Browsing by Author "Nurick, Saul"

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    A Case Study on the Viability of Electricity Generated from a Solar PV Installation as an Alternative or Supplement to Traditional Electricity Supply in Existing Buildings
    (2020) Jooste, Van Wyk; Le Jeune, Karen; Nurick, Saul
    This research study emphasizes the global responsibility and the importance of employing alternative sources of energy that are climate-friendly. It argues against coal-based energy creation and explains why it is not a long-term sustainable solution to the global energy demand. Many countries have embraced green energy initiatives and are adopting progressive strategies to limit its carbon footprint. The research explores and compares various methods of generating renewable energy and motivates the identification of solar energy as a suitable candidate to contribute on a much larger scale to the energy demand for South Africa and abroad. The paper further researches the history of solar energy, barriers preventing large scale implementation and the solutions to bridge those barriers. The aim of this paper is to determine to what extent technology has developed for small scale property owners to generate its own electricity supply from solar energy resources in South Africa and whether the supply generated would be sufficient to warrant consistent and uninterrupted flow compared to traditional coal-based energy resources. The cost of installation and maintenance of solar PV technology together with its financial return is investigated as well as the possibility to generate excess electricity that can be fed back into the grid. The result of the research sheds light on whether it makes financial sense to small scale building owners or managers to install a rooftop solar PV system to either generate its own stream of electricity supply or to merely supplement the traditional electricity supply from Eskom, the national electricity supplier. The research study chose to analyse a single case study and conducted semi~structured interviews with a number of stakeholders. The case study comprised a solar PV system that has been mounted on a rooftop of a building tenanted by a private school. The financial data from the installation in addition to qualitative data arrived at the conclusion that it is financially viable for building owners or managers to install a suitably sized PV system to supplement traditional electricity supply in existing buildings.
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    A performance comparison of specialised (industrial) and non-specialised real estate investment trusts in South Africa
    (2018) Makatsane, Ntseno P.; Nurick, Saul
    There is a belief that anything that is specialised tends to outperform the diversified counterparts and this study investigates if this proposition applies in the property industry, specifically the REIT (Real Estate Investment Trust) market in South Africa (SA). The norm is to apply a quantitative methodology when assessing performance but this study follows a qualitative approach in comparing the overall performance between specialised and diversified REITs in SA using non-quantitative metrics. A mix of specialised and diversified REITs in SA were sampled and a multiple case study analysis was done after interviewing senior management in four REITs. A total of four interviews were done with five respondents across four cases. These cases were then analysed using thematic analysis. The respondents were asked questions relating to the REIT they are working for, industrial specialised and diversified REITs performance and the SA property market as a whole. The overall findings suggest that diversified REITs may outperform the specialised REITs in SA currently however, this conclusion depends on a lot of factors. These factors include the analysis time of reference, the economic status of the country (for example, recession), the size of the REIT, the company gearing level, how that specific sector is performing at that particular time relative to others and the management efficiency level. The growth of e-commerce plays a vital role as a factor as well because it is said to be replacing the brick and mortar retail industry therefore, its influence affects the specialised industrial sector performance. For further research, a similar study with a quantitative approach can be considered in order to add to the SA REIT body of knowledge. Furthermore, research on the performance of property companies before and after attaining REIT status could be investigated to determine the REIT status effect on the company. To add on to the SA REIT literature, performance between REITs in different sectors and provinces could be explored.
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    An Investigation into Green Office Buildings' Occupants' Self-Assessed Productivity Levels
    (2021) Smith, Sian; Nurick, Saul
    Global warming is becoming a topic on everyone's mind as the world turns towards a sustainable way of living. In the property industry, people are looking for ways to encourage investors to move towards sustainable development. This requires some convincing as the increased costs of green buildings need to be justified, specifically looking at the financial returns for the investor. Green buildings are said to increase productivity of its occupants but the difficulty in quantitatively measuring productivity has proven to be a stumbling block in this process. Various green buildings were identified, and their occupants interviewed to provide some answers on the impact of green certification in office buildings, specifically in Cape Town. Semi-structured interviews were conducted with occupants who worked in a building both prior to, as well as during the implementation of green initiatives. Difficulties in this measurement were noted and discussed throughout. It was decided as a result of the available responses, and the guidance from the literature, that perceived productivity could be used as an acceptable form of productivity. It was therefore also necessary to include a section in the interview on personal stresses that the respondent may be experiencing that might also impact productivity. Findings showed that whilst respondents were positive about the green environment and had seen an increase in productivity, a few were unsure about whether these were linked, especially when other factors such as change in management had occurred. The overall feeling of respondents was better and healthier in the greener building, and all reported favourably on most green initiatives. Future research on measurement tools can be investigated with a larger sample being interviewed. It will also be helpful to have further information into the respondents' backgrounds, position in the company and general feeling within the organization that may have an effect on productivity. The more knowledge the respondents have on the office, the larger the collection of reliable data. A greater range of green-starred buildings should be included as well as more than one respondent per building, to increase the sample for comparison.
