Strategies for Gaining Competitive Advantage in Office and Retail Real Estate Development Complying both LEED BD+C and WELL Core & Shell Standards in Bangkok
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Abstract
Environmental and energy challenges are rapidly evolving, significantly impacting human health and quality of life. The Global Risks Report 2025 identified that half of the world’s top ten long-term risks are environmentally related, highlighting the need for sustainable, health-oriented practices in the built environment. Building certification systems such as LEED and WELL have gained international recognition for integrating sustainability with occupant well-being. Their application in real estate development enhances environmental responsibility, asset value, and market competitiveness. This study investigated key factors influencing the success of office and retail developments certified under LEED BD+C and WELL Core & Shell standards. Using a qualitative approach, structured and in-depth interviews were conducted with experts and stakeholders, and data were analyzed via the Delphi Technique.
Findings indicated that LEED factors with the greatest influence include Integrative Process (IP), Indoor Environmental Quality (EQ), and Energy and Atmosphere (EA), while WELL factors include Comfort, Air and Water. These elements collectively enhance project performance, user satisfaction, and economic viability. Although certified projects might incur higher construction costs, they achieve greater rental performance and long-term returns. Moreover, certification strengthens organizational reputation, attracts high-quality tenants, and improves competitive positioning.
In conclusion, integrating LEED and WELL standards serves as a strategic approach for sustainable real estate development, promoting environmental stewardship, occupant well-being, and long-term economic competitiveness.
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References
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