Study: Greening of Building Portfolios Remains Priority for Commercial Real Estate Industry
November 28, 2008 // Published as a news service by IHS
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Despite a faltering economy, commercial building owners are continuing to allocate funds and resources to green their portfolios, according to a study by Incisive Media's Real Estate Forum, the Building Owners and Managers Association (BOMA) International and the U.S. Green Building Council (USGBC).
More than 80% of respondents said they have allocated funds to green initiatives this year, while 45% said that their sustainability investment will increase in 2009.
Other findings included the following:
- Energy conservation is the most widely implemented green program in respondent properties, followed by recycling, water conservation and Energy Star product programs.
- 60% of those polled offer educational programs to assist tenants in implementing green programs, up from 49.4% last year.
- Almost 70% of survey respondents have implemented some type of benchmarking system to monitor energy usage and efficiency, while 80% said their energy efficiency efforts have defrayed rising energy costs.
- Almost 65% of respondents believe that their green investments have generated a positive return on investment (ROI), up from 60.8% in 2007.
"The survey findings further support the critical role of energy efficiency and sustainability in the existing building market," said Richard D. Purtell, BOMA International chair and chief elected officer.
"The energy and cost savings, coupled with healthy return on investments, are showing that green investment in commercial buildings is a smart business decision in any economic climate. The survey focused on the application of green methodologies and technologies in existing commercial buildings and on the financial and marketing benefits of these efforts," Purtell said.
To obtain a copy of 2008 Green Survey: Existing Buildings, visit http://www.globest.com/green.
Source: Building Owners and Managers Association (BOMA) International.