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    An investigation into the impact of green low-cost social housing on the well-being of occupants in South Africa
    (2023) Zulu, Lwazi; Nurick, Saul
    Climate change and economic challenges have intensified global efforts to accelerate the adoption of green building for sustainable development and the reduction of poverty through efficient uses of energy, protection of ecosystems and preservation of natural resources. The necessity for green building has evolved from being a choice of convenience and luxury to an obligation to a global society that is increasingly growing environmentally conscious. The benefits of green buildings in the commercial sector have been extensively researched, often focusing on productivity, return on investment and operating costs. However limited literature exists that investigates the relationship between green buildings and occupant well-being in a residential context. This study aimed to address the identified research gap by identifying various green-rated, low-cost social housing developments in South Africa and interviewing their occupants to investigate the impact that green buildings have on their perceived wellbeing and whether their environmental outlook was influenced by occupying a green building. A qualitative research method was adopted based on a review of the literature on green buildings and the subjective nature of well-being. Data collection was achieved via semistructured interviews in the form of multiple case study analysis, where thematic analysis was applied. The findings suggest that a positive relationship exists between green buildings and occupant well-being as well as their environmental awareness. Respondents reported experiencing improvements in areas that they considered contributory to their well-being and a noticeable positive change in their environmental awareness. Future research should investigate standardised tools for measuring occupant well-being in green residential buildings using larger sample sizes and a wider range of income groups as this study was limited to low-income groups within the social housing sector.
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    An investigation into the implementation of green building features and initiatives among stakeholders in the Zambian property market
    (2019) Katanekwa, Luse Namutowe; Nurick, Saul
    There is a global challenge and demand in the current century to develop buildings that conserve and preserve the environment; implementing green building features and initiatives (GBFIs) is one way to achieve this. The success of implementing GBFIs requires inclusive participation of the stakeholders in the property market. A multiple case study analysis was conducted on the Zambian Property market, involving three buildings that had different GBFIs. A total of six interviews were conducted across the three cases with relevant stakeholders, namely Facilities managers, tenants, project architect and regulatory body representative. Interviewees were asked questions pertaining to their company’s participation in the development of green building, the benefits of GBFIs, the perception of GBFIs, the relationships among stakeholders as well as the impact of GBFIs in the property market. The findings revealed that there were different approaches to implementing GBFIs. However, a lack of knowledge by some stakeholders on green features and their benefits was noted. This lack of knowledge was a product of inadequate education and poor integration of stakeholders in implementing GBFIs in the Zambian property market. It is important to note that there are vigorous efforts by stakeholders including the government in contributing to conserving the environment in the Zambian property industry. This is evident in the formulation of green building guidelines and environmental impact assessment guidelines for the construction industry.
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    Factors that impact on South African REITs trading at a discount or premium to their NAV
    (2018) Gaszynska, Dorota Izabela; Nurick, Saul
    This research investigates the factors that impact on South African Real Estate Investment Trusts (REITs) listed on the JSE trading at a discount or premium to their net asset value (NAV), known as the NAV spread. Globally, REITs have become an increasingly popular means for investing in real estate representing 41% of the global listed property industry and reaching a total market capitalisation of US$ 1.3 trillion as at June 2017 (EPRA, 2017). In South Africa, as at November 2017, there were 31 SA REITs listed on the JSE, representing a market capitalisation of over R422 billion (PropertyWheel, 2017). There are broadly two approaches to understanding and explaining the NAV spread, namely, the rational approach and the irrational approach (Morri et al., 2005; Mueller and Pfnuer, 2013). Factors under each approach were identified and discussed in the literature review. A quantitative research methodology was adopted in which 12 REITs were investigated between 1 July 2012 and 30 June 2017. A regression analysis using a linear mixed effects model was carried out in order to test whether the factors identified in the literature impacted on the NAV spread of SA REITs. Five rational and four irrational factors were regressed against two versions of NAV discount, namely, using a Traditional NAV Discount formula and an Unlevered NAV Discount formula which accounts for the effect of debt on the discount. Model diagnostics were carried out on two regressions and an outlying observation was found for each NAV Discount formula and hence each model was run twice, namely, the regression was run with the Traditional NAV Discount formula using the full set of observations (Model 1) and with one outlying observation removed (Model 2). Thereafter the regression was run with the Unlevered NAV Discount formula using the full set of observations (Model 3) and with one outlying observation removed (Model 4). The results of the regression analysis found only one factor, Dividend Yield (DY), to have a statistically significant impact on REITs trading at a discount or premium to their NAV in all four models employed. Sector Average Discount (SAD) was found to be statistically significant in Models 2, 3 and 4. Size (SIZE) was found to be statistically significant in Models 1 and 2. Return on Equity (ROE) was found to be statistically significant in Models 3 and 4. Consumer Confidence Index (CCI) was found to be statistically significant in Model 4. The SA Property Index (SAPI) was found to be marginally statistically significant in Model 1. Based on the model diagnostics Models 2 and 4 showed a better fit with the regression model and hence were the preferred models. The statistically significant variables in Model 2 were DY, SIZE and SAD; and in Model 4 were DY, SAD, ROE and CCI. This suggests that both rational factors (DY, ROE and SIZE) and irrational factors (SAD, CCI and SAPI) impact on South African REITs trading at a discount or premium to their NAV, however, the factors are dependent on whether debt is accounted for or not in the NAV Discount Formula. The results also suggest that the factors are partly influenced by the outlying observations, as was the case for SAD, CCI and SAPI.
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    An investigation into the mechanisms that are steering large property owning organisations to implement green building features
    (2012) Nurick, Saul; Cattell, Keith S
    Corporate social and environmental responsibility (CSR/CER) are terms that are often used to brand a company in a positive light. This does not necessarily mean that every organisation implements social and environmental initiatives with the same degree of vigour and commitment. South African property owning organisations are becoming increasingly aware that being socially and environmentally responsible can encompass the design and operation of their buildings. It is for this reason that these types of organisations are searching for ways to implement green building initiatives in their property portfolios. The implementation of environmentally friendly/green initiatives is viewed as Socially Responsible Property Investments (SRPI). Green building initiatives are slowly being adopted by some property owning organisations in South Africa, especially after the formal establishment of the Green Building Council of South Africa (GBCSA) in 2007. Implementation of green building initiatives have been met with multiple barriers by property owning organisations, such as lack of education by the professional team with regards to cost of green features and the processes involved in gaining green certification. Three prominent property owning organisations in Cape Town, two corporate and the other an academic institution were chosen as suitable case studies and analysed. Multiple respondents were interviewed for each case study and asked questions regarding their social and environmental initiatives and to what degree, if at all, they are attempting to implement green building features in their buildings. These questions were used to compare the organisation's actions to the content of its CSR policy. It was found that the adoption of green building initiatives was based on the type of property owning organisation, be it corporate or non-corporate. The property owning type has resulted in differing motives for implementation of green initiatives; however there are some common motives regardless of the company type, such as the financial feasibility of implementing said initiatives. The final results of this research revealed that although there is a small gap between a property owning company's CSR policy to that of its stated social and environmental initiatives, the gap between the CSR policy and its green building initiatives is still relatively large.
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    Large-scale grid-connected renewable energy in Australia: Potential barriers, strategies and policy support mechanisms that may affect RE development from the perspective of energy specialists at a leading consultancy operating in the built environment in Australia
    (2020) Campbell, Benjamin; Nurick, Saul
    Barriers to renewable energy development in the past have been identified as high upfront costs with challenges around equity and debt financing, as well as limited legal frameworks and limited regulatory support. Although it is noted that barriers to development are country specific, as well as the solutions to overcome such barriers. Policy measures implemented in various countries to support renewable energy have been seen to have a marked impact on its development. The renewable energy industry in Australia is showing unprecedented growth with a drastic change in the energy landscape expected in the future, should all proposed developments come to fruition. Renewable energy in Australia is currently in its infancy though. It is expected that the planned integration of all the proposed developments in the National Electricity Market will result in certain barriers to development emerging at higher levels of integration. Australia's energy policy has taken significant steps to supporting the deployment of cleaner generation technologies, although hurdles at federal and state level have in the past frustrated the development of renewable energy. The history and status quo of renewable energy development in Australia has been investigated. The current framework and support structures in place as well as potential barriers have been reviewed. A qualitative investigation utilising a single case study approach was selected as the research method. The case investigated was the renewable energy division of a leading global engineering consultancy operating in Australia. The participants of the study included the senior management staff in the renewable energy division of the company. Standard open-ended interviews were conducted. The data was analysed by employing a method of pattern matching. The observed data from the interview process was analysed and compared against the expected pattern which had emerged from the literature. Potential barriers and support strategies have been outlined as a conclusion to the study. The study found federal energy policy to be favourable, but not vital for continued growth of RE development. It was acknowledged that a focus on grid infrastructure would be vital to avoid constricting asset development. The development of Renewable Energy Zones was considered a favourable strategy to overcoming barriers identified, although it was noted that community acceptance would be a significant consideration. Gas generation may form part of the future energy mix, but will be dependent on price and emergent technology. Pumped hydro power is expected to be an important compliment to renewable energy in future, to assist in addressing the technical barriers associated with high levels of non-synchronous generation in the network. A reform of the NEM may also be required to cater for a scenario of a significant penetration of renewable energy and is a topic recommended for future research.