research paper published in JRER in 2011. Credit Line Availability and Utilization in REITs William G. Hardin III and Matthew D. Hill (33:4, 507–30) Journal of Real Estate Portfolio Management Winner of the PREA Manuscript Prize ($1,000) for the best research paper published in JREPM in 2011. REIT Performance and Lines of Credit David M. Harrison, Kimberly F. Luchtenberg, and Michael J. Seiler (17:1, 1–14) Congratulations to all the authors. 2012 ARES MANUSCRIPT PRIZE WINNERS The American Real Estate Society proudly announces the following manuscript prize winners for research papers presented at the American Real Estate Society’s 28th Annual Meeting. Best Research Paper Presented by a Practicing Real Estate Professional, sponsored by the James R. Webb ARES Foundation: Luciana Suran for ‘‘A Closer Look at Co-Movements in Global Real Estate Cycles.’’ Apartments, sponsored by National Multi Housing Council (NMHC): Steven Saules, Paul Books, Ronald L. Throupe, and Chen Huo for ‘‘Apartment Distress and Prices Discounts: A Multi-City Cross-Sectional Analysis.’’ Costar Data, sponsored by the CoStar Group: Dean H. Gatzlaff and Peng Liu for ‘‘List Price Information in the Negotiation of Commercial Real Estate, Transactions: Is Silence Golden?’’ Real Estate Education, sponsored by Dearborn Real Estate Education: Kimberly Winson- Geideman and Nicholas Evangelopoulos for ‘‘Reading Lists for PhD Seminars in Real Estate.’’ Housing, sponsored by the Lucas Institute for Real Estate Development and Finance at Florida Gulf Coast University: Eli Beracha and Babajide Wintoki for ‘‘Buyer Sentiment and Residential Home Prices: Evidence from Online Search Activity.’’ Industrial Real Estate, sponsored by NAIOP Research Foundation: David M. Harrison for ‘‘Po- litical Risk in Industrial Property Markets.’’ Innovative Thinking ‘‘Thinking Out of the Box,’’ sponsored by the Maury Seldin Advanced Stud- ies Institute (MSASI): Stephan Siegel, Henrik Cronqvist, and Florian Mu ¨ nkel for ‘‘Genetics, Homeownership, and Home Location Choice.’’ Mixed Use Properties, sponsored by NAIOP Research Foundation: James R. DeLisle, Terry V. Grissom, and, Christopher Bitte for ‘‘Mixed-Use Real Estate: An Options Pricing Model to Explain Behavioral Responses to Incentive Programs.’’ Office Buildings / Office Parks, sponsored by NAIOP Research Foundation: Prashant Das and Jonathan Wiley for ‘‘Determinants of Premiums for Energy-efficient Design in the Office Market.’’ Real Estate Brokerage / Agency, sponsored by the National Association of Realtors (NAR): Jia Xie for ‘‘Dual Agency Distortions in Real Estate Transactions.’’ Real Estate Cycles, sponsored by the Pyhrr / Born Trust for Real Estate Cycle Research: Deniz Igan for ‘‘A Closer Look at Co-Movements in Global Real Estate Cycles.’’ Real Estate Finance, sponsored by Real Capital Analytics (RCA): Liu Bo, Tien-Foo Sing, and James D. Shilling for ‘‘Credit Expansion and Residential Mortgage Institutions.’’ Real Estate Investment, sponsored by Education Foundation of the CCIM Institute: Joseph T.L. Ooi, W.C. Wong, Seow Eng Ong, and David H. Downs for ‘‘Related Party Transactions, Wealth Expropriation and Firm Valuation: Evidence from REITs.’’ Real Estate Portfolio Management, sponsored by Royal Institution of Chartered Surveyors (RICS): Jared DeLisle, S. McKay Price, and C.F. Sirmans for ‘‘Pricing of Volatility Risk in REITs.’’ Real Estate Investment Trusts, sponsored by the National Association of Real Estate Investment Trusts (NAREIT): Paul J. Seguin for ‘‘The Relative Value of Public Non-Listed REITS: An Evaluation of Equity Return Sustainability, Liquidity, and Organizational Issues.’’ Real Estate Market Analysis, sponsored by CBRE Econometric Advisors: Samuel M. Otter- strom for ‘‘Transitions in U.S. Housing Markets and Internal Migration, 2005-2010.’’ Real Estate Valuation, sponsored by the Appraisal Institute (AI): Alain M. Chaney and Martin E. Hoesli for ‘‘Transaction-Based Versus Appraisal-Based Capitalization Rates: New Evidence on Cap Rate Determinants and Appraisal Smoothing.’’ Retail Real Estate, sponsored by the International Council of Shopping Centers (ICSC): Peng Liu and Robert H. Edelstein for ‘‘The Economics of Commercial Real Estate Preleasing.’’ Sustainable Real Estate, sponsored by the NAIOP Research Foundation James R. DeLisle, Terry V. Grissom, and Lovisa Hogberg for ‘‘An Empirical Study of the Behavioral Response of Developers and Investors to the LEED Rating System.’’ Seniors Housing, sponsored by the National Investment Center for the Seniors Housing and Care Industry (NIC): Kwame Addae-Dapaah and Quah Shu Juan for ‘‘Life Satisfaction among Elderly Households in Public Rental Housing in Singapore.’’ S PECIAL I SSUES JOURNAL OF REAL ESTATE RESEARCH Real Estate Brokerage (Summer, 1988): Sponsored by the National Association of REALTORS (NAR). Corporate Real Estate (Fall, 1989): Sponsored by AICAM and HHASI. Appraisal (Spring, 1990): Sponsored by the Appraisal Institute (AI). Determinants of Demand (Fall, 1991): Sponsored by NAR. Environmental Influences on Value (Summer, 1992): Sponsored by AI. Real Estate Investment (Fall, 1992): Sponsored by the Pension Real Estate Association. Corporate Real Estate (Fall, 1993): Sponsored by the International Association of Corporate Real Estate Executives (NACORE). Retail Real Estate (Winter, 1994): Sponsored by International Council of Shopping Centers. Real Estate Brokerage (Winter, 1995). REITs (1995: Vol. 10(3 / 4)): Sponsored by the National Association of Real Estate Investment Trusts (NAREIT) and Equitable Real Estate Investment Management. Regulation and the Mortgage Lending Process (1996: Vol. 11(1)): Sponsored by the Mortgage Banker’s Association. International Real Estate Investment (1996: Vol. 11(2)): Sponsored by Jones Lang Wootton USA. Apartments (1996: Vol. 11(3) & Vol. 11(4)): Sponsored by MIG Realty Advisors. International Real Estate Investment (1997: Vol. 13(3)): Sponsored by Jones Lang Wootton USA. Residential Appraisal and the Lending Process (1998: Vol. 15(1 / 2)): Sponsored by the Fannie Mae Foundation. Property / Asset Management (1998: Vol. 15(3)): Sponsored by the BOMI Institute. REITs (1998: Vol. 16(3)): Sponsored by the National Association of Real Estate Investment Trusts. Corporate Real Estate (1999: Vol. 17(3)): Sponsored by NACORE International. Cycles in Real Estate (1999: Vol. 18(1)): Sponsored by PricewaterhouseCoopers and SynerMark Investments. Residential Real Estate Brokerage: (2000: Vol. 20(1 / 2)): Sponsored by Realty One. Corporate Real Estate (2001: Vol. 22(1 / 2)): Sponsored by NACORE International. Multifamily Housing (2003: Vol. 25(2)): Sponsored by Freddie Mac. Issues For Inner-City Real Estate Markets: (2003: Vol. 25(4)): Sponsored by the Real Estate Research Center of Morehouse College. The Home Mortgage Disclosure Act (HMDA): (2007: Vol. 29(4)): Sponsored by Wells Fargo. Chinese Real Estate Markets: (2012: Vol. 34(3)). ARES M ONOGRAPHS PAST,PRESENT AND FUTURE PAST 1994: Essays in Honor of James A. Graaskamp: Appraisal, Market Analysis and Public Policy in Real Estate (481 pages). 1995: Alternative Ideas in Real Estate Investment (189 pages). 1996: Megatrends in Retail Real Estate (co-sponsored by ICSC: 378 pages). 1997: Seniors Housing (sponsored by the National Investment Center for the Seniors Housing and Care Industries: 248 pages). 1998: Ethics in Real Estate (co-sponsored by the Howard Hughes Corporation: 317 pages). 1999: Essays in Honor of James A. Graaskamp: Ten Years After (436 pages). 2000: Real Estate Education: Past, Present and Future (co-sponsored by the European Business School: 523 pages). 2001: Real Estate Valuation Theory (sponsored by the Appraisal Institute: 430 pages). 2002 / 3: Essays in Honor of William N. Kinnard, Jr. (co-sponsored by the Appraisal Institute and the RICS Foundation: 328 pages). 2006 / 8: Indigenous Peoples and Real Estate Valuation Issues (co-sponsored by the Appraisal Institute Education Trust and the Appraisers Research Foundation). 2009 / 11: Essays in Honor of James R. Webb. FORTHCOMING 2012 / 13: ARES 25 Year Anniversary. IN PROCESS 2014 / 15: Property Values and Environmental Factors (needs a sponsor). 2016: Financial Engineering and Innovation in Real Estate (needs a sponsor). 2017: Real Estate Market Microstructure (needs a sponsor). 2018: Behavioral Real Estate (needs a sponsor). 