The world is experiencing climate change. Environmental problems are substantial and it's known that economic growth contributes to them. In addition, social inequality in society has grown. As a response, the concept of sustainable development has come up, but to date businesses find this hard to implement in their ways of working. As societal pressure is increasing, a growing trend can be seen by pioneering businesses, social entrepreneurs and impact investors working towards an impact economy. In the built environment, however, the concepts of ‘impact thinking’ or ‘social entrepreneurship’ are still very much unknown. Although some institutional investors have adopted an ESG-approach for their investments and a number of developers have started to brand themselves as sustainable, to date there is barely no evidence suggesting that this actually leads to positive societal impact. Very few parties in the built environment place impact first in their corporate strategy or measure the impacts they make. As the built environment is responsible for many environmental and social problems, this is something that needs to change. This thesis therefore researches in what ways impact thinking can be implemented into (urban) development, from the perspective of the social entrepreneurial developer. The first part of the research was conducted through a literature study, the second part through a combination of qualitative and design research. A total of 16 interviews have been conducted with impact developers, impact investors and urban development experts. Based on findings, a first definition for impact development is given, its barriers an drivers are formulated and six principles for impact development are proposed. Through a collaborative research through design approach, also an example impact development was designed: a social-impact based plan for the gentrifying neighborhood Wielewaal. The research outcomes aim to inspire private parties in urban or real estate development to place impact first in their ways of working. In doing so, this thesis aims to open the dialogue about the responsibility of businesses to society and our cities and help developers and municipalities work towards more long-term sustainable and fair urban developments. For impact thinking to really take a flight in (urban) development, taxing or incentivizing impact by the government is necessary.

Orthodox economic models often linked the size of cities to their economies. However, this changed through the last quarter of the 20th century; cities grew bigger, side by side to unemployment, inflation and falling wages and productivity (Davis, 2006). In Egypt, urban migration was considered the root of the city’s density. In the seventies, New Urban Communities were developed with strategic
visions, they deployed enormous resources and created supply for the economic and social aspects of urban life. However, today they remain vastly vacant and most of them contribute little to the region’s economy. The main research question of this research is: “How can attributes of urban competitiveness contribute to the development of sub-centres in new urban communities
of emerging economies?” To answer this question two of the eight developments around Cairo are comparatively analysed with regard to their urban competitiveness. Theories of urban economics and its spatial structure are
adapted for the context of this case-study. A new quantitative methodology is utilised to overcome data challenges in the context of emerging economies. Exploratory spatial data analysis is used to demonstrate the spatial distribution of socio-economic attributes and their relation to the resulting urban competitiveness. The comparison between city centre and NUCs is analysed to inform policies for urban growth using the framework developed in the literature review. The research highlights the importance of autonomous urban management for each NUC. This is carried out within a framework of a collaborative polycentric urban region that ensures the differentiated roles of each region. The urban competitiveness analysed shows the system of cities within the metropolitan region, and the potential emerging sub-centres in NUCs. The mapped socio-economic attributes establish the possible correlation
between urban competitiveness and access to
these attributes. They also show mismatches in supply
and demand, and shed light on particular effects of public
urban spending.

