The Relationship Between Economy, Sustainability And Risk

The real estate sector has to increase its efforts to contribute to a sustainable development. This concerns primarily energy efficiency and the CO2 emission of the buildings, as well as secondary aspects like healthy living, a considerate use of natural resources during construction and recyclability. In Addition to that especially housing companies have to consider social aspects like the special needs of tenant groups like elder people, families and single parents respectively the buildings flexibility. At the same time even the formerly non-profit municipal and company-owned housing companies are forced to increase their profitability. They see themselves caught in a double windmill between economy on the one hand and ecology as well as social aspects on the other hand. According to this sustainability investments always must have a positive effect on the buildings profitability, too. However, an immaculate economic investment analysis often does not take effects on a buildings risk situation into account which leads to wrong decisions. This paper wants to point out the positive effects of ecological and social advantageous buildings on their economic risk. At first the paper illustrates common requirements on sustainable buildings as well as the relevant risks and their mutual influences. Subsequently the effects of building characteristics on the economic risk are pointed out and set into relationship to factors of sustainability. Finally the paper comments on future developments and coming requirements in the field of sustainable buildings.