The paper examines how ESG (Environmental, Social, Governance) principles shape the innovation-driven development of commercial real estate assets. The integration of environmental, social and governance requirements into the development and operation of office and retail buildings is shown to alter the incentive structure for owners, property managers and tenants. The research is based on a systemic and institutional framework and uses content analysis of regulatory documents and industry reports, as well as case studies of “green” office centres certified under international and national schemes. ESG characteristics are argued to become an integral part of the institutional infrastructure of the commercial real estate market, setting a new standard of asset competitiveness and driving technological, organisational and financial innovations. The study concludes that commercial real estate is increasingly perceived as an asset that generates additional value through sustainability, the quality of the indoor environment and lower regulatory and reputational risks, rather than merely as physical space for business activities.
ESG principles; commercial real estate; innovation-driven development; green building; sustainable development; investment attractiveness; operating costs; green certification
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