商用不動產永續特徵對企業租賃決策之影響 及其溢價意願探討：以綠色、健康與智慧建築為例

Abstract

隨著全球 2050 淨零排放目標確立與 ESG 評鑑轉向實質約束，商用不動產作為企業營運的核心載體，其永續特徵已從品牌榮譽轉化為選址決策的剛性需求 。本研究旨在探討企業決策者對於辦公空間「環境責任（綠色）」、「員工福祉（健康）」與「智慧科技（智慧）」三大維度之價值偏好及其願付租金溢價意願 。 本研究以台灣北部A級辦公大樓之企業決策者為研究對象，透過問卷調查法與條件評價法進行量化分析，共回收101份有效樣本。研究結果顯示： 1. 維度重要性排序：租賃決策者最重視「員工福祉（健康）」，其次為「智慧科技（智慧）」，「環境責任（綠色）」則被視為市場基本門檻。 2. 價值落差現象：全體樣本在重要性評分中以【資訊通信】、【飲水食材】與【生活機能】最高；但在願付溢價意願上，具備減碳實效的【建築能效】與具備管理彈性的【共享資源】顯著躍升，顯示企業在支付溢價時具備高度財務理性，傾向能產生實質財務回饋或滿足剛性合規需求之項目。 3. 溢價比率估算：整合三維度的旗艦方案最受青睞（40%），其願付平均溢價率達10.4% 。電子科技產業之溢價意願最高，其願付平均溢價率顯著高於傳統工業。 4. 永續政策之影響：具有永續行動之企業對各類方案的願付溢價率高於無永續行動之企業約1～1.4%，顯示永續成本已納入其內部決策結構。 本研究最後針對開發商提出精準資源配置與客製化產品組合之策略建議，並建議企業租戶將永續空間視為提升組織績效與ESG競爭力的長期投資。

With the global consensus on 2050 Net-Zero emissions and the shift of ESG evaluations toward quantitative constraints, sustainability features in commercial real estate have transformed from brand honors into essential requirements for corporate site selection. This study investigates the value preferences and willingness to pay (WTP) a rental premium among corporate decision-makers regarding three dimensions of office space: “Environmental Responsibility (Green),” “Employee Well-being (Healthy),” and “Smart Technology (Smart)”. Targeting corporate decision-makers in Grade A office buildings in Northern Taiwan, this research employed survey analysis and the Contingent Valuation Method, collecting 101 valid responses. The key findings are as follows: 1. Dimension Preference Hierarchy: Decision-makers prioritize "Employee Well-being (Healthy) “the most, followed by” Smart Technology (Smart). “Environmental Responsibility (Green)” is increasingly viewed as a baseline market threshold or regulatory necessity. 2. Value-Gap Phenomenon: While “Information & Communication,” “Water & Food,” and “Life Amenities” received the highest importance scores, the WTP ranking showed significant shifts. “Building Energy Efficiency” and “Shared Resources” rose prominently, indicating that corporate entities exhibit high financial rationality, prioritizing features that offer tangible financial returns or satisfy rigid compliance. 3. Rental Premium Estimates: The flagship “Green + Smart + Healthy” scheme was the most preferred (40%), with an estimated average WTP of 10.4%. The electronics and technology industry exhibited the highest WTP, significantly surpassing traditional manufacturing. 4. Impact of Sustainability Policies: Companies with active sustainability initiatives showed a WTP approximately 1% to 1.4% higher than those without, suggesting that sustainability costs are integrated into their internal budgetary frameworks. Finally, this study provides developers with practical recommendations for strategic resource allocation and customized product portfolios, while advising corporate tenants to view sustainable office environments as long-term investments in organizational performance and ESG competitiveness.