Samenvatting

xecutive summaryTransformation could be defined as a major change of a vacant building itself and the function of the building (Remoy, 2014). Transformation is a solution to decrease the amount of vacancy in the office market. The demand for the amount of M² office space is grown with 2,1% in relative with 2016, but approximately 23% of the vacancy in the office market is structural vacant. Transformation has several disadvantages which make it less interesting to transform structural vacant offices. The RVO (2016) describes three financial instruments to stimulate office transformations, namely VAT versus Transfer tax, tax credit and energy subsidies. During the research is chosen to shift the focus of the research on energy subsidies instead of three financial instruments.Therefore, main research question of this research is: ‘What is the effectiveness of energy subsidies on transformation of offices?’.The emission of energy subsidies could be done on European, national and provincial level. The literature review and results of the in-depth interviews with experts and property developers illustrated that there is no transparency in the available energy subsidies on office transformations. Based on gathered data, it can be concluded that there are no energy subsidies who are specific for office transformations. On European level, national level and in the province Overijssel and Zuid Holland are energy subsidies available with possibilities for office transformations. The missing transparency is one of the reasons that energy subsidies are less interesting to use by property developers. The opinion of property developers is clear: energy subsidies are complex, time consuming, not transparent, administrative hassle, risk increasing and unfamiliar in the office market.Gathered data of government institutions, illustrate that policy and performance targets of energy subsidies are particularly focused on integrated sustainability policy targets as reducing energy, generating renewable energy and stimulating innovation on sustainability aspects. Energy subsidies are a way to stimulate these targets, but not all provinces share this opinion and conclude that it is a political administrative decision to exclude offices in policy about sustainability.Out of the results, it can be concluded that there is a mismatch between the wishes of property developers and the energy subsidies of government institutions. The mismatch influences the effectiveness of energy subsidies. The opinion of property developers is confirmed by subsidiaries of the provinces and experts. In the first place, the request process of energy subsidies needs to be simpler and faster. Energy subsidies should be more transparent and give more certainty of allocation. Government institutions need to advise and communicate more about energy subsidies in real estate and the requirements should be more applicable on office transformation instead of general requirements that apply for everyone. In addition, energy subsidies are not attractive enough to use in combination with the effort that is required to finish the request process.Spin- off effects influence the effectiveness of energy subsidies. Energy subsidies have influence on the willingness of property developers to invest in sustainability, risks and value of the building. The literature review stated that sustainability could be seen as the new value. Trend reports conclude that sustainability will increase the value of office buildings with circa 9%. Based on gathered data, it could be concluded that the energy performance of the building will be improved with the taken measures of energy subsidies. Energy subsidies have no influence on the financial feasibility of a project. The last important conclusion is that 27% of the respondents think that energy subsidies could make transformation of structural vacant offices more attractive.Gathered data ill&