The Randstad office market is increasingly characterized by uncertainty resulting from hybrid working patterns and changing space requirements. Therefore, tenant break options have become a common feature of Dutch office lease contracts. Break options provide tenants with the flexibility to terminate a lease before its contractual expiry date, but they are rarely valued explicitly in professional real estate valuation practice, where discounted cash flow (DCF) models typically assume fixed lease terms and predetermined cash flows.

This study examines how real-options logic can be applied to value tenant break options in Dutch office leases and assesses the implications for property valuation. An exploratory sequential mixed-methods design was adopted. The qualitative research consisted of semi-structured interviews with valuers, an asset manager, and a corporate real estate manager. The quantitative research involved the development of a binomial option pricing model, parameterized using office lease data from the Randstad.

The findings indicate that break options are widely recognized in practice but are generally treated implicitly rather than through explicit pricing methods. Respondents acknowledged that break options create value for tenants while increasing uncertainty for landlords and investors. The quantitative analysis demonstrates that tenant break options can be modelled as real options and valued in a manner consistent with both option-pricing theory and market practice.

The study concludes that explicit option pricing provides a transparent and reproducible framework for analyzing lease flexibility. While the resulting valuations are broadly consistent with those produced by traditional DCF models, the real-options approach improves transparency, supports lease negotiations, and provides a clearer understanding of the economic implications of tenant break rights in office lease contracts. ... Read more

The increasing emphasis on Environmental, Social, and Governance performance has intensified pressure on the built environment sector to demonstrate not only economic value but also meaningful social impact. Despite growing recognition of social sustainability, it remains the least developed pillar of sustainability, characterised by conceptual ambiguity and a lack of operational guidance. At the same time, societal challenges such as housing shortages, loneliness, and displacement highlight the need for more structured approaches to social impact management.

This research repositions Social Impact Management Plans (SIMPs) as strategic management mechanisms for integrating social sustainability within the built environment. An exploratory qualitative methodology was adopted, combining a literature study, framework analysis using the Social Equity Assessment Method (SEAM) as an analytical reference, and semi-structured interviews with investors and developers. The findings from theory and practice were synthesised into a conceptual integration framework, which was subsequently translated into a practical tool for implementation.

The framework, inspired by the Business Canvas Model, provides a structured tool for understanding how SIMPs can be integrated into the strategic and organisational practices of investors and developers. By bridging theory and practice, the study contributes to the operationalisation of social sustainability within the built environment. As this framework is conceptual, further studies must be done to strengthen its practical credibility.
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This thesis addresses the knowledge gap between Architects and Real Estate Investors that constrains typological innovation in the residential investment market. Its primary contribution is the Development of a Handbook that defines an integrated framework enabling both disciplines to co-create greater value through Research by Design as an iterative process for testing assumptions and aligning spatial and financial decisions. Grounded in Spatial Adequacy and Patient Capital, the framework translates non-monetary spatial qualities into long-term monetary performance and asset stability. The approach is validated through a Swiss urban case study, demonstrating how evolved practice perspectives can support the design of supply-demand-aligned residential typologies in Zurich. ... Read more

Problem:
The European hotel real estate sector faces converging pressures from regulations, shift in socio-economic demand and a volatile hotel capital market increasing risk of stranding. Investors are slowly starting to be concerned about the rising uncertainty especially as the deterministic financial models overexpose investments to risks of lost value in periods of crisis. Although some operators are utilising flexibility in practice, empirical evidence remains limited and outcomes are still theoretical.

Method:
This exploratory study employs a mixed method design. The qualitative approach consists of six semi-structured interviews with hotel capital market stakeholders with expert knowledge about the Dutch market. The quantitative approach consists of a developed synthetic Discounted Cash Flow (DCF) model of an Amsterdam hotel under a COVID-19 scenario with an incorporated switch use real option between hotel, hostel and apart hotel typologies. To obtain probabilistic results of the Real Option Values (ROV), the DCF model was run 10 000 through a Monte Carlo simulation. The mixed method allowed the research to share knowledge about flexibility in real estate and quantify its capture of hidden value.

Frame:
The study focuses on the value of flexibility in the Dutch hotel capital market, conceptualising it across three interdependent dimensions: physical, operational and strategical. The primary interest of this paper is to assess the potential value of flexibility concerning valuation & risk management.

