The US retail and hospitality sectors have stepped up their levels of investment in green building projects in recent years.
Across the US, owners of retail and hospitality related property are ramping up investment in green building projects and reaping significant reward in terms of asset values, return on investment and operating cost control.
A new study conducted by McGraw Hill Construction in conjunction with Waste Management entitled Green Retail and Hospitality: Capitalizing on the Growth in Green Building Investments found the proportion of retail owners who are "highly involved" with green building - which means over half of their new buildings are green - more than doubled from 18 per cent in 2011 to 38 per cent in 2013.
Hotel owners have displayed even greater enthusiasm with nearly half now highly involved in green building. The percentage of "highly involved" hotel owners rose from 28 per cent in 2011 to 48 per cent this year.
Going forward, the report's authors expect that strong positive momentum to continue. By 2015, they expect the proportion of ‘highly involved’ owners to reach 52 per cent in retail and 62 per cent in hospitality.
In addition to sustainability measures being implemented into new buildings, the report found almost two thirds of retail owners and three quarters of hotel owners plan to invest in sustainable operations and maintenance with regard to existing facilities over the next two years.
According to the study's findings, momentum in green building investment and related sustainability measures is being driven by a desire to maximise property values and control operating costs.
On average, hotel owners reported that investment in green building led to an 11 per cent rise in asset values, a 14 per cent gain in return on investment for their buildings and a one per cent decline in annual operating costs.
Retail owners, meanwhile, saw gains of seven per cent and eight per cent in asset values and ROI as well as an eight per cent reduction in costs.