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Reflecting Sustainability in the Analysis of Highest and Best Use: Evidence from Polish Municipalities

Author

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  • Rymarzak Małgorzata

    (Departament of Investment and Real Estate, University of Gdansk, Poland)

  • Siemińska Ewa

    (Departament of Investment and Real Estate, Nicolaus Copernicus University in Torun, Poland)

  • Sakierski Krzysztof

    (NGL Advisory Sp. z o.o. ul. Koszykowa 61B, 00-667 Warszawa, Poland)

Abstract

The combination of policy concerns over climate and demographic change, energy shortages, resource efficiency and the natural environment, has led municipalities to be expected to reflect sustainability in different actions, including the decision-making on a considerable amount of their real property assets. As more and more municipalities, use the highest and best use analysis for reviewing the configuration of real property asset portfolio to achieve public goals, this provokes an examination of the reflection of sustainability (environmental, economic and social dimensions) in this kind of elaboration. Thus, this paper aims to investigate how Polish municipalities deal with the incorporation of sustainability into the highest and best use analysis and its operationalization in four tests (legally permissible, physically possible, financially feasible, and maximally productive). The research goal was pursued based on quantitative research using surveys conducted between April and May 2022 among eleven municipalities (creating the largest metropolitan areas in Poland) and qualitative research by the content analysis of HBU analyses prepared for them in previous years.

Suggested Citation

  • Rymarzak Małgorzata & Siemińska Ewa & Sakierski Krzysztof, 2022. "Reflecting Sustainability in the Analysis of Highest and Best Use: Evidence from Polish Municipalities," Real Estate Management and Valuation, Sciendo, vol. 30(4), pages 103-115, December.
    • Handle: RePEc:vrs:remava:v:30:y:2022:i:4:p:103-115:n:6
    DOI: 10.2478/remav-2022-0032
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    References listed on IDEAS

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    1. Paulo Caldas & Brian Dollery & Rui Cunha Marques, 2022. "Measuring what matters in local government: a Municipality Sustainability Index," Policy Studies, Taylor & Francis Journals, vol. 43(4), pages 738-758, July.
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    More about this item

    Keywords

    sustainability; highest and best use; municipalities;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • R52 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Land Use and Other Regulations
    • R59 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Other

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