Objectives:
The research aims to determine how flexibility is integrated in hotel real estate and identify core features, drivers and barriers that influence its integration. Examine flexibility's environmental outcomes and their financial implications. Quantify the Real Option Value generated by a switch use option. Finally, evaluate whether flexibility can capture hidden investment value while mitigating stranding risk. The results will support equity investors in long-term decision-making, to move beyond short-termism and view flexibility as a crucial ability.

Outcomes:
The interviewed stakeholders recognised the value of flexibility, stating that it remains absent from the valuation methodology and revealed extensive knowledge about its integration in practice. The synthetic hotel case during COVID-19 demonstrated that the median output from a DCF with a switch use real option under 10 000 Monte Carlo simulation could improve NPV value by 163% and reduce initial NPV value loss without real option by 54%. In this case, exercising real options transformed a negative NPV to a profitable one with more upsides than downsides. The Real Option Value (ROV) shifted the distribution of the investment, reducing downside losses while preserving more upside opportunities These findings provide a holistic perspective around the value of flexibility.
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Office space is one of organisations’ largest fixed-cost items, and decisions about portfolio size, desk ratios, and workplace design are increasingly driven by expected attendance patterns rather than headcount. Yet, how organisations steer attendance in hybrid work and what tensions this steering produces remain poorly understood. This study examines how three large Dutch banking organisations navigate tensions between autonomy and control when steering office attendance, using a qualitative multiple-case study design analysed through paradox theory.

All three cases converge on an autonomy-dominant steering configuration, producing two consequences: displacement of the autonomy–control paradox across levels and the generation of downstream tensions. The most notable is the Distribution Paradox, a Belonging–Organizing paradox in which individually rational attendance choices concentrate on the same weekdays. Navigation occurs primarily at the team–management interface through reframing, output substitution, and iterative recalibration. ... Read more

This thesis investigates how structured data-sharing can enhance dealmaking between developers and institutional investors in Dutch forward-purchase and turnkey residential transactions, with a specific focus on the negotiation corridor between a non-binding offer/letter of intent and the sale and purchase agreement. The research identifies that many inefficiencies arise not from limited transparency alone, but from fragmented information flows, incompatible data formats, conflated data streams, and the implicit accumulation of residual uncertainty, some of which persist even after due diligence and closing. Through a pragmatist approach—combining literature, semi-structured interviews, and internship observations—the study maps how data, uncertainty, and negotiation behaviour interact across triangulated developer–investor–operator relations. The resulting framework introduces phased and standardized data-exchange, segmentation of asset and mandate criteria, and residual uncertainty scoring that makes implicit assumptions explicit, negotiable, and defensible in pricing and contractual terms. The findings portray that disciplined sequencing of information, data segmentation, and clearer vocabulary, reduce valuation drift, limit re-trades, and improve negotiation efficiency, while preserving the strategic dynamics inherent to real estate negotiations. Ultimately, the study provides a realistic and scalable mechanism for aligning divergent approaches to risk, strengthening decision-making, and enhancing predictability in residential investment negotiations. ... Read more

Buildings owned and managed by Dutch co-owners associations are a big part of the national housing stock and play an important role in achieving energy and climate targets. Yet, many struggle to finance energy renovations. This thesis asks: How can co-owners associations in the Netherlands overcome financial barriers to their energy transition with the support of public-private financial models?
In order to answer the main research question, four subquestions are created. The first sub-question clarifies the demand side by mapping the financial barriers. The most significant barriers for co-owners associations are high up-front costs, difficult collection of funds, and lack of sufficient funding. The second sub-question, also done by desk research, defines available financial models for Dutch co-owners associations. In the Netherlands, we have public and private financial resources. Across these models, the key differentiators are who pays the investment costs upfront, how costs are recovered, and how savings or revenues flow back. The allocation of risk also differs. After the sub-questions that involve desk research, the third sub-question involves a first round of semi-structured interviews with homeowners association board members and Dutch financing experts. The outputs are used to create a financial instrument framework. This framework is intended to support co-owners associations in selecting a financing route for deep energy renovation. The framework consists of four sequential steps: (1) Project and barrier profile, (2) Finance-ready dossier, (3) Selection of financial instruments, and (4) calculate and compare net monthly impact. The last sub-question validates the framework model by a second round of interviews with the homeowners association board members and financial experts. The feedback is implemented and used to refine the framework.
This qualitative, multi-method design delivers five outputs: (a) Overview of barriers (b) and opportunities for co-owners associations, (c) a list of design requirements from the board members to provide financing models, and (d) a financing instrument framework that structures decision-making and documentation for financing deep renovations (e) policy recommendations resulting from the synthesis of the analytical and empirical research. The main output is a practical framework that supports co-owners associations to compare relevant public and private instruments, understand their eligibility and data requirements, and structure a finance-ready dossier. In doing so, the framework reduces the risk of missing requirements and supports associations in making informed funding decisions for their energy transition. For policymakers, the findings are translated into actionable guidelines aligned with the Homeowners Association Acceleration Agenda. For financial experts, the framework and finance-ready dossier concept improves communication with co-owners associations. ... Read more

