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This paper investigates the effect of eco-labeling on the occupancy rates of commercial offices in the United States. The occupancy rates of LEED and ENERGY STAR-labeled offices are compared to a sample of non-labeled offices. Using OLS and quantile regression analyses, a significant positive relationship is found between occupancy rate and the eco-label. Controlling for differences in age, height, building class, and quality, the results suggest that occupancy rates are approximately 8% higher in LEED-labeled offices and 3% higher in ENERGY STAR-labeled offices. However, for ENERGY STAR-labeled offices, effects are concentrated in certain market segments.
Fuerst et al. (2009) studied this question.