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Retrofitting Old Buildings Reduces Costs (Like 80% in a Month), Attracts Tenants, Achieves Longer Leases

Constructing buildings with more efficient systems in place can lead to higher rents and longer leases, but it can also lead to significant savings. A California condominium association, for example, has seen an 80% reduction in energy costs just one month after installing LED lighting.

A recent report, The Future of Corporate Real Estate, outlined other strategies corporations are using to reach such cost reductions, including improving water filtration systems and adopting solar alternatives.

Client demand and market demand are the top two reasons to pursue green building status such as LEED certification. A recent peer-reviewed study showed that buildings with lower operating costs and better indoor environmental quality are more attractive to a growing group of corporate, public and individual buyers, according to the USGBC. And high-performing building features will increasingly enter into tenants’ decisions about leasing space and into buyers’ decisions about purchasing properties and homes, LEED suggests in its Business Case for Green Building.

A recent study of Bentall Kennedy’s North American real estate portfolio of more than 300 buildings found that environmentally friendly office properties net 3.7% higher rents. In their Canadian holdings, occupancy rates in environmentally certified buildings were 18.7% than non-certified buildings.

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