This thesis examines the conditions under which collective energy can be implemented on Dutch SME business parks. In the current Dutch context of rapid electrification, persistent grid congestion and heightened geopolitical and energy market instability, many SMEs face growing concerns about the security and reliability of their energy supply. Collective energy arrangements are increasingly explored as a way to improve access, flexibility and future proofing, yet their feasibility depends on the interplay of multiple factors. This study aims to link collective energy governance with SME behaviour in the setting of Dutch business parks. An exploratory qualitative methodology is employed, analysing eight business park cases and expert interviews through a multi-dimensional framework applied across governance scales. The findings show that collective energy for Dutch SME business parks is predominantly an electricity challenge. The most relevant collective arrangements are those that reorganise electricity supply and grid access, although individual solutions must also be considered. Their feasibility is shaped by the interaction of firm-level motivations, park-level organisation and cohesion and enabling or constraining institutional frameworks.
Commercial and operational drivers, including cost advantages, price stability, business continuity and congestion-related growth limitations, most strongly motivate participation. Necessary conditions for implementation arise in both the political and the social organisational domains: an enabling regulatory framework and applicable contract forms, together with trust, willingness to cooperate and the presence of a coordinating actor, are critical. Barriers persist where commercial risks, regulatory uncertainty, limited organisational capacity or weak collaboration culture undermine collective action.
The thesis demonstrates that collective energy on Dutch SME business parks is not a single technical solution but a multi-dimensional, multi-scale process shaped by the alignment of SME-level incentives, organisational business park dynamics and political-institutional conditions. Ensuring this alignment is essential for translating collective ambitions into feasible and durable energy arrangements. ... Read more

Purpose - This thesis explores how financial market participants (FMPs) in hotel capital markets experience the Sustainable Finance Disclosure Regulation (SFDR). It aims to identify how ESG disclosures influence investment decision-making and to assess where regulatory intent diverges from practical implementation.

Methodology - Semi-structured interviews were conducted with 10 FMPs, representing 6 stakeholder types active in European hotel capital markets, between March and April 2025.

Findings - Investors and lenders prioritize ESG indicators such as energy performance certificates (EPCs) and operational KPIs – particularly energy consumption data – though ESG integration remains largely driven by “financial-first logics.” SFDR implementation is uneven: “highly professional investors” possess the capacity to meet the directive’s demands, whereas smaller actors, including “mom-and-pop” hotel owners and operators, often lack the necessary resources, data infrastructure, or expertise. While SFDR classification increasingly shapes fund structure and capital raising, its influence on individual asset transactions remains limited but is expected to grow.

Research Limitations/Implications - Semi-structured interviews with a small, diverse sample enabled context-specific insights but limited comparability and replicability. Findings should be viewed as exploratory and indicative rather than representative of the sector.

Practical Implications - The findings underscore that ESG alignment is increasingly tied to both financial and operational leverage in commercial real estate, yet many investors still overlook its influence on cost of capital and asset-level performance. A persistent “wait-and-see” mindset – amplified by geopolitical uncertainty – continues to delay capital flows into at-risk hotel assets. To advance transition finance, SFDR must be recalibrated to avoid reinforcing divestment from stranded assets and instead incentivize their decarbonization.

