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This study seeks to provide a review of the background and context to the engagement of RICS members with the sustainability agenda, and to examine the extent to which the surveying profession uses relevant information, tools and techniques to achieve the key objectives of sustainable development (or sustainability).

The paper analyses results from a major international online survey of 4,600 RICS respondent members, supported by 31 structured telephone interviews.

The results suggest that, although sustainability is highly relevant to RICS members' work, a lack of knowledge and expertise is making it more difficult for sustainability tools and other information to be used effectively.

The survey is based on a substantial number of responses which are broadly representative of the global RICS population. A key implication is that “laggard” faculties include the disciplines of commercial property and valuation.

The research suggests that key stakeholders must work together to provide better information, guidance and education and training to “hardwire” the sustainability agenda across RICS faculties.

This is the first truly global survey of its kind and focuses particularly on those faculties that play a major role in property investment and finance (i.e. valuation and commercial property), comparing their position with that of other faculties in an international context.

Aims to explains the mismatches between political discourse and military momentum in the US handling of the Cuban missile crisis by using the model of the potential autopoiesis of subsystems. Under wartime conditions, the codes of political and military communications can increasingly be differentiated.

The model of a further differentiation between political and military power is developed on the basis of a detailed description of the Cuban missile crisis. The concept of a “semi‐dormant autopoiesis” is introduced for the difference in the dynamics between peacetime and wartime conditions.

Several dangerous incidents during the crisis can be explained by a sociocybernetic model focusing on communication and control, but not by using an organization‐theoretical approach. The further differentiation of the military as a subsystem became possible in the course of the twentieth century because of ongoing learning processes about previous wars.

Politicians should not underestimate autonomous military processes or the significance of standing orders. In order to continually produce communications within the military, communication partners are needed that stand outside the hierarchy, and this role can be fulfilled by an enemy. A reflexively imagined enemy can reinforce the autopoiesis of the military subsystem.

The paper shows that civilian control over military affairs has become structurally problematic and offers a sociocybernetic explanation of the missile crisis. The potential alternation in the dynamics under peacetime and wartime conditions brings historical specificity back on the agenda of social systems theory.

The purpose of this paper is to explain the rationale for integrating sustainability issues into property valuation theory and practice and to provide initial suggestions for valuers on how to account for sustainability issues within valuation reports.

The authors emphasise the key role of valuation professionals and of the valuation process itself in achieving a broader market penetration of sustainable construction. It is explained that, on the one hand, property valuation represents the major mechanism to align economic return with environmental and social performance of property assets, and thus to express and communicate the advantages and benefits of sustainable buildings. On the other hand, it is explained that gradual changes in market participants' perceptions in favour of sustainable buildings must be reflected within the property valuation and associated risk assessment process (otherwise valuers would produce misleading price estimates). The authors identify both the financial benefits and risk reduction potential of sustainable design as well as valuation input parameters that would allow these benefits to be reflected in property price estimates.

The authors show that the main reasons for immediately and rigorously integrating sustainability issues into property valuation are as follows: more sustainable patterns of behaviour are urgently necessary to sustain the viability of the Earth's ecosystems; a huge untapped market potential exists for sustainable property investment products and consulting services; sustainable buildings clearly outperform their conventional competitors in all relevant areas (i.e. environmentally, socially and financially); neglecting the benefits of sustainable design leads to distorted price estimates; and reflecting sustainability issues in property price estimates is already possible and the validity of this decision depends solely on the valuer's capability and sophistication to explain and justify his/her assumptions within the valuation report. However, it is also shown that efforts need to be undertaken to improve the description of property assets in transaction databases in order to provide the informational databases necessary to empirically underpin a valuer's decision to assign a “valuation bonus” to a sustainable building or a “valuation reduction” to an unsustainable/conventional one.

The paper postulates that valuation reports should be extended to include the following additional elements: a clear description of the availability of certain sustainability‐related property characteristics and attributes; a statement of the valuer's opinion about the benefits of these characteristics and attributes; and a statement of the valuer's opinion about the impact of these benefits and/or risks on property value.

Forecasts of rental growth are increasingly being required by and provided to property investors by a growing number of suppliers. Reviews the uses to which such forecasts are put by a major Uk institutional investor and, from a relatively unique vantage point, critically reviews the forecasting services available in the marketplace. In doing so, it identifies the main forecasting approaches adopted, highlights some of the clear inconsistencies between forecasters in terms of what they are forecasting, how they are forecasting and the different data sources they are using. Explains some of the causes for substantial variations observed in the forecasts provided and, finally, explores the potential for systematic forecasting errors. Concludes by emphasizing the need to switch attention from technical methods to improved “view formation”.

