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What's Happening from Environmental Building News
May 1, 2008
Higher Occupancy, Higher Lease Rates for Green Buildings
Buildings that carry LEED or Energy Star certifications have higher occupancy rates and lease for more dollars per square foot than their peers, according to the CoStar Group, a company that provides information services to the commercial real estate industry. CoStar tapped into its database covering billions of square feet of commercial buildings for a study released in March 2008. CoStar’s summation of the study, which noted consistently better financial metrics for green buildings, argues that, “Non-green buildings are going to becomeobsolete.” As described, however, the study shows a correlation between higher value and green labels, but it lacks evidence that LEED and Energy Star are the cause of that increased value. These results could just be reflecting the tendency for higher-value properties to pursue certification. Either way, however, it shows that the commercial real estate market associates green performance with value.
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