2019: Dangerous Visions: The Future of Real Estate Research (needs a sponsor) N EW $1,000 M ANUSCRIPT P RIZE CoStar Group will provide a $1,000 manuscript prize for the best research paper presented at the ARES Annual Meeting that uses CoStar data. CoStar has comprehensive, detailed property level information and up to 15 years of historical data in most major markets throughout the U.S. and U.K. They currently track approximately 1.6 million commercial properties totaling 30 billion square feet and have verified comparable sales data on approximately 1.3 million sales transactions—all property types, including retail, multifamily, hospitality and land. Anyone interested in obtaining CoStar data for research purposes should contact: Jay Spivey Director of Analytics CoStar Group, Inc. 2 Bethesda Metro Center, 10th Floor Bethesda, MD 20814 Phone: 888-576-9223 Fax: 888-537-9358 Email: jspivey@costar.com JRER LEGACY AWARDS WINNERS The American Real Estate Society (ARES) Legacy Awards are for the three best papers published in the Journal of Real Estate Research (JRER) in selected years. The awards are $25,000, $10,000, and $5,000. The 2012 Awards below were determined by the votes of the JRER Editorial Board. The awards cover the period 2009–2011. YEAR PUBLISHED AMOUNT AUTHORS TITLE 2011 $25,000 Nasser Daneshvary, Short-Term Own-Price and Terrence M. Clauretie, Spillover Effects of Distressed & Ahmad Kader Residential Properties: T he Case of a Housing Crash 2010 $10,000 Gary Pivo & Jeffrey D. Income, Value and Returns in Fisher Socially Responsible Office Properties 2010 $5,000 Michael LaCour-Little, Home Equity Extraction by Eric Rosenblatt, & Homeowners: 2000-2006 Vincent W. Yao CALL FOR PAPERS Journal of Sustainable Real Estate The American Real Estate Society, in cooperation with and funding by the CoStar Group, announces a call for papers for the fifth volume of the Journal of Sustainable Real Estate (JOSRE) in 2013. Authors are encour- aged to submit original research that can help investors, developers, appraisers, lenders, asset managers, government officials, and land use regulators improve their strategies, decision making, and understanding of the impact of sustainable real estate practices. Topics and questions of interest include, but are not limited to, the following: Work Space, Sales Space, and Productivity ■ What is the impact of more sustainable real estate (more natural light, better ventilation, better temperature control, etc.) on worker productivity? Can we control for management and other factors affecting productivity? ■ Have we improved how we measure productivity? (For example, new tools like www.mysammy.com are being used by employers to measure computer uses and time spent in various activities, but do they make sense?) ■ Is traditional office space obsolete and what are the trends in more collaborative and innovative work space? ■ What is the impact of green buildings on worker morale, retail sales, and benefits that go beyond energy savings? Can these be valued? Do they or will they eventually translate into rent? Regulatory Issues ■ How do local, state, and national government requirements compare and what have we learned about regulations versus incentives? ■ Do we need mandatory disclosure of energy and water consumption? Are there examples of greater market transparency influencing property values? Financing, PACE Programs, and Valuation Issues ■ PACE programs are being promoted for commercial property. What are their benefits and costs? Will they impact investments in sustainable features that conserve energy or promote more efficient use of space? ■ Have appraisers and lenders finally caught up with the impact on rents, operating expenses, and values from sustainable improvements? Are there successful competitive strategies for lenders and appraisers? High-performance and Intelligent Building Systems ■ Does solar pay off? Will real estate owners trade carbon credits some day? ■ What is the state-of-the-art for water efficiency in terms of operation, rain water capture, and gray water use? What regulations impede or assist these efforts? ■ What are examples of building practices that enhance flexible and productive use, extend economic life, and save retrofit costs? Green and Sustainable