Purpose: The purpose of this research is to address the mismatch between the constant change of users’ demands and the static nature of the built environment (supply). Aim: The development of a strategy for creating adaptable office buildings, highlighting the relation between the actions proposed and the value they can deliver to the corporations that implement them. The large scale ambition of this strategy is to assist actors in understanding the value of adaptability and sustainability, and consequently contribute in stimulating the markets interest towards a more sustainable and future-proof future. Research Question: How can adaptability strategies be applied in the development of new office buildings to add value for corporations and address the mismatch over time between buildings and users’ demands?Methodology: A qualitative approach has been followed, supported by quantitative data in order to answer the paper’s research question and achieve its aim. Conducting an empirical study, through literature review, provided background knowledge on the topics of adaptability and added value, which constituted the basis for developing the preliminary strategy. Continuing, for the second part of the thesis a research by design approach was adopted. Qualitative data were collected from a series of case studies – via documentary analysis and interviews - providing insights from practice which were then used to formulate findings and synthesize a definitive and concrete final strategy.Finding: : The increasing pace the world is changing, has resulted in the market’s gradual shift towards adaptability. Though, actor’s inability to understand adaptability’s long-term and indirect value, constitutes a boundary for the development of responsive real estate. The creation of this paper’s strategy – “The value of adaptability”, illustrates the links between a number of adaptability related strategies and tactics with different forms of added value. In addition, the significance, risk, impact & risk assessment and life expectancy of each tactic is presented, providing the implementers more criteria for choosing which tactics best fit their objectives. Despite the significance of adaptability in order to reduce the mismatch between the dynamic environment and the static nature of the built environment, the shift towards adaptability requires time. The strategy formulated, can assist actors into understanding the benefits of adaptability, and stimulate the shift towards a future-proof and sustainable environment where adaptability will become a standardised requirement. Limitations of the research: This being the first attempt of linking adaptability with the different forms of added value, the findings were based on qualitative research and in a limited amount of cases. Expanding the research in more cases and the collection of quantitative data can provide more generalised input and strengthen the strategy.Practical implications: The strategy developed through this research can assist: real estate managers in the creating adaptable office buildings based on the core business and objectives of their organisation, developers and investors whose goal is to construct adaptable projects – as adaptability has started to impact real estate financial value- and finally by architects and related engineers, in order to create more adaptable buildings for their clients. The strategy provides the implementer the potential of tailoring it in order to it to fit their goals and objectives. Originality/ value: This thesis addresses the shortage of future proof real estate, by presenting a comprehensive strategy that can assist the development of adaptable buildings, something that according to Estaji (2007), and Gosling, Naim, Sassi, Iosif and Lark (2008) is still lacking. Real estate constitutes a significant component of corporations. Despite this, combining strategies of adaptability, with the corporate real estate management view and models of added value comprises an unexplored field in scientific research.

This report focuses on the optimal utilization of commercial office real estate at Schiphol Amsterdam Airport to further contribute to the Mainport Strategy of the Netherlands. It is important to realize that the non-aeronautical activities play a crucial role for the business of the airport, especially considering factors such as a limit on the number of flight transfers per year and the increasing airport charges, that contribute negatively to the aviation business. This research emphasizes focuses on the emergent knowledge economy and how a functional program for office real estate at the airport can further contribute to the knowledge-intensive firms locating there. The literature review forms the base for the research which shows the existing Mainport strategy and Schiphol’s role, followed by an insight into the emergent knowledge economy and its potential for the airport location. Next, the empirical part of this research includes understanding the demands of the knowledge corporations at the airport, the strategies used by the office providers, and experts opinions to corroborate the findings from the demand and supply side. Thus, using this triangulation scheme, strategic recommendations are made for an optimal utilization of the office space to Schiphol Real Estate. This research is highly pertinent not only to the real estate department at Schiphol and other knowledge corporations who are looking to (re)locate in the airport vicinity, and also for other airports around the world to provide appropriate real estate for the commercial office spaces.

Sustainable development is the key solution to mitigate the impact of the 21st century’s major challenges such as the depletion of our natural resources, emissions that accelerate climate change together with the large waste generation. One of the largest contributor to the aforementioned issues is the existing building stock, in particular the office sector. Upgrading the sustainability performance of the existing building stock is not only in the interest of regulators or society. Real estate professionals are interested in the sustainability performance of their property, portfolio or occupied property. Due to the complexity, it is not feasible for market participants to verify the sustainability performance of a property. As a consequence, voluntary certification schemes have emerged to provide an objective evaluation. However, at the same time, appraisers are paradoxically expected to provide an objective estimation/opinion on the potential added value of sustainability while their duty according to governances is to derive the market value by analysing available data. The inability of current valuation practices for incorporating a thorough sustainability assessment resulted in decision-makers to focus solely on energy-related costs and justify their investment decisions based on energy-related benefits. For this reason, many investment decisions are believed to be profitable for users instead of owners. However, previous research has shown that property owners of sustainable offices might achieve positive effects in relation to an enhanced image, corporate social responsibility, less risky profile for investors and improved marketability. In the effort to shed light on these far-reaching tentacles of sustainability, this thesis sets forth the base for developing an indicator-based sustainability assessment framework for the appraisal of offices. The proposed framework integrates sustainability and the value it holds for various stakeholders by conceptualizing the relationship between sustainability indicators and different value systems as well as the economic parameters that are adjustable by an appraiser in the income capitalization method. In this way, an appraiser is able to provide an objective estimation of the possible added value of sustainability. Starting from an extensive literature review of different certification schemes, a pre-selection of sustainability indicators was made. Through conducting 8 semi-structured interviews with sustainability experts, the first selection of indicators could be determined together with their goals, measurement and criteria. It is remarkable that according to the participants, actively monitoring the consumption and other management-related indicators are defining the sustainability performance of an office as well, next to the physical characteristics. The online survey was distributed among sustainability experts with a questionnaire designed with the constant sum method and were requested to allocate points over the indicators as well as the categories to determine the relevance. Ultimately, the selection resulted in a set of 34 indicators. Combining the findings from the interviews, data from the survey and the literature review resulted in a framework which was discussed in an expert interview with an appraiser. The findings of the expert interview indicate that there is still a huge gap between practice and theory. The nature of the current valuation techniques hampers the integration of sustainability by focussing mainly on the rental agreement. In order to integrate sustainability aspects into the appraisal, a shift from only looking at the rental agreement to looking at the current use and the fitness for use would be needed. Future research could focus on validating and expanding the linkage between the sustainability indicators and the economic adjustable parameters and reducing the subjectivity of input for the indicators.

