“Green” seems to be overtaking the market by force in most cities. Adoption of green standards in the U.S. has increased significantly since 2005. During that time, the adoption of Energy Star for office buildings increased to more than 10% of the market and the proportion of buildings that are LEED (Leadership in Energy and Environmental Design) certified increased from less than 0.5% in 2005 to 5%. Measured by floor area, numbers are even higher: LEED-certified space now totals 19.4% of the total building stock in the 30 office markets reviewed in the project. Energy Star buildings represent about 30% of the commercial office market.
Green building has overtaken the commercial market and grown significantly – in less than a decade. This is in addition to the already expansive “green” residential market.
Who knew that would be possible in the otherwise traditional and slow-moving real estate market. With different uses of space, it will only be a matter of time until the next innovation will blossom, taking advantage of the SIPs capabilities. In the meantime, the implications of better, greener building will increasingly be felt in the real estate market.