Från policy till pris : Strategiskt beslutsfattande om energieffektivitet på den svenska kontorsmarknaden

The real estate sector is undergoing an extensive transformation as the European Union’sEnergy Performance of Buildings Directive (EPBD) tightens requirements for energy efficiency and sustainability. The first milestone in the directive takes effect in 2030 and primarily targets non-residential buildings, making office properties the main focus of this thesis. Given the strong role that economic considerations generally play in corporate decision-making, this study explores the extent to which energy performance affects property prices in practice. This is necessary not only to ensure compliance with EPBD, but to remain competitive in a changing market – and to realize that failing to adapt puts you at risk of falling behind. The aim is to analyze how actual energy use and recommended energy efficiency measures, as reported in energy performance certificates (EPCs), influence transaction prices for Swedish office buildings. The study is guided by two research questions: (1) Is energy use reflected in the transaction prices of Swedish office buildings? (2) Do suggested energy efficiency measures influence transaction prices? The study was carried out in three phases: a pilot study, a main study and an analysis. The pilot study included interviews with energy consultants and a preliminary statistical analysis of EPC data from the Stockholm region. The main study was based on a hedonic pricing model using transaction data for office buildings across Sweden from 2017 to 2024. The results indicate that energy consumption exhibits a correlation of approximately 20 % with transaction prices, with the impact varying between roughly 22 % and 37 %. Traditional value drivers such as location, rental income, and building age continue to play a dominant role in price determination. The analysis of proposed energy efficiency measures reveals that context is decisive: Installation-related measures tend to be associated with a negative price impact, approximately 16 %, whereas Construction measures mostly demonstrate a positive effect on price. Control & Operation have few models with low significance. This suggests that different types of measures are perceived either as future costs or investment opportunities. The analysis is further interpreted through a real option theoretical framework, which highlights how uncertainty and flexibility influence decision-making. This perspective helps explain why energy efficiency may be perceived as an option rather than as an immediate value-creating initiative. The study suggests that the market does not yet fully capitalize on potential future savings, especially in a context where energy prices and regulations do not currently provide strong enough incentives. In conclusion, the study finds that, at present, energy performance and recommended measures have a partial impact on the pricing of Swedish office properties.