Literature on 'green value' shows that certified office buildings have higher rents than conventional buildings. However, more recent works indicate that this rental premium diminishes with the expanding supply of certified buildings. Some authors suggest that this premium for certified buildings could evolve into a depreciation of buildings with poor environmental performance. As certified buildings become the rule for new office developments, buildings with poor environmental performance would no longer meet tenants' functional requirements and would become obsolete. This paper analyses sustainability features as a new factor of obsolescence. First part proposes a theoretical model to account for sustainability in refurbishment decision-making. In particular, we assume that refurbishment cycles are planned over a building's life to counter obsolescence and physical deterioration. Second part consists in an empirical study based on the French market. It analyses which are the sustainability characteristics sought after by real estate managers beyond the brand of the environmental labels. This paper contributes to research on 'green value' through a focus on obsolescence. The results could be used by investors to better evaluate sustainability in their investment decisions.