Originality/Value - This is the first empirical investigation into how FMPs experience SFDR and ESG within the distinct context of hotel capital markets.
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Regeneration in the built environment is characterized by going beyond the goal of minimizing environmental harm to become net-zero – or in other words 100% sustainable. It emphasizes the need to create net-positive impacts for the social-ecological system through the process of creating the built environment. The aim of this master thesis is therefore to clearly define regenerative development and regenerative design, as well as to explore which regenerative principles exist and how they can be practically applied throughout a project’s life cycle. The research methodology is a mixed-methods approach, consisting of an extensive literature review and three Dutch case studies of real estate projects. The four research outcomes are: (1) a clear definition of the key terms in the regenerative built environment context, (2) a review and summary of the regenerative principles stated in the existing literature, (3) a framework or guide for the application, assessment and implementation of regenerative principles in practice, and (4) an evaluation of projects in the built environment from a regenerative perspective. The research concludes that the selected projects have regenerative aspects, but realizing fully regenerative projects also requires a mindset shift. ... Read more

This thesis investigates how housing providers in the Netherlands can improve tenant well-being and satisfaction in the rental sector through developmental and operational strategies, to enhance social value creation. Using a Design Science Research (DSR) methodology, an end-user well-being framework was developed by synthesising objectives from ESG frameworks, academic literature, and industry publications. The framework was refined through expert input and tested in interviews with developers and asset managers, under investors and housing associations operating in the Randstad region. Findings reveal which tenant-oriented social value objectives are integrated into current practices, where gaps remain, and how tenant needs and preferences influence business practices. The research positions tenant health, satisfaction, and lived experience as central to social value creation and offers strategy recommendations to help housing providers and policymakers align development and operations more closely with tenant well-being. ... Read more

This research addresses the barriers in adopting Digital Green Bonds (DGBs), which are financial instruments that integrate Distributed Ledger Technology (DLT) into traditional green bond processes. DGBs aim to enhance transparency, liquidity, and efficiency, which can potentially reduce transaction costs and improve sustainability outcomes. Despite these theoretical benefits, practical adoption remains limited, leading to an in-depth exploration through a stakeholder-based case study focusing on the landmark ABN AMRO-Vesteda DGB issuance in the Netherlands. Identified barriers in traditional green bond processes include regulatory fragmentation, market inaccessibility, high transaction costs, gaps in technical expertise, and risks of greenwashing. DLT and DGBs show promise in addressing these issues by facilitating real-time compliance monitoring, fractionalization, 24/7 trading, automation, faster settlement processes, and improved transparency and reporting. However, significant obstacles persist, particularly outdated regulations, liquidity constraints, high initial investments, infrastructural and technical fragmentation, and limited market familiarity with DLT applications. Through empirical findings from semi-structured interviews with key stakeholders—including financial institutions, regulatory bodies, and technology providers—this research outlines actionable strategies to overcome these barriers. Recommended measures include developing clear and adaptive regulations, investing in interoperable and standardized infrastructures, conducting pilot projects to demonstrate feasibility, and raising market awareness through education and successful case studies. Ultimately, this research contributes to the growing body of knowledge on sustainable finance innovation by identifying practical strategies to accelerate DGB adoption and supporting the broader objective of closing the green financing gap. ... Read more

Introduction
The decarbonisation of the built environment is a crucial step towards meeting the Paris climate agreement. In the Netherlands, this decarbonisation is incentivised with the BENG and a mandatory minimum EPC label C for all office buildings. While energy improvement measures (EIMs) are widely adopted to reduce operational carbon, their environmental payback, meaning the time needed to offset the embodied carbon introduced during retrofitting, remains under-researched, particularly for small office buildings.

Aim and methods
This study investigates the environmental payback time of common EIMs in retrofitting small office buildings (100, 200 and 500m²) in the Dutch context. A simulation-based experimental approach was used, modelling four scenarios: baseline, hybrid, full-electric, and full-electric with PV panels across the three building sizes. Operational energy use and emissions were calculated using Vabi Elements software, while embodied carbon was assessed through the Whole Life Carbon Assessment (WLCA) framework using the input from the Ökobaudat EPD/LCA database.

