The Capital Vintage Paradox and Ceres panel on "ESG & Real Estate"
Finally some "new" research from the Kahn-Kok front: we've revised our paper on commercial building energy consumption, now titled "Energy Consumption and the Durable Building Stock: The Capital Vintage Paradox". Not sure whether that's exciting enough for the non-academic reader, so just in case you do not have the time to go through the academic prosae, I'll summarize the paper in a couple of sentences.
Over the past three decades, building codes have been implemented and sharpened for residential and commercial buildings. For the former, that has led to reduced energy consumption in more recently constructed dwellings (as documented by Matt Kotchen for homes in Florida, and by Matt Kahn for homes in California). However, in commercial buildings, something seems to go wrong: the "steady state" energy consumption of buildings constructed after 1970 has been increasing ever since!
Continue reading here.
Author: Nils Kok