Companies need a competitive advantage within the ‘war for talent’ in order to attract their employee target group. Now the amount of jobs and job vacancies keeps growing, companies started a battle to attract talented knowledge workers to gain the best organisational market position in the current knowledge-driven economy. There is assumed that work environments can be used strategically to attract employees, wherefore companies invest in their work environments. However, it has not been proven that work environments –involving characteristics on location, service & facilities, building, and workplace level– may lead to increased employee attraction. Therefore the main research question is: “What is the influence of work environments on attracting employees to enhance competitive advantage within the war for talent?”. A literature review in combination with structured interviews and an online survey resulted in information on the influence that work environment characteristics have on the attraction of knowledge workers. The data on the influence of work environment characteristics is generated by implementing the value tree method in combination with the constant sum method within the survey. Subsequently, the data is statistically analysed in SPSS by mainly using a Repeated Measures ANOVA in combination with a Paired Samples T-Test or a Games-Howell Test. From the results can be concluded that the work environment is comparable influential as other, more general, employee attraction factors, but is not perceived as one of the most influential factors. Mainly the location-related factors, geographical location and accessibility, appeared to be high influential on people’s choice for a job. In addition, significant differences between groups from different socio-demographic perspectives were found for almost all tested variables. Remarkable is that no significant differences were found between groups on the value that the influence of the work environment perceived when comparing to the general employee attraction factors. This indicates that there can be assumed that the survey respondents have a comparable opinion on the influence of the work environment on their choice for a new job. Besides, 74% of the respondents indicated that they are willing to give up a certain percentage of their (future) salary in exchange for their ideal work environment. However, as most of the variables did indicate significant mean differences concerning their influence of the work environment characteristics between different groups, the ideal work environment is different for each (socio-demographic) group and even for each individual. The advice for companies is to define their target group and link their target group to the employee profiles as presented in this thesis in order to increase the chance of attracting their employee target group, and thereby enhancing their competitive advantage within the ‘war for talent’.

The Dutch government claims that upgrading office buildings to an energy label C building is enough to reduce the environmental footprint of companies for now. Research has shown that when a building receives an energy label, it does not mean that the operational energy use of the building is in line with the received energy label; this results into an energy performance gap. The gap consists of the building-related energy use or the user related energy use. This research focusses on how the behaviour of office users can be influenced to reduce the energy performance of an office building in use. This research is divided into four parts. First the energy performance gap is discussed, afterwards measures which influence the energy performance of an office building are researched, followed by which factors stimulate pro-environmental behaviour and finally which methods are effective to implement the measures and behavioural changes. First, the energy performance gap can be explained by the difference between the theoretical energy label and the operational energy use. There are two possible causes for this gap: the building related energy use or the user related energy use. This research focusses on how to reduce the user-related energy by activating the user behaviour. Secondly, during this study a measurement list is developed to show possible measures to reduce the energy performance and environmental impact of a building. Significant change can be achieved, not by implementing these measures on a small scale (one office), but on a large scale (all offices). It is also the case that these types of measures will not always have a significant effect the environmental impact of the building or the energy use of the building, this depends on the current building characteristics. When a building already implements that measure, the impact will be less significant than when they do not use the measure. Third, pro-environmental behaviour (PEB) is a behaviour type that focusses on minimizing the negative impact of the consequences of human behaviour on the environment (V. Blok et al., 2015). Trough literature, interviews and the delphi panels it can be concluded that comfort, economic and intention play an important role in shaping pro-environmental behaviour (Kollmuss & Agyeman, 2002). The factors which do have the highest impact on encouraging and stimulating Pro-environmental behaviour according to the users and experts are: Intention to act, Perceived behaviour control, Social norms and Eco-communication. Finally, methods to activate these factors are related to the measure and how this measure affects the behaviour factors. In this research three examples of implementing measures are given. The three main methods to reduce the environmental impact of an office building and thereby activating the pro-environmental behaviour of the user are: Pro-environmental behaviour guidelines, Eco- communication platform and Social incentivesCombining the methods will get the optimum result of the measures which are implemented. These four parts combined answers the research question: How can the behaviour of office users be influenced to reduce the energy performance of office buildings in use? 