Results
Results show energy reductions between 56% and 78%, depending on retrofit depth, with smaller buildings exhibiting proportionally higher savings. However, operational carbon reductions were not always proportional in relation to the energy reduction, due to the carbon intensity of grid electricity. Embodied carbon varied greatly, especially between biobased and conventional materials, and was also significantly influenced by the PV system. Payback times ranged from less than 1 year (in the 500m² biobased retrofits) to over 6 years (in small 100m² conventional+ PV scenario).

Conclusion
This research confirms that, despite variability, all retrofits examined achieved environmental payback well within the lifespan of the implemented measures. The findings underscore the importance of material choice and highlight the growing value of biobased solutions. They also suggest that hybrid systems, in light of the payback times, can offer a better solution as long as the electricity grid is not decarbonising rapidly and there is no access to renewable energy. These insights ultimately support informed, lifecycle-based retrofit decision-making.
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The Netherlands faces severe affordability issues in the owner-occupied housing market. Not only are dwelling prices skyrocketing, but households are also struggling to cover rising energy prices. Meeting climate goals is an additional complexity layer, creating a divide between households able to adapt to the energy transition and ones lagging. Therefore, the distribution of benefits from energy-efficient housing remains uneven. This research investigates how demographic and socio-economic factors influence access to energy efficiency in the Dutch owner-occupied housing market, focusing on three dimensions of social equity, energy costs, wealth growth and access to subsidies. Using a mixed-methods approach, combining data analysis with interviews, the study finds significant disparities between households within the owner-occupied housing market. Lower-income households are underrepresented in better Energy Performance Certificates (EPCs) categories and face barriers in subsidy access. While homes with better EPCs are linked to better energy efficiency and higher value appreciation, these advantages mostly benefit higher-income households. Existing subsidies, although intended well, often reinforce inequality due to complex procedures and distrust of certain households in the government. The study proposes policy directions to improve targeting and equity in subsidy schemes, aiming for a more inclusive and effective energy transition by incentivising, informing and integrating. ... Read more

As climate risks become more frequent and severe, real estate developers are increasingly expected to incorporate climate adaptation into their projects. However, within Dutch practice, it remains unclear whether – and how – physical climate risks such as heat stress, water nuisance, flooding, and foundation issues are accounted for in development decisions. This thesis investigates how climate risks are currently addressed in Dutch real estate development and identifies the key factors shaping developers' responsiveness. Based on twelve semi-structured interviews with developers, investors, a municipality, and a bank, the research reveals a fragmented governance context, where stakeholder priorities diverge and early-stage incentives for adaptation are often lacking.
A synthesis of stakeholder perspectives shows that while public and financial actors are becoming more aware of climate risks, their capacity and willingness to act vary significantly depending on the risk in question. A stakeholder–risk matrix was developed to illustrate these diverging positions. In addition, a visualisation of the developer’s trajectory identifies critical phases in which climate risks could be embedded more proactively. The findings indicate that adaptation is rarely considered during the initiative and feasibility stages – when flexibility is highest – unless it is enforced through regulation or financial conditions.
The research concludes that successful integration of climate risks requires not only technical
solutions or financial means, but timely alignment across key actors. Developers can play a pivotal role by initiating early engagement with municipalities, investors, and banks, tailored to their respective concerns regarding specific climate risks. By embedding adaptation measures early in the process, developers can avoid costly late-stage revisions and external pressures. The study offers practical recommendations for developers and public actors to improve early-stage climate risk integration in the built environment. ... Read more

This thesis explores the use of real option valuation to enhance the financial viability of circular real estate by valuing detachable aluminium façade components. The transition to a circular economy in the built environment is hindered by financial barriers: high upfront investment costs, and the absence of mechanisms to capture end-of-life value of building components. By applying option pricing models, including the Black & Scholes (1973) pricing model, binomial tree- and Heston (1993) option pricing, to a case study, this research uses aluminium commodity price data to value the option to recover raw aluminium embedded in a detachable façade system. A parallel qualitative study involving industry professionals assesses the willingness of market parties to adopt the researched valuation methods and to enter option contracts on detachable building components. Results indicate that real option valuation, as applied to aluminium building components, has the potential to fundamentally shift real estate valuation practices by introducing the concept of assessing buildings and components based on the “moneyness” of recovering embedded raw materials. In addition, by assigning a price to option contracts, this method enables both the demand side of building components to benefit from upfront cash inflows and the supply side to hedge against future material price volatility. ... Read more