Purpose – Long-term care (LTC) services assist people with limitations in the ability to perform activities of daily living (ADLs) as a result of chronic illness or disabilities. We discuss possible behavioral explanations for the under-purchasing of LTC insurance, as well as the current state of knowledge on the neural mechanisms behind these behavioral factors.

Findings/approach – Ideas from behavioral economics are discussed, including risk-seeking over losses, ambiguity-preferring over losses, hyperbolic discounting, and the effect of the aging process on the underlying neural mechanisms supporting these decisions. We further emphasize the role of age, as aging is a highly heterogeneous process. It is associated with changes in both brain tissue as well as cognitive abilities, and both are characterized by large individual differences. Therefore, understanding the neural mechanisms is vital to understanding this heterogeneity and identifying possible methods of interventions.

Research implications – LTC financing and insurance is a looming issue in the next 10–20 years. It is important to understand the process by which people make decisions about LTC insurance, heterogeneity in decision processes across individuals, and how these decisions interact with changes in policy and private LTC insurance markets.

Originality/value of the chapter – By providing an overview of the current state of knowledge in behavioral economics of LTC insurance and the neuroscience of aging, this chapter provides some new directions in the emerging area of neuroeconomics of aging.

Buildings, which account for approximately half of all annual energy and greenhouse gas emissions, are an important target area for any strategy addressing climate change. Whilst new commercial buildings increasingly address sustainability considerations, incorporating green technology in the refurbishment process of older buildings presents many technical, financial and social challenges. This paper aims to explore the social dimension, focusing on the perspectives of commercial office building tenants.

Semi‐structured in‐depth interviews were conducted with seven residents and neighbours of the case‐study building undergoing green refurbishment in Melbourne, Australia. Responses were analysed using a thematic approach, identifying categories, themes and patterns.

Commercial property tenants are on a journey to sustainability. Tenants are interested and willing to engage in discussions about sustainability initiatives, but the process, costs and benefits need to be clear.

The findings, while limited by non‐random sampling and small sample size, highlight that the commercial property market is interested in learning about sustainability in the built environment.

The findings highlight the importance of developing a strong business case and transition plan for sustainability in commercial buildings. As sustainable buildings become mainstream, tenants predicted the emergence of a “non‐sustainability discount” for residing in buildings without sustainable features.

This research offers a beginning point for understanding the difficulty of integrating green technology in older commercial buildings. Tenants currently have limited understandings of technology and potential building performance outcomes, which ultimately could impede the implementation of sustainable initiatives in older buildings.

This paper seeks to consider how policy changes may drive a change in leasing practices, in order to reduce environmental impact (particularly carbon dioxide emissions) from the commercial building stock.

In many countries, including the UK, environmental policy (particularly on carbon dioxide emissions from energy use) is beginning to impact on the commercial property market. This paper explores barriers to improved performance, two models for greening leases (a light green and dark green approach) based on work by the authors from Cardiff University and the Australian government, as well as how tenanted buildings can be managed “more greenly”. It then explores how green leases may penetrate the market.

The conventional relationship between the landlord (as building owner) and tenant (as occupier) largely neglects environmental considerations. However, change may be rapid, disruptive and challenging.

The paper lays out some of the issues, solutions, and pathways for the commercial property industry.

Environmental sustainability has taken on increased importance in recent years with property companies. The purpose of this paper is to assess the strategies used by listed property trusts (LPTs) in Australia in delivering excellence and international best practice in environmental sustainability for commercial property.

Using content analysis, the annual reports, corporate responsibility and sustainability reports, and carbon disclosure reports for all LPTs in Australia are assessed. These public domain documents are used to identify the corporate strategies used by LPTs for implementing international best practice in environmental sustainability for the LPT commercial property portfolios.

The paper finds that Australian LPTs are seen to be strategically implementing a wide range of procedures regarding environmental sustainability. These contributions represent international best practice in environmental sustainability procedures, and include strategies at the corporate, portfolio and individual commercial property levels. These results confirm the strong leadership role of Australian LPTs in implementing international best practice in environmental sustainability in commercial property.

Previous research into sustainable commercial property has largely focused on the valuation implications with sustainability and the various sustainability rating tools. This paper rigorously assesses the strategic issues concerning implementing international best practice in environmentally sustainable commercial property; particularly highlighting the strong leadership role of LPTs in Australia in implementing these international best practices. Given the increasing significance of environmental sustainability and commercial property, this research enables more informed and practical investment decision making by property companies regarding the implementation of environmental sustainability procedures for their commercial property portfolios which are seen to be international best practice.