Development Industry Continues to Push for Green Buildings
The real estate ownership and development community has totally bought into the green building message. In the NREI survey, 52% of corporate respondents and 39% of developer respondents currently own, manage or lease at least some “green” properties, while 84% of corporate users and 77% of developers expecting to own, manage or lease at least some green properties five years from now. However, green is still very much of an “early adopter” market for commercial real estate. Corporate users anticipate that the amount of green facilities they own or lease will more than double from 9% to 21% in the next five years, while developers also expect the volume of green properties in their portfolios to take a similar jump from 9% to 20% by 2012. These are not earth-shattering numbers, but the beginnings of a healthy trend that indicates the percentage of NEW green building projects will be quite high. Good news also that nearly 40 percent of corporate users would be willing to pay up to 2 percent more for a green building, while another 27 percent would pay up to 4 percent more. In 3 to 5 years, only certified green buildings will fit the definition of Class A office space, so look also for developers to be sprucing up their current Class A building portfolios with certifications under the LEED for Existing Buildings standard.
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