Monofunctional office areas in the Netherlands have been facing difficulties in recent decades. Obsolescence of buildings causes financial, social and environmental problems for owners, users, municipalities and society. As most office buildings are located in monofunctional urban areas, the problem of obsolescence becomes a structural one on an area level and solutions on a building level are insufficient. This requires a generic solution by transforming the area into a mixed-use location which is more liveable, self-sufficient and future-proof. Urban area transformation is a highly complex process that involves multiple actors, multiple projects and specific risks. This research aims to identify and analyse inherent risks in addition with factors that promote success. The research design is qualitative, based on case studies, semi-structured expert interviews and a questionnaire. The first outcome is an extended risk register that is combined with a success factor register, which increases awareness and can be used as a checklist to manage risks and achieve success factors. Secondly, a framework is designed that can be applied as a tool to manage risks and success factors within the process of transforming urban areas. Finally, general advice is given in form of developers and policy recommendations. Those outcomes help professionals in the field to reduce uncertainty and to successfully transform urban areas, and thus fight obsolescence.

The WELL certificate offers advantages for healthcare housing development of the future. As a consequence, new and unknown challenges within the field of the built environment arise. Moreover, there are uncertainties within the behavioral responses of an ageing population and, among other things, the willingness and benefits to invest in a WELL certificate by an institutional investor and developer. There is a lack of extensive knowledge about the contribution of a WELL certificate to healthcare housing development. In this study, the relative preferences for a WELL certificate in healthcare housing were compared to an ageing population in Delft and The Hague. To establish this, a face-to-face interview in combination with a structured questionnaire was held. Based on the response of 23 respondents, the demographical, social (healthcare housing requirements and preferences) and economical dissimilarities are evaluated. Moreover, the preference for a WELL certificate is also estimated by the institutional investors. To establish this, also a face-to-face interview in combination with a questionnaire was held. Based on the response of 4 respondents, the interest to invest in healthcare housing, the healthcare housing requirements, the financial components and the interest in a WELL certificate are evaluated. At this moment it can be argued that the WELL v2 certificate creates more advantages than disadvantages for the different stakeholders during both the development and exploration phase in healthcare housing. On the other hand, based on the estimated results, it can be concluded that more recognition must arise about a WELL certificate by both the ageing population and institutional investor. The results show that there are differences regarding the preference for a WELL certificate between the ageing population and institutional investors. The ageing population with a higher education level, who exercise more than three times a week, who have a healthy eating pattern and who are more satisfied with the quality of their appartement, apartment complex and neighborhood are found to receive less utility for a WELL certificate. This effect is strong for both men and women. The higher educated ageing population living in social rental housing share this idea compared to the lower educated ageing population in social rental housing. The majority of the ageing population prefer a few WELL concepts, in particular the lower educated ageing population. Moreover, institutional investors claims that investing in healthcare housing is less risky compared to offices and regular housing developments. Nevertheless, not enough healthcare homes have been realized yet. Besides this, the institutional investors argue that a WELL certificate in healthcare housing does not improve the GRESB score. This argument is strong for all institutional investors: no distinction regarding professional position. Furthermore, institutional investors show a higher preference to implement all WELL concepts in contrast to the ageing population. The result shows more preference for a certificate: investors are eager when a certificate can be obtained. The estimation of the results increases the understanding of stated preferences of a few WELL concepts in healthcare housing development. To conclude, from a scientific perspective, this research contribute to the understanding of institutional investor and an ageing population choice behavior regarding WELL certificate in healthcare housing. In addition, it contribute to a potential ex-post study of an ageing population living in healthcare housing. Besides the scientific perspective, this research also contribute to the practical relevance were the behavior of two different social groups within the ageing population will be investigated regarding the social rental, free rental and owner-occupant sector. Additionally, this research contribute to the understanding of the current preferences for a WELL certificate complementing healthcare housing without a WELL certificate.

