Last week the EPA released its second annual list of the top twenty-five cities with the most buildings with its Energy Star rating. And for the second year in a row, Los Angeles topped the list with a total of 293 buildings, followed by Washington, DC at 204 buildings, and San Francisco in third position with 173(for the full list, see http://www.energystar.gov/ia/business/downloads /2009_Top_25_cities_chart.pdf). If you want to have a little fun, tell your friends and associates who are not very proficient in green and sustainable information which city topped the list. Most likely you'll get responses that range from "no way" to "no effing way". Either way, whatever city leads the pack, most important is that every year the amount of buildings continues to grow.
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Publisher's Watch
Category: Green Building
China has been moving forward quickly in regards to sustainability, especially in terms of new building construction. There has been no shortage of reporting about the new office tower in Guangzhou, China, which may be the world's most energy-efficient when completed. The 71-story Pearl River tower, designed by the New York-based architecture firm, Skidmore, Owings and Merrill, is intended to be a "zero-energy" skyscraper that generates all the energy it needs to operate on its own.
The owners of the Sears Tower have announced plans to upgrade the building for sustainability, which will make it the tallest building in the western hemisphere to undergo such an overhaul to date. Of course, the Sears Tower is the tallest building in the western hemisphere and won't have any competition for this status. However, considering the size of the project alone, this cannot be done modestly. According to the building's website, the structure "is a 110-story trophy office tower containing a total enclosed area of approximately 4.56 million gross square feet (SF) and has a rentable area of 3.8 million SF. The Sears Tower's 4.56 million gross square feet would cover 105 acres if spread across one level. This is the equivalent of 16 city blocks in Chicago. Within the building, there are 25 miles of plumbing, 1,500 miles of electric wiring, 80 miles of elevator cable, and 145,000 light fixtures. The building weighs more than 222,500 tons..."
A concept borrowed from developers in London and Amsterdam has made its way to Providence, RI with the announcement there of the "Box Office," an office building constructed from 32 used steel shipping containers. Due for completion in 2010 and designed by local architect Truth Box, the Box Office will have 3 stories and 12 separate office and studio units. With construction still to begin, it is nearly 40 percent leased, a huge statement in this economy.
Much has been made of how green and sustainable standards are being incorporated into all aspects of new real estate development--whether commercial, residential, or institutional. Yet, the biggest issue at hand is the existing building stock and how to bring it up to these standards. This dilemma has not gone unnoticed; the United States Green Buildings Council has established its own LEED standard for existing buildings to address this issue, and other organizations are doing the same.
One of the biggest issues in the real estate community is how to develop green properties while making a profit. This alone has been a deterrent over the past decade for many developers. One of the common refrains has been that it's just "too expensive" to develop ecofriendly; home buyers simply won't pay for the added costs of a green home. Of course, the price differential between a green home and one that is not has narrowed substantially as more and more products and services have entered the marketplace. However, while many real estate companies are now adopting green principles to guide new developments, there remains a price differential, between those who can afford a green home and those who can't, that hasn't been addressed. That is, until now.
The entire lending environment isn't undergoing total collapse, and the financial services company Wells Fargo is proof. In fact, they've even managed to create a viable new product line as other banks are struggling and failing.
The green drumbeat continues to be strong in spite of weakness in the economy and housing market. A newly released study called, "The Green Home Builder: Navigating for Success in a Down Economy," by McGraw-Hill Construction and the National Association of Home Builders National Green Building Program, proves the point.
Here's some shocking news in a down real estate economy: the green home building market could triple by 2012, or in just three and a half years.
Last week, at a star-studded press event featuring Bon Jovi, New Jersey Governor Corzine, and Newark Mayor Cory Booker, the creation of the Newark HELP Initiative was announced. This is a public-private partnering of Bon Jovi's Philadelphia Soul Charitable Foundation and HELP USA in order to develop the Newark Genesis Apartments in the North Ward.
At the end of the day, the way the economy impacts most people concerns their own bottom line. Whether a developer or buyer of a home, it all basically boils down to how much I can make and how much I can save. Or, as this was defined in the 1992 presidential election, "It's the economy, stupid."
California has just adopted a green building code that is the first of its kind in the country. Signed into law by Governor Arnold Schwarzenegger, this code establishes targets for many sustainability principles, including energy efficiency, use of environmentally sensitive construction products like carpet, paint, coatings, and other eco-friendly building initiatives as well. The "California Green Building Standards Code" is voluntary for builders, local municipalities and communities until 2010, when it becomes mandatory.
Last month, the Building Owners and Managers Association (BOMA International) held its Annual Conference and Office Building Show in Denver. BOMA was founded in 1907 and is considered the oldest and largest professional trade association in its field. Its members include developers, owners, managers leasing brokers and corporate and asset managers. Every year it holds The Office Building of the Year (TOBY) contest. This year, out of 14 prize-winning categories, green buildings won four of the awards.
In the ever-greener world of the building industry, two distinct entities are discovering an inextricable link. I'm talking about developers and architects, and their connection may seem obvious; after all, developers always utilize the services of architects in the design of their buildings. However, today's architect is no longer just a designer, but someone involved with the longer-term financial viability of new projects.
Here's some "shocking" news about energy efficient commercial buildings. Apparently, they actually have higher occupancy rates, lower operating costs, increased rental rates, and higher sales values than more conventional structures. This is based on new reports released by the New Buildings Institute (NBI) and the CoStar Group.
As the green building movement forges ahead, Fireman's Fund Insurance has taken a bold and creative step by becoming the first insurance company to offer a "Green" insurance for altenative and LEED-certified commercial buildings.
Gavin Newsome, mayor of San Francisco, has proposed a broad new ordinance that will require all future city development over a certain size to configure either to LEED certification from the USGBC, and if under that size, to be GreenPointRated from BuildItGreen. This edict is based on a recommendation from a panel of 10 active members of San Francisco's business community, including building owners, developers, and financial institutions.
The biggest green news in the commercial real estate industry over the past few days was CB Richard Ellis's commitment to bring 100 of the U.S. office buildings it manages up to LEED certification. The U.S. Green Building Council's Portfolio Program supports building owners working to earn LEED certification by providing a cost-effective, streamlined certification process.
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