QuiVal

Eight universities and fourteen practice partners will jointly contribute to create a transdisciplinary research environment that encompasses stakeholders involved in the production and operation of CO2 neutral real estate and represent academic backgrounds in architecture, civil engineering, real estate valuation/investment/ development/management, economics, finance, industrial ecology, waste management, circular economy (CE), social value and block chain. QuiVal will train a new generation of professionals who can take an innovative, climate-aware approach to real estate valuation. To achieve the European aim of becoming CO2 neutral before 2050, the real estate industry urgently needs to reduce its emissions. To date, investment real estate is valued based on its potential future income generation, without considering environmental and societal values. Little attention has been given to understand the value of real estate that is CO2 neutral throughout its life cycle, which means neutral in both production and operation. Incorporating broader real estate values requires a new valuation approach, to be able to include carbon emissions associated with construction, maintenance, refurbishment and demolition activities, the future value of the reuse potential of buildings and their components and materials. Through research on the broader value of circular real estate and new approaches to valuation, QuiVal, will contribute to achieve the European aim of becoming CO2 neutral before 2050. QuiVal is inspired by the concepts of quantum probability to reconceptualise value that can take on multiple facets (e.g. environmental and societal value) and to account for disparities when actors disagree on the exact value. Developing a valuation approach that incorporates these extensions is a transdisciplinary challenge that takes into account the full complexity of value drivers in real estate.