Green, green & greener… What impact are environmental goals having on commercial property?
By Peter Scott | Sustainability | Tuesday 22nd September 2009
The phrase “green shoots” has really taken hold as optimism about an economic recovery increases. It’s a great turn of phrase that has captured the imagination and there are definitely signs of recovery in some quarters. But I believe we still a need a few seasons before those green shoots take hold in the commercial property market, which tends to lag residential property.
However, today I would like to talk about green shoots of quite a different sort and that is the rise and rise of green buildings.
In the past couple of months alone, I have been to the openings of three new green star rated buildings in Auckland. They sport some wonderful features that not only reduce impacts on the environment but offer improved working conditions for staff.
One development at Fanshawe Street (the NZI Centre) is also the first to achieve the highest green star rating for its fit-out, alongside the top rating for the building itself.
These new green working environments offer a great deal to staff to support more sustainable lifestyles, right down to bike racks and showers for staff to use if they want to exercise during their breaks.
In one of the buildings the new features have sparked a lot of interest from staff, who are now seeking more of these facilities to improve their workplace.
While the green trend in buildings is emerging firstly with larger companies, it will continue to give them a competitive edge with highly skilled employees in a position to choose an employer based on the environment they offer.
Despite job losses in some areas of the economy, professional services are still comparatively buoyant, and competition for skilled employees continues.
And with international talks focussing on countries around the world taking greater responsibility for carbon emissions, the greening of buildings is a trend that will continue.
Even though times are tough, the projections of these larger firms obviously show they have to take the greening of buildings seriously, not so much as an added extra, but as a critical part of design and cost projections for commercial property.
Undoubtedly