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Green Buildings Show Higher Rents, Occupancy
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A new study by the CoStar Group shows that green buildings outperform traditional buildings in areas such as occupancy, sale price and rental rates. The study shows that LEED-certified buildings get $11.24 more per square foot and have 3.8 percent higher occupancy rates. ENERGY STAR labeled buildings have a $2.38 rent premium and 3.6 percent higher occupancy. The study also finds that ENERGY STAR labeled buildings sell for an average of a $61 per square foot more than non-ENERGY STAR buildings while LEED-certified buildings have a premium of $171 per square foot.
The findings are a “strong economic case for developing green buildings,” says Andrew Florance, president and CEO of CoStar.
According to the report, one factor that contributes to the premiums on green space is simply the dearth of green space. The study indicates that the supply of green buildings has not kept pace with demand.
CoStar analyzed more than 1,300 LEED and ENERGY STAR buildings representing about 351 million square feet and assessed those buildings against non-green properties with similar size, location, class, tenancy and age characteristics.