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1 CSIS Discussion Paper (University of Tokyo), No. 106.. *.. May 8, 2010. - - . 2005 1 2009 3 .. 1 .. 2) 3) .. Key Words: Hedonic Approach, Green Building, Environment, Neighborhood Effect, Geographic Information System JEL Classification: C31, N55, R21, R31. * .. 368 Business Bldg., University Park, PA 16802 USA. Email: . 277-8686 2-1-1 B 309. Email: 1.. 40% 1 .. Eichholtz et al. (2010), Miller et al. (2008), Brounen and Kok (2009) .. 2005 1 2009 3 .. 1 ) . 1.. 2005 2006 2007 2008 .. 6% 7% .. 10% .. 10% .. (2010) .. (2010) .. 2.. 3. 2.. 2003 California's sustainable building task force (2003) 33 . McKinsey and Company (2007, 2009) .. NPO Urban Land Institute Urban Land Institute (2008), Lockwood (2009), Tobias (2010) Urban Land Institute (2008).

2 UNEP FI PWG .. Pramerica Real Estate Investors (2007), RREEF (2007, 2008, 2009) USGBC (2008) LEED .. CASBEE . 4. 2) 2008 .. (2005) .. (2009) . (2009a,b) . SRI .. (2010) . Dian and Miranowski(1989) . Banfi et al. (2005) . 13 . 2010 . Eichholtz et al. (2010) Fuerst and Patrick (2008), Miller et al. (2008) . Brounen and Kok (2009) . 2010 .. 38,000 1,566 . 20% . 10% .. 2 ) (2008) . 5.. Eichholtz et al. (2010) Fuerst and Patrick (2008), Miller et al. (2008) . Brounen and Kok (2009) .. Eichholtz et al. (2010) . Energy-Star LEED . 694 .. 3% .. 6% . Fuerst and Patrick (2008) Miller et al. (2008) . Energy-Star LEED .. Miller et al. (2008) . 6 10 . Fuerst and Patrick (2008) 5 . 30 .. (2009b) .. 6.. Brounen and Kok (2009) . 2008 19 4 .. 3.

3 3.. 7.. PC , f G ,X , ,A ,C (1). PC , : i j . G : i . X , : i j . A : k . C : l .. ( X , ) .. ( A : ) (neighborhood effect) .. (CBD) .. (C ) .. 8.. (G) (PC) (X) (A) (C) .. (1) (G). 3) .. 2002 . 2005 10 1 . 4) 4 . 4 1) . 2) 3) 4) 5) . 3 .. (Heat Insulation) . 1 2 3 (Energy Efficiency) 1. 2 3 1 2 3 . (Greening) 1 2 3 6). 3 ) . 4 )2010 1 2010 10 . 5,000 2,000 5,000 .. 5 )2009 4 . 6 ) 100% . 9. 1 . 2 3.. (2) (PC) (X).. MRC . 7) .. 8) MRC .. 9) 10) .. 11).. 7 ) . 8 ) .. 9 ) 1K 1R 1DK 2 LDK 3K 3DK . 3 LDK 4DK 4 LDK 5DK 1 LDK 2K 2DK . K D L . 3 LDK 3 .. 10 ) S RC SRC . 11 ) . 10.. 12) 13) .. (3) (A). MRC .. 500m x 500m . ( ) 14) .. 2005 65. ( )15) . (4) (C). 23 .. 16) 23 CBD . 12 ) .. 13 ) 3 .. 14 ) 2006 (GIS) .. 15 ) .. 16 ) 7 . 7 . 11.

4 Jackson((1979) .. 23 2005 1 2009 3 . 80,207 2,063 8,2270 . 1 . 5277 5257 . 4488 15% .. (FS) (TS) . (LA) (CA) . (TT) 20 . 16 . 12. 1.. Asking Transaction Total Samples Samples Samples PC: Price of Condominium unit 5, 5, 4, (10,000 yen) ( ) ( ) ( ). FA: Floor Area (square meters). ( ) ( ) ( ). PC/FS(10,000 yen). ( ) ( ) ( ). LA:Land Area 6, 6, 5, (square meters) ( ) ( ) ( ). TA: Total Floor Area 3, 3, 2, (square meters) ( ) ( ) ( ). TS:Time to Nearest Station (minutes) ( ) ( ) ( ). TT: Time to Terminal Station (minutes) ( ) ( ) ( ). Number of Observations= 82,270 80,207 2,063. ( ) : Standard Deviation 4.. (1) Model 1 Model 3 3 .. (TrDi ) . 82270.. 2063 .. 13. (G ) .. (G ) (TrDi ) .. Model 1 G .. 1 .. Model 1. PC , , log a a G a X, a A a C a TD a TrD a G TrD , FS.)