Strategies and Policies ■ Are there conflicts with state and local building codes and municipal subdivision and site conditions that make implementation difficult? Is land use and building code official education an issue? ■ How many public and private companies have green policy statements? Has this affecte real estate decisions? ■ Portfolio approaches to energy consumption and sustainable benchmarks: For example, what will be the impact of GRESB? (See www.gresb.com.) ■ What are the new technologies and strategies affecting water consumption? Are they cost-effective? ■ Who is defending the status quo of the energy grid? Case Studies of Net Zero Energy Buildings, Self-generated Power and Batteries ■ What are the lessons learned from great new net zero buildings? Do we know how to store excess energy? All papers are subject to anonymous double-blind review by practicing professionals and academicians. Articles must be written to be understandable by institutional real estate investors; lengthy formulas and mathematics should appear in an appendix. Applied empirical studies will be given preference. Style guidelines are at: www.josre.org. Submissions must be in MS Word or PDF format. Authors should submit their manuscripts to greenjournal@sandiego.edu. Senior Editor: Norm Miller, University of San Diego, email: nmiller@sandiego.edu. Associate Editors: Nico B. Rottke, (Europe), European Business School, Robert Simons, (North America), Cleveland State University, and Kwame Addae-Dapaah, (Asia), National University of Singapore. CALL FOR PAPERS JOURNAL OF HOUSING RESEARCH The American Real Estate Society announces a call for papers for the Journal of Housing Research (JHR). The objective of the JHR is to serve as an outlet for theoretical and empirical research on a broad range of housing related topics, including but not limited to, the economics of housing markets, residential brokerage, home mortgage finance and mortgage markets, and international housing issues. All submitted manuscripts are subject to double-blind peer review by members of the journal’s Editorial Board and other real estate scholars and professionals. Electronic submissions are strongly encouraged, either as email attachments, CD-ROM or disk. Preferable word processing format is as a PDF or Microsoft Word file. Paper submissions require four copies of the manuscript. The JHR style is similar to the Journal of Real Estate Research (see www.aresnet.org or a copy of the journal for a style guide). Final revisions must be in Word, WordPerfect or other acceptable word-processing program. Manuscripts should be original, unpublished works not under publication consideration anywhere else. Interested authors should contact or submit manuscripts to: Ken H. Johnson Florida International University 11200 SW 8 Street, MARC 234 Miami, FL 33199 Phone: 561-886-7099 jhr@fiu.edu 2013 Membership Form American Real Estate Society Name________________________________________Title/Department__________________________ Company/University____________________________________________________________________ Address______________________________________________________________________________ City__________________________ State_______ ZIP Code________+_ ___Country______________ Phone ____________________________ Fax ________________________________________________ Email________________________________________________________________________________ 2013 Membership Dues ___ Professional Membership (circle one) Method of Payment Printed Media……………..…………… $325 Electronic Media………………………. $300 Total Dues $___________ Both (printed and electronic)…….……. $350 ____Check (Payable to ARES) Payment by check preferred by ___ Academic Membership (circle one) ARES Printed Media……………..…………… $150 Electronic Media………………………. $135 Both (printed and electronic)………….. $175 Method of Payment ___VISA ___MasterCard ___Discover ___ Academic Retired Membership (circle one) Printed Media……………..…………… $95 Card # _________ - _________ - _________ - _________ Electronic Media………………………. $85 Expiration ________ Both (printed and electronic)……….…. $135 ___ Student Membership (circle one) Authorized Signature ________________________________ Printed Media……………..