The New Calculus of Asset Valuation: From Green Premium to Brown Discount The commercial real estate market is undergoing a fundamental and irreversible bifurcation in value, creating a clear divide between sustainable ("green") and non-sustainable ("brown") assets. This is no longer a marginal consideration or a matter of corporate reputation; a property's environmental, social, and governance (ESG) profile has become a primary driver of its financial performance, liquidity, and long-term...