While the environmental benefits of green buildings are clear, there has been a question as to whether green, high performance buildings, add tangible value to a property. We are aware that the Green Building concepts have changed the way we design, construct, operate and generally, think, about buildings and communities.
But up until recently there has been no definitive study of the "value-added" FACTOR.
Enter Green Value, an independent research study. This in-depth research looks at green buildings in Canada, the USA and the UK. It concludes that a clear link is beginning to emerge between the market value of a building and its green features.The study combined a review of literature and case studies and finds that not only are green buildings good for the environment, provide healthier places to live and more productive places to work, they can command higher rents and prices, attract tenants more quickly, reduce tenant turnover and cost less to operate and maintain.
Green Value brought together 11 sponsors in three countries including both governments and the private sector, with teams on two continents. It was initiated and led by RICS Canada past-Chairman Chris Corps, who said ‘We weren't surprised that evidence of improved asset value exists, but didn't expect to find that productivity benefits can even exceed the building's value.' Realpac Executive Director Michael Brooks noted the study's findings are important.
‘If industry and governments can tap these advantages green buildings will be profitable.
This opens potential commercial opportunities.'
But the study shows that further work will be needed to achieve these goals. Chris Corps notes ‘One important change is for corporate accounting to move to market valuation, even for governments. Cost approaches currently being used do not often value sustainability correctly.' The study also recommends other standards, legislative and practice changes. Canada Green Buildings Council President Thomas Mueller said the conclusions show there is more work to be done on the value of green buildings but the findings are encouraging.
‘Evidence that sustainable practices can add value supports the claims
and direction of the green building industry.
This is an important step towards greater acceptance of green buildings in the marketplace.'
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