I often hear green building referred to as a “fad.” By definition, a fad is “a practice or interest followed for a time with exaggerated zeal.” Let me break the news to you, green building is here to stay, and if you’re not building green, you’re building obsolete.
According to the latest issue of El Insight, the green building market value is expected to balloon from $71.1B now to $173B by 2015. Depending on the pace at which the economy improves, I foresee the green buildings sector growing at an even greater pace than expected.
The explosive projected growth can be attributed to increased recognition of green buildings cost savings, the understood importance of reducing our carbon footprint, the higher demand for green space and the incentives provided by the government. Given the building stock of many major cities and the stalled ground-up development environment, green renovation will comprise a significant portion of future green building. Moreover, government programs like the Recover through Retrofit initiative can you buy prescription drugs online without a prescription will offer $80B in energy and environmental retrofits for federal buildings.
The green building trend will lead to a number of changes to the building market at large. According to El Insights, construction workers will increasingly seek out green training programs, companies will spend more money on green building technology (GE is already doing this with their ecomagination initiative) and buildings with green features will do better on the market.
If you’re involved in real estate, in any capacity, it’s time to start paying attention to green. Check out the USGBC for a good primer on how green buildings are benchmarked.
What are some green features you are seeing implemented in real estate developments?
Similar Posts:
- Solving the Energy Efficient Retrofit Puzzle
- Capital Markets Partnership Pushes “Green” Bonds
- Every Sustainable Real Estate Link You’ll Ever Need