5 PC , : i j t . 14. FS j . G i . X , i, j n . A k n . C l n . TD : (t=2005 -2009 ). TrD 0 . Model 2 G TD.. Model 2. PC , , log a a G TD a X, a A a C a TD a TrD. FS. a G TD TrD , Model3 G .. Model 3. PC , , log a a G a X, a A a C a TD a TrD. FS. a G TrD , 15. G i .. 2 Model 1 Model 3 3 .. Model1 + .. % .. 14% . 373 .. 16. (= ) .. Model2 2005 10 .. 2006 . 2007 2008 .. 2005 8 . 2006 2007 .. 2008 .. (= - ) 2008 100 .. Model3 Model1 Model2 . Model 3 .. 17.. (= + ) (= + ) .. (= + ) .. (= ) . 1% 3% . 10% .. (2010) .. (2010) .. LCC .. LCC .. LCC . 18.. 2. OLS . Dependent Variable ln (PC/FS): log price of condominium unit per square meter Independent Variables Cross Cross Cross Term: Property Characteristics Base Base Term: Base Term: x TrD.

6 X TRD x TrD. ** ** ** ** **. Constant **. Green Label ** - - - - ** **. Green Label X 2005 - - - - **. Green Label X 2006 - - - - **. Green Label X 2007 - - - - ** **. Green Label X 2008 - - - Heat Insulation-2 points - - - - ** Heat Insulation-3 points - - - - ** - Energy Efficiency-2 points - - - - ** Energy Efficiency-3 points - - - - ** **. Long Life-2 points - - - - **. Long Life-3 points - - - - *. 19. Greening-2points - - - - ** **. Greening-3 points - - - - ** Unit Characteristics FA: Floor Area ** ** **. FA2 ** ** **. Studio (Base = Medium-sized) ** ** **. Upscale (Base=Medium-sized) ** ** **. Building Characteristics Structure-Steel (Base=SRC) Structure-RC (Base=SRC) ** ** **. LA:Land Area(s) ** ** **. LA2 ** ** **. TA:Tatal Floor Area(s) ** ** **.

7 CA2 TS:Time to Nearest Station (s) ** ** **. TS2 ** ** **. Bus: Bus Dummy ** ** **. Bus TS ** ** **. TT: Time to Terminal Station * ** Area Characteristics FAR: Floor-to-Area Ratio ** ** **. LAR: Lot Area Ratio ** ** **. Zoning 1 (Commercial) ** ** **. Zoning 2 (Industrial) ** ** **. Density of Building Units* ** ** **. Mean of Floor Area per Bldg* ** ** **. Std. dev. of Floor Area per Bldg* ** ** **. Rate of 65 years old or above* ** ** **. Office Worker Ratio* ** ** **. Open Space Ratio* ** ** **. Latitude, Longitude Yes Yes Yes Location (Ward) Control Yes Yes Yes Railway Line Control Yes Yes Yes Construction Company Control Yes Yes Yes Developer Control Yes Yes Yes Time Control Yes Yes Yes Adjusted R square= Number of Observations= 82,270 82,270 82,270.

8 *Significant at 10%, **Significant at 5%, **Significant at 1%. Significance is based on White Heteroscedasticity Consistent Standard Errors. (s) after variable name indicates that the variable is demeaned. TrD:Transaction Dummy 20. 5.. White .. 21.. 2005.. 10.. (2010), .. 2009.. 2008.. 2009a. SRI .. - - . 13 .. 2009b.. 2010.. Banfi,Silvia, Farsi, Mehdi, Filippini, Massimo and Jakob, Martin. 2005, Willingness to Pay for Energy-Saving Measures in Residential Buildings, CEPE Working Paper, No. 41. Brounen, Dirk and Kok, Nils. 2009. On the Economics of Energy Lablels in the Housing Market. Unpublished Manuscript. California's Sustainable Building Task Force. 2003. The Costs and Financial Benefits of Green Buildings. Sacramento, California.

9 Dian, Terry M and Miranowski, John A. 1989. Estimating the implicit Price of Energy Efficiency Improvements in the Residential Housing Market- A Hedonic Approach, Journal of Urban Economics, , Eichholtz, Piet M. and Kok, Nils and Quigley, John M. 2010. Doing Well by Doing Good? Green Office Buildings. Forthcoming, American Economic Review. Fuerst, Franz and McAllister, Patrick. 2008. Green Noise or Green Value? Measuring the Price Effects of Environmental Certification in Commercial Buildings. MPRA Paper 11446, University Library of Munich, Germany. Jackson, Jerry R . 1979. Intraurban Variation in the Price of Housing, Journal of Urban Economics, , Lockwood, Charles. 2009. The Green Quotient: Insights from Leading Experts on Sustainability.

10 Urban Land Institute. McKinsey and Company. 2007. Reducing Greenhouse Gas Emissions: How Much at What Cost? Greenhouse Gas Abatement Mapping Initiative. McKinsey and Company. 2009. Unlocking Energy Efficiency in the Economy. Miller, N., Spivey, J. & Florance, A. 2008. Does Green Pay Off? Unpublished Manuscript. 22. Pramerica Real Estate Investors. 2007. To Be Green or Not to Be Green? Why that is Not the Question? RREEF. 2007. The Greening of Investment Real Estate Market Fundamentals, Prospects and Opportunities. RREEF. 2008. Globalization and Global Greening Trends in Green Real Estate Investment. RREEF. 2009. How Green a Recession? Sustainability Prospects in the US Real Estate Industry. Tobias, Leanne. 2010. Retrofitting Office Buildings to Be Green & Energy Efficiency.