Commercial buildings get green makeover to boost value
American local government is pushing a boom in green retrofits, according to the latest research.
A study by Pike Research has shown greening commercial buildings is ‘booming’ driven mainly by strong activity in the federal building sector.
It also looks like continuing a healthily for the future with the firm predicting growth until at least 2013, according to the study called Energy Efficient Retrofits for Commerical and Public Buildings.
The report highlights the fact that sustained growth in building efficiency lies in the private commercial sector – an estimated 70 billion square feet of space – where managers are motivated by reducing energy costs and higher property values for green buildings.
Pike managing director, Clint Wheelock, said: “As the economy recovers, the commercial building sector’s activity mix will shift away from new construction and toward more renovations.
“In addition to the direct benefits of reducing energy bills, high-performance buildings command premium rental and sales prices.
“In a struggling and fiercely competitive market, green buildings simply move faster relative to their more conventional counterparts.”
According to the report, commercial building retrofits range from less than $1 per square foot for a simple energy efficiency program to save 10% of energy costs, to $10 to $30 per square foot to save 40% of energy costs and enhance occupant performance or up to $40 per square foot for a major renovation.
© Faversham House Ltd 2022 edie news articles may be copied or forwarded for individual use only. No other reproduction or distribution is permitted without prior written consent.