This study investigates the impact of Environmental, Social, and Governance (ESG) certifications on the performance of Class A office buildings within Madrid’s Central Business District (CBD). Employing a Multi-Criteria Decision Making (MCDM) methodology, the research evaluates 21 office properties, analyzing the influence of ESG certifications on key performance indicators, including green building certifications, valuation, market perception, and financial outcomes. The findings reveal that ESG-certified buildings demonstrate superior performance, commanding higher valuations, mitigating brown discounts, and achieving increased rental rates, thereby enhancing their investment attractiveness. These results underscore the importance of ESG certifications in the Spanish office market and provide valuable insights for investors, developers, and policymakers navigating the integration of sustainability and commercial real estate.

This study examines the relationship between ESG certifications and performance indicators of Class A office buildings in Madrid's Central Business District. Using a Multi-Criteria Decision Methodology, we evaluate 21 properties with varying degrees of renovation and CAPEX investment. The research reveals that ESG-certified buildings command higher valuations, experience reduced brown discounts, and benefit from improved speed to market compared to non-certified properties. Furthermore, these buildings achieve higher asking rents and enjoy easier access to financing. The results underscore the significant role of ESG certifications in enhancing real estate performance and investment attractiveness in the Spanish office market, providing valuable insights for investors, developers, and policymakers navigating the intersection of sustainability and commercial real estate.

The city of Shanghai, known for its economic influence and liveliness, has been a prominent example of resilient and dynamic urban development in recent years (Shi et al., 2021). With over 25 milli...

This research article explores the valuation of mixed-use developments and their impact on urban planning and city regeneration. The study introduces a Multi-Criteria Decision Making (MCDM) methodology to analyze complex buildings developed in Shanghai from 2009 to 2019. Two MCDM appraisals are offered in different developments using three groups of key indicators that served as benchmarks for other Chinese clusters and global megacities. The article addresses two primary research questions: how mixed-use assets can be assessed using MCDM, and what the key performance indicators and factors contributing to the success of mixed-use developments are. The findings highlight the importance of connectivity, previous real estate experience, ESG strategies, international branding, architectural design, financial metrics, and adaptability of the real estate industry in evaluating mixed-use assets. The study provides insight to stakeholders involved in real estate development, including urban planners, developers, and investors, enabling them to make informed decisions and improve sustainable practices. The research also highlights the importance of considering ESG principles, community benefits, and long-term strategies when assessing mixed-use developments to drive social change and contribute to urban regeneration.

This study examines the impact of large mixed-use developments on the financial performance of publicly listed real estate firms in Shanghai from 2009 to 2019. The research uses a Multi-Criteria Decision Making (MCDM) approach, considering 14 key performance indicators (KPIs) across three categories: Corporate and Financial Information, Strategy Indicators, and Specifics of Mixed-Use Development. The article analyses the performance of large, listed investors on the Hong Kong, Shanghai, and Singapore Stock Exchanges, providing insights into their evolution over the past decade. The literature review highlights the relationship between companies’ performance and corporate finance, capital structure, and financial ratios. It identifies an existing gap in research related to mixed-use assets and indirect real estate. By using the MCDM framework, the study evaluates these assets and provides actionable insights for global investors, asset managers, and developers, helping them make informed decisions in indirect real estate investment. The findings contribute to understanding investment strategy formation in dynamic real estate markets and support informed diversification and urban policy development. This paper offers a useful appraisal framework for future MCDM risk assessments, assisting stakeholders in navigating the complexities of the real estate landscape in one of the world’s foremost metropolitan hubs. It also offers recommendations and insights on best practices for global listed firms while providing a framework for future research in the field of property investment.

The transition to occupancy-responsive building energy management is one of the most consequential and least-understood energy transitions in the commercial built environment. This systematic review traces how Occupancy Planning Management (OPM) technologies have co-evolved with organisational practices and regulatory regimes over four decades, from 1980s CAD platforms through IoT sensor networks to AI-enabled autonomous control, and examines why technical capability has repeatedly failed to translate into measurable energy performance gains. A PRISMA 2020-aligned search across six databases yielded 103 sources (72 peer-reviewed; 31 AACODS-appraised grey literature). Bibliometric analysis identifies three citation clusters: building energy performance, facility management strategy, and AI-driven occupancy prediction. Drawing on IEA EBC Annexes 53, 66, 79, and 95, the review demonstrates that occupancy-responsive HVAC control can reduce energy use substantially, but that the accuracy ceiling of demand-responsive building management is determined as much by behavioural model quality as by sensor hardware, a finding with direct implications for decarbonisation investment. An original Socio-Technical Co-Evolution Framework explains why energy transitions in OPM succeed only when technological capability, organisational paradigm, and socio-regulatory context align simultaneously, accounting for patterns that technology-centred adoption models cannot. A governance quadrant for privacy-preserving occupancy sensing, a standardised four-level occupancy lexicon, and a prioritised ten-gap research agenda complete the practical contribution.