A new report indicates that green building has taken key commercial property markets by storm in the United States.
According to a new report released by commercial real estate group CBRE, green building has spread like wildfire through America’s commercial property market in less than a decade.
The National Green Building Adoption Index for 2014, produced by CBRE in partnership with Masstricht University, examined the uptake of green building standards in America’s 30 biggest commercial property markets in terms of floor space.
Study authors Nils Kok and Rogier Holtermans first geocoded the boundaries of all 30 of these leading commercial property hubs. They then extracted the office buildings which are Energy Star or LEED certified using the Green Building Information Gateway database of the US Green Building Council.
The study found that the adoption of green building standards by the commercial property sector in the US has surged since 2005, with growth becoming particularly pronounced at the turn of the decade.
In less than 10 years, LEED certification has leaped from a negligible percentage of commercial buildings – under 0.5 per cent in 2005; to five per cent at present.
While five per cent of commercial buildings may appear unimpressive upon first inspection, this figure conceals an even greater increase in the percentage of floor space which is now green certified, which currently stands at 19.4 per cent of total building stock in the 30 office markets included in the study.
The figures for Energy Star certification are even more encouraging. Since 2005, adoption of the standard by office buildings has risen to over 10 per cent of the market, accounting for 30 per cent of total floor space.
The city of Minneapolis/St Paul came in at the top of the National Green Building Adoption Index, with a stunning 77 per cent of floor space receiving either Energy Star or LEED accreditation.
San Francisco and Chicago took second and third position, with readings of 67.2 per cent and 62.1 per cent respectively. Two other US cities – the southern metropolises of Houston and Atlanta, also enjoy the distinction of being markets in which a majority of commercial property floorspace is green accredited, with figures of 54.8 per cent and 54.1 per cent respectively.
While an impressive 49.7 per cent of office floors space in Los Angeles is green certified, on the other side of the country, Manhattan’s commercial property has failed to embrace sustainability with similar enthusiasm, logging a reading of 34.6 per cent.