Report highlights benefits of increased energy efficiency for retrofitted buildings
The market for energy efficient buildings in the U.S. is growing, as companies are looking to invest in real estate that helps to reduce overall costs and increase market value.
A new market research report from Reportlinker highlights the increased energy efficiency of buildings that have undergone a renovation or retrofitting project, as these structures have lower operating costs and happier tenants.
According to a release from the company, many retrofits are undertaken because of a sense of social responsibility regarding the reduction of greenhouse gas emissions, but a growing number of these projects are being taken up as a way for building owners to gain a competitive advantage in the commercial real estate market.
The release noted that some retrofits are completed for the sole purpose of being able to label the building as being green, but regardless of the reason, the market for these structures is growing.
While progress in the market is likely to occur due to the cost savings potential for these energy efficient buildings, the release noted that government influence is also something that could prompt change.
Government influence in America is largely coming from the U.S. Green Building Council (USGBC) and the Department of Energy (DOE).
While the USGBC keeps updating the requirements for Leadership in Energy and Environmental Design (LEED) certification, the DOE designated an innovation Hub to promote the use of efficient building practices in the commercial real estate market.
The Energy Efficient Buildings Hub (EEB Hub) is headquartered in Philadelphia, and is an effort that hopes to transform the real estate market within the city, which will serve as a national model for the implementation of retrofitting projects.
GreenBiz.com reported that building owners represent the main influence in the transformaiton of the commercial real estate market, as they are the ones who will be making the investments.
According to the news outlet, building owners have many reasons to invest in energy efficiency and retrofit projects, as these help to reduce expenses, make for a more comfortable and productive office space, increase property values and amount to a significant reduction in toxic pollution.
These owners are often making the changes in a slow manner, but this is still progress. Many times, they will invest in one minor project, and, after seeing the benefits, will enact similar changes around the building.