This study examines how real estate asset managers engage with the EU Taxonomy in managing climate risks. The study focusses on the EU Taxonomy's climate adaption goal, a classification system created to direct sustainable investment choices. It looks at whether and how asset managers might use this tool to assess adaption efforts in already-existing office buildings. While the Taxonomy sets a framework for sustainable investments, its implementation remains complex. The research explores awareness, alignment challenges, and motivations among asset managers across various real estate sectors. A mixed-method approach was used, combining literature review, semi-structured interviews, and a case study. Findings show that regulatory compliance is the primary driver of alignment, while administrative burdens, financial costs, and data limitations are key barriers. Most asset managers assess alignment after investment decisions, rather than using the Taxonomy proactively. Despite increasing awareness, compliance is often treated as a box-ticking exercise rather than a strategic tool. To improve adoption, the study emphasizes the need for clearer guidance, stronger financial incentives, and better data accessibility to support a more effective and integrated approach to climate risk management in real estate. ... Read more

Efficient knowledge exchange is important for organizational success, especially in the multifaceted real estate industry. As the industry navigates rapid changes, complexity, and diverse stakeholders, the ability to share information, expertise, and insights is crucial. When managing big real estate portfolios, in the case of universities, the exchange of knowledge about real estate can play a beneficial role for the management of the buildings. However, barriers such as the lack of shared databases and repositories, inconsistencies in knowledge sharing tools, and limited technological utilization hinder the effective exchange of knowledge and collaboration between universities. Existing literature recognizes the potential benefits of AI in everyday use and the importance of tools in overcoming challenges regarding knowledge exchange. But the optimal contribution of AI remains an area requiring further research. Therefore, this research explores how Artificial Intelligence, through the creation of a project database and Tailored GPT model, can address these barriers and enhance knowledge exchange about university real estate buildings.

This research aims to address this gap by exploring the effectiveness of AI enhancing knowledge exchange about university buildings. Drawing on theoretical frameworks and empirical evidence, the research seeks to investigate how a knowledge database can be created for university real estate with the help of AI. Therefore, the goal of this research is how the exchange of knowledge between Dutch universities can be enhanced by the quick and effortless creation of a centralized AI-driven knowledge database for university real estate projects. The research uses a mixed-method approach, combining qualitative and quantitative analyses. The quantitative method involves the theoretical background and creation of the knowledge database using four steps: finding, collecting, creating an overview, and analyzing and identifying. The qualitative method involves interviews with campus managers, in which the created knowledge database will be explained and in which the campus managers can give their feedback. In the synthesis, the results from the theoretical and empirical research will be demonstrated in an expert panel. In the expert panel the project database is evaluated and the Tailored GPT is tested by people working in campus management to get a final understanding on how the database and GPT can be further improved. Resulting in a database and GPT model that can be used by people working in campus management as a stepping stool for the enhancement of the exchange of knowledge. ... Read more

The debate on climate risk labels in the Dutch housing market is gaining momentum, with opinions divided on their potential benefits and drawbacks. This thesis delves into the impact of flood risk labels on the housing market, focusing on residential real estate owned by professional investors. By adopting an investor's perspective, the study examines the implications of various flood risks, including those from main water systems, regional areas, and heavy rainfall. The research design incorporates a literature review, a questionnaire, and an expert discussion to validate the findings. The literature review explores the investment landscape in the Netherlands, existing labels in real estate, and sustainability reporting. The empirical research involves a questionnaire distributed to professional investors, followed by an expert discussion to validate the results. The study aims to understand how flood risk labels influence investment strategies and climate mitigation efforts. The findings reveal that flood risk labels somewhat benefit the decision-making process of professional real estate investors in the Netherlands. Investors consider flood risk labels as a valuable tool for risk reporting and guiding investment decisions in the face of climate change. The study contributes to the ongoing discussion on the necessity and design of climate risk labels, providing insights into their potential to improve housing valuations and investment strategies. ... Read more