…………… $95 Electronic Media………………………. $85 Date________________________ Both (printed and electronic)….………. $135 ___ Life Membership Return this form with payment to: ___Printed Media ___Electronic Media Diane Quarles Clemson University For information on becoming a Life Member, contact Mike Department of Finance Seiler at (757) 683-3505 or mseiler@odu.edu. 2-210 Lee Hall Clemson, SC 29634-1323 ___ Corporate Membership (circle one) Phone: 864-656-1373 Printed Media……………..…………… $650 Fax: 864-656-7519 Electronic Media………………………. $600 Both (printed and electronic)……….…. $675 ___ Fellows Contribution Regular…………. $250 ___ Fellows Contribution Distinguished....... $500 ___ Fellows Contribution Benefactor…….. $1000 ___ Endowed Doctoral Sponsorship ........ $10,000 ___ Endowed International Scholar ……. $25,000 ___ Sponsor................................................. $1,500 ___ Regent................................................. $3,000 ___ President’s Council............................. $6,000 EDITORIAL POLICY and SUBMISSION GUIDELINES Journal Objectives The Journal of Sustainable Real Estate (JOSRE) is an official publication of the American Real Estate Society (ARES). JOSRE is committed to publishing the highest quality analytical, empirical, and clinical research that is useful to business decision-makers in the fields of real estate development, economics, finance, investment, law, management, marketing, secondary markets, and valuation. Theoretical papers that fail to provide testable or policy implications are discouraged. Data used in empirical research must be thoroughly documented and sufficient details of computations and methodologies must be provided to allow duplication. Authors are encouraged to provide data (at a reasonable cost) for replication purpose should such a request arise. The Editorial Board of JOSRE is interested in expanding the frontiers of scholarly real estate research and is willing to work with any potential author who is developing new and exciting ideas. Please visit http: / / www.josre.org for the most up-to-date information on the Journal. Review and Publication Policies The Editor reads each submitted manuscript to decide if its topic and content of the paper fit the objectives of JOSRE. Manuscripts that are appropriate are assigned anonymously by the Editor to one member of the Editorial Board and at least one other reviewer. The Editor makes the final decision regarding re-submissions. Upon receiving a re-submission, the Editor determines whether or not the manuscript should re-enter the reviewing process, be accepted or simply be returned. The Editor determines the publication schedule for accepted manuscripts. As a general rule, the Editor attempts to ‘‘balance’’ the topics covered in any one issue. Consequently, the Editor may choose the articles to be included in a given issue from among those already accepted for publication. This general rule will be set aside should the Board of Directors decide to do so, such as in the case of a special issue devoted to a single topic. Submission Requirements Authors should submit a manuscript that is double-spaced and paginated. The cover page, which will be removed before the manuscript is sent to a reviewer, should contain: the title, all authors and their affiliations (mailing addresses), phone and fax numbers, and email addresses. Except for the cover page, all pages should be numbered consecutively. Submitted manuscripts should be original research, and the names appearing on the manuscript should be that of the individuals who conducted the research. The manuscript should not be under review simultaneously at another journal nor substantially resemble those that are under review at another journal. Upon acceptance, ARES automatically owns the copyright of the manuscript. The transfer of copyright will ensure the widest possible dissemination of information. Submission via email is strongly encouraged. Except for the final version, manuscripts can be submitted via email in Word or PDF file formats to nmiller@sandiego.edu. Submitted papers will be sent to reviewers via email, whenever feasible. For manuscripts submitted via email, the expected turnaround time is eight weeks. For hard copy submissions, the expected turnaround time is twelve weeks. Upon acceptance, authors will have to submit a PC-compatible disk containing the file of the manuscript, four style- correct hard copies and a signed release form. The Editor does not accept responsibility for damage or loss of submitted papers. Articles and correspondence can also be directed to: Norman G. Miller University of San Diego Burnham-Moores Center for Real Estate 5998 Alcala Park Drive San Diego, CA 92110-2492 Phone: 619-260-7939 Email: nmiller@sandiego.edu Abstract An abstract of not more than 100 words is required. Headings Primary, secondary and tertiary heading should be indicated by numbering or in outline fashion (i.e., I, II, A, B, i, ii, etc.). Such outlining / numbering is for editorial purposes only and will not appear in print. Summary Each manuscript should include at the end of the text, a non-technical summary statement of the main conclusions. Exhibits Illustrations must be titled and numbered consecutively as exhibits with Arabic numbers. Please check that the text contains a reference to each exhibit. Verify that all numerical amounts add up to totals shown in the tables and that significant digits are rounded to no more than 2 or 3 numbers. All figures need to be sharp, clear and laser-quality. Exhibits in the final version must not be in color. Mathematical Proofs, Equations Lengthy mathematical proofs and extensively detailed mathematical tables should be placed in an appendix (or omitted entirely) and every effort should be made to explain the proofs. Equations should be placed on a separate line, centered and numbered consecutively at the right margin. Endnotes Endnotes in the text must be cited consecutively. They should be double-spaced and appear on a separate page. Avoid numerous and lengthy endnotes. References References must be presented alphabetically by the last name of the author and be double- spaced. References must be dated, and the citations in the text must agree. Only those references cited within the text should be included. The references must fit the following format: Deutsch, C.H. Commercial Property: Retail Space; For Retailers, It’s Space for Hard-Put Landlords. The New York Times, January 26, 1992, 10:1. Judge, G.G., W.E. Griffiths, R.C. Hill, H. Lutkepohl, and T.-C. Lee. The Theory and Practice of Econometrics. Second edition, New York: John Wiley, 1985. Kinnard, W.N. Tools and Techniques for Measuring the Effects of Proximity to Radioactive Contamination of Soil on Single-Family Residential Sales Prices. Paper presented at the Appraisal Institute Symposium, October 1991. Mills, E.S. The Value of Urban Land. In H. S. Perloff, editor, The Quality of the Urban Environment, Baltimore, MD: Johns Hopkins University, 1971, 229–53. Shilton, L., W. O’Connor, K. Teall, and J.R. Webb. Real Estate Taxation and Commercial Loan Underwriting. Decision Sciences, 1992, 23:5, 1162–73. Acknowledgment Authors may include a brief acknowledgment. It should appear after the references. Special Note Authors are strongly advised to review a recent issue of the JOSRE to confirm that their manuscript is in the style the Journal requires. For nonmembers, a submission fee of $135 is required (one year’s Academic Membership dues). THE AMERICAN REAL ESTATE SOCIETY Officers President President Elect Vice Program Chair Grant I. Thrall G. Stacy Sirmans David Harrison Business Geography Advisors Florida State University Texas Tech University Vice President and Director of Finance Secretary Program Chair Joseph B. Lipscomb* Thomas M. Springer Michael J. Seiler Texas Christian University Clemson University Old Dominion University Meeting Planner Director of Industry Liaison Executive Director Arthur L. Schwartz, Jr.* Larry Wofford* Stephen Pyhrr* University of South Florida–Emeritus University of Tulsa Kennedy Wilson Director of Strategy Ombudsperson Treasurer Stephen E. Roulac* Larry E. Wofford* Bart Danielsen Roulac Global Places LLC & University of Tulsa University of Ulster North Carolina State University Historian and Parliamentarian Director of Development Director of Publications Joseph D. Albert* Michael Seiler William G. Hardin, III James Madison University Old Dominion University Florida International University Appointed Positions Editors, JREPM Co-Editors, JHR Associate Executive Director Randy Anderson Ken H. Johnson Christopher Manning University of Central Florida Florida International University Loyola Marymount University Ping Cheng Geoffrey K. Turnbull Doctoral Seminar Director Florida Atlantic University University of Central Florida Elaine Worzala* Clemson University Glenn R. Mueller* Justin Benefield University of Denver & Dividend Capital Auburn University Director of International Corp. Liaison Editor, JOSRE Graeme Newell Co-Editors, JREL Norman G. Miller University of Western Sydney David M. Harrison University of San Diego Texas Tech University Newsletter Editors Ass. Editors, JOSRE Stephen Pyhrr* Mauricio Rodriguez* Kwame Addae-Dapaah Kennedy Wilson Texas Christian University National University of Singapore Susan Thrall Michael J. Seiler Nico B. Rottke Business Geography Advisors Old Dominion University European Business School Director of Placement Co-Editors, JREPE Robert Simons* Jesse Saginor William G. Hardin, III Cleveland State University Texas A&M University Florida International University Editor, JRER Elections Officer H. Shelton Weeks Ko Wang John S. Baen Florida Gulf Coast University Baruch College / CUNY University of North Texas Eli Beracha ARES Webmasters Director, Critical Issues University of Wyoming Mark Sunderman Seminar University of Memphis Case Editor, JREPE Ron Throupe Sean Salter Ko Wang University of Denver Middle Tennessee State University Baruch College / CUNY Executive Editor, JHR Leonard Zumpano University of Alabama Board of Directors Marsha Courchane (2010–15) Youguo Liang (2009–14) James Shilling (2009–14) CRA International Prudential Real Estate DePaul University Sofia Dermisi (2010–15) Marc A. Louargand* (2008–13) Robert A. Simons* (2012–17) Roosevelt University Saltash Partners Cleveland State University Terry R. Dunkin (2012–17) Margaret McFarland (2012–17) Thomas M. Springer (2008–13) Appraisal Institute & Grubb & Ellis University of Maryland Clemson University Andrew C. Florance (2010–15) Mauricio Rodriguez* (2009–14) John Williams* (2011–16) CoStar Group Texas Christian University Morehouse College William G. Hardin, III (2008–13) Jonathan Salk (2011–16) Richard Wincott (2008–13) Florida International University REALTOR University / NAR Altus Group Mike Highfield (2012–17) Sean Salter (2011–2016) Elaine M. Worzala* (2011–16) Mississippi State University Middle Tennessee State University Clemson University Steven P. Laposa* (2010–15) Douglas Sawyer (2009–14) Alvarez & Marsal Real Estate Advisory CCIM Institute & Sawyer Properties Services IRES Board Members Jane Londerville (2010–13) Karen Gibler (2011–14) Velma Zahirovic-Herbert (2012–15) University of Guelph Georgia State University University of Georgia *Past ARES President 1 Introduction 4 The Economics of Green Retrofits Nils Kok, Norman G. Miller, and Peter Morris 23 LEED in the U.S. Commercial Office Market: Market Effects and the Emergence of LEED for Existing Buildings David Blumberg 48 The Key Drivers and Barriers to the Sustainable Development of Commercial Property in New Zealand Sandy Bond and Guy Perrett 78 Sustainability and Income-Producing Property Valuation: North American Status and Recommended Procedures Grant Austin 122 Colorado’s High Performance Commercial Buildings: An Index and Market Evaluation Stephanie L. Gripne, J.C. Martel, and Brian Lewandowski 149 Comparative Analysis of Housing in Conservation Developments: Colorado Case Studies Christopher Hannum, Steve Laposa, Sarah E. Reed, Liba Pejchar, and Lindsay Ex 177 Sustainable Management of Real Estate: Is It Really Sustainability? Georgia Warren-Myers 198 Landscape Restoration and Stewardship Funded in Perpetuity through Home-site and Golf Course Development Roger Smith, Michael Brownfield, Toni Harlan, Judith H. Shepherd, Charles D. Laird, and Diane P. Genereux 212 Sustainability for Suburbs Errol Cowan J O SRE Vo l . 4 N o . 1–2 0 1 2 ISS N: 19 49 -82 76

Journal

Journal of Sustainable Real Estate – Taylor & Francis

Published: Jan 1, 2012

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