Because of the loss of function, the vacancy levels of cultural heritage are rising. This leads to all kind of (societal) problems. Meanwhile, the value of cultural heritage is difficult to qualify and quantify in terms of economic benefits, which makes it hard to define the added value of cultural heritage and the value created by the adaptive re-use of cultural heritage. Consequently, cultural heritage is sometimes unnecessarily demolished or abandoned. This research therefore aims firstly, to identify the values of cultural heritage in general, to capture its unique and impossible to recreate identity. Secondly, this research aims to prove the indirect added economic value of transforming industrial cultural heritage into hubs of social and/or cultural integration within inner cities. By proving this added value for the neighbourhood, the awareness about the value of cultural heritage and hopefully the investments made in the adaptive re-use of cultural heritage will be increased. To identify the value of cultural heritage a qualitative approach is used following a value division made based on the literature study. This approach contained two explorative interviews and three semi-structured interviews. The perspective of five experts with a design, marketing and governmental background were compared. The interviews showed the different views on the value of cultural heritage within different working fields. To prove the added value of the adaptive reuse of cultural heritage a quantitative approach is used, the hedonic pricing method. The hedonic pricing method focusses on different characteristics of the building to determine the market value of the building based on a statistical model. The characteristics function as variables for the model. Based on previous research a variables list is defied as input to the hedonic pricing model. This method is used because it assumes that the difference in market value is caused by the difference in characteristics. By separating these characteristics, it can be determined if and how much impact one characteristic, in this case the proximity of transformed cultural heritage site, has on the market value. To do this four cases studies in Amsterdam are used, De Hallen, NDSM site, Pakhuis De Zwijger and the Westergasfabriek. Three out of the four case studies show a significant outcome. In the conclusion the answer to the first research question “What is the value of cultural heritage?” is given. It is concluded that cultural heritage is unique and irreplaceable, this creates its value. This value is recognised by people, mostly in an emotional and social context. However, the value of cultural heritage cannot be described in one sentence or in one value. The value of cultural heritage is plural and is partly subjective. A distinction is made between estimating the value of cultural heritage in price (economic value) and appreciating the value of cultural heritage in content (non-economic value). The adaptive re-use of cultural heritage has a positive impact on the market price of the cultural heritage buildings. But above all, the narrative of a building, the story behind the building, is the most important value of cultural heritage and separates it from new built. The narrative is an overarching concept that incorporates all the non-economic values, architectural, emotional and social. It is seen as a heritage premium above the normal market price of a building.
The second main research question “What is the indirect added economic value of transforming industrial cultural heritage into hubs of social and cultural integration within cities?” is answered by comparing four heritage models per case study. Three main aspects can be concluded when proving the existence of a heritage premium with the use of a hedonic pricing model. First, in two of the four case studies a negative price premium is found before transformation. This is probably due to the poverty and construction before transformation of some buildings. Secondly, an overall pattern is observed where the highest heritage premium is not found directly next to the case study, but a few hundred meters away. This can be explained by the possibly nuisance that is caused by the activities of the case studies. Finally, an overall average price premium of 7.1% within a radius of 620-1290 meters was found in the three case studies that had a significant outcome. It can thus be concluded that the adaptive reuse of cultural heritage has a positive effect on the surrounding houses by creating an extra house price premium.

Besides being the fastest growing sector in the Netherlands, and a pioneer in working standards, the creative sector is believed to have a positive effect on economic growth. Multi-tenant buildings occupied by creative sector companies, i.e. creative residencies, are thus assumed to improve the neighborhood’s socio-economic quality. A lack of objective insights however, gives rise to the discussion about whether the creative sector indeed provides added value for it’s location, and if so, what this added value exactly entails.
Therefore, this thesis provides a more objective approach in measuring the added value of creative residencies, by combining theory, emerging data sources and statistical modelling. Using Jane Jacobs’ theory on vibrant neighborhoods and data retrieved from the social media platform Facebook, a vibrancy model is constructed through factor analysis. This model is then applied to the city of Rotterdam, to assess the impact of four different creative residencies.
The results show that these cases are indeed located within vibrant clusters. However, the exact results, in terms of dispersion of the clusters and change over time, differ per case. Based on a cross-case comparison, the distinguishing case characteristics influencing the contrasting results are assessed, leading to a number of hypotheses. These hypotheses however, are still open for interpretation, providing opportunities for further research. Nevertheless, a strong connection between a creative residency and it’s neighborhood, through the presence of diverse hospitality and an open, public character, appears to contribute to a more dispersed vibrant cluster, and thus a higher added value for the neighborhood in terms of vibrancy.

