Green Building Adoption Index 2016

Today we released the Green Building Adoption Index 2016! This is a project in cooperation with the research team of CBRE, led by David Pogue, and my colleague Nils Kok (Maastricht University).

This year's release features an online tool (included below) which maps all the certified buildings that are included in the index, and displays the individual market reports. The national results can be downloaded by using this link, and the official press release can be found here.

Energy Efficiency and Economic Value in Affordable Housing

One of my research papers has been accepted for publication in Energy Policy, this is joint work with Piet Eichholtz (Maastricht Univeristy) and Andrea Chegut (MIT):


Strong rental protection in the affordable housing market often prohibits landlords from charging rental premiums for energy-efficient dwellings. This may impede (re)development of energy efficient affordable housing. In the Netherlands, affordable housing institutions regularly sell dwellings from their housing stock to individual households. If they can sell energy efficient dwellings at a premium, this may stimulate investments in the environmental performance of homes.

We analyze the value effects of energy efficiency in the affordable housing market, by using a sample of 17,835 homes sold by Dutch affordable housing institutions in the period between 2008 and 2013. We use Energy Performance Certificates to determine the value of energy efficiency in these transactions. We document that dwellings with high energy efficiency sell for 2.0–6.3% more compared to otherwise similar dwellings with low energy efficiency. This implies a premium of some EUR 3,000 to EUR 9,700 for highly energy efficient affordable housing.

Full paper: Chegut, Eichholtz, Holtermans (2016)

Information Asymmetry and Sustainability in Real Estate Markets

After years of hard work, and having had the opportunity to travel the world and visit with great institutions, on June 23, 2016 it was finally time to defend my dissertation entitled "Information Asymmetry and Sustainability in Real Estate Markets." Economisch Statistische Berichten, a Dutch magazine for economists published a nice one-page summary on my dissertation (unfortunately only in Dutch). 

Full dissertation: Holtermans (2016)


The Economic Effects of Owner Distance and Local Property Management in U.S. Office Markets

One of my research papers has been accepted for publication in the Journal of Economic Geography, this is joint work with Piet Eichholtz (Maastricht University) and Erkan Yönder (Oyzegin University):


Using a large dataset of U.S. offices we analyse the relationship between investors' distance to their assets and the effective rent of these assets, and study the extent to which property managers can influence this relationship. We construct hedonic rent models to control for other known rent determinants. It turns out that proximity matters: holding everything else constant, investors located closely to their office buildings are able to extract significantly higher effective rents from these assets, especially if these buildings are of low quality. This effect is due to significant differences in occupancy levels. Interestingly, property managers can affect this relationship, mitigating the adverse effects of investor distance on effective office rents. Especially if the owner does not reside in the same state as the building, external property management is of importance, most prominently so for class-B office buildings.

Full paper: Eichholtz, Holtermans, and Yönder (2016)