‘Real estate is the largest asset class in the world’ as stated by Harvard business school Professor Arthur Segel. It is also unbeatable driver of individual wealth and overall economy. But on the other hand, it is one of the most imperfect markets, due to the lack of accessibility to valuable information in the limited time of decision making process. Thus, it is crucial to find out what is brought by the state of art that could tackle this problem in such a complex and competitive context.

Since, the main component of information is data which is also the chief resource in the modern world; (big) data could be a hot phenomenon to be adapted within the real estate investment domain for improving the performance of the real estate market.

Thus, the main goal of this research is to bridge the area between real estate investment domain and big data, by leveraging big data methods, predictive analytics and smart tools for achieving informed real estate investment decisions. Consequently, investors will be able to maximize return, achieve better risk diversification and select the right time to invest.

The expected final product of this research is a developed integrated decision making model and flow chart that involves big data methods and techniques for making more informed real estate investment decisions ‘Dutch office market’.

Context - The current environmental situation as a result of human life reflects the demand for more consciousness on the embedded energy of buildings. Moreover, due to the recent economic crisis the perceived naturalness to demolish existing buildings for new development is outdated. Hence, new functions should be accommodated in existing buildings, through sustainable adaptive reuse. However, traditional approaches are failing. New, innovative business models are needed to enable maintenance and adaptive reuse of heritage buildings in order to finally rebuilding the future.

Objective - This explorative and design-oriented research aims to have insight on the circular redevelopment potential of elements within the existing built environment. This research focused on two central themes, respectively adaptive reuse of societal heritage projects and circular economy. These central themes represent the theoretical framework. The overarching objective was to accelerate a transition from a linear economy towards a circular economy through circular redevelopment.
Methods - This thesis is structured from both an empirical and operational perspective. Literature study is used to summarize prior research, critically examine contributions, explain results of prior research and clarify differences in alternative views of the past. The conclusion extracted from the empirical study will be used as input for the operational model, together with unstructured expert interviews, and a case study research.

Results - The CRP indicator comprises 6 consecutive strategies which are assessed for each component; respectively (1) Reuse, (2) Repair, (3) Refurbish, (4) Remanufacture, (5) Repurpose and finally (6) Recycle. Identifying the degree of circularity starts with the assessment of applied material characteristics (Bill Of Materials) and their relation and interfaces with all elements in the system (Disassembly Determining Factors). By combining this factor with the actual condition on site (NEN 2767), the applicable reutilization potential of an element could be developed. In accordance with the preferred representability of predefined spaces specific components are categorized if applicable. Altogether, this reflects the degree of circularity of a building (Building Circularity Indicator) for a particular intervention.

Conclusion - The CRP Indicator is a useful tool for the assessment of properties to implement circularity during the redevelopment process. Building inspectors can provide property managers/ owners with objective data about the applied material characteristics and corresponding condition status of building elements. It supports principals to identify preconditions, in order to specify their ambition on circularity and provide the sufficient information to actually enable contractors to differentiate from their competitors during tenders. The assessment model is not intended as a certificate or label, however could be used as supportive instrument to substantiate any classification on this matter.

With the rapid development of real estate market, due to trends as the change in the way of working and automation/digitalisation of working processes, flexibility is one of the most important tasks for owner/investors of office buildings to invest in. Currently, 60% of the vacant offices are structural vacant. Flexibility could be used as an instrument to prevent future vacant office space. The flexibility to change characteristics of a building during its life cycle is called the adaptive capacity of a building. Adaptability can be regarded as way to make the real estate supply more dynamic and better able to cope with demand dynamics (static supply and dynamic demand) and in this way extend the functional lifespan of buildings. The problem is that real estate investors are hardly interested in investing in office buildings to increase the adaptive capacity. Thereby, is the most used financial method the DCF method which is currently insufficiently used to simulate the future uncertainty in an investment in flexibility on the longer term. This aim of this research is to illustrate how to cope with the future uncertainty in a new financial method. By using a stochastic approach with the Decision Tree Analysis the investors could be stimulated to invest in the adaptive capacity of office buildings and increase the adaptive capacity of a building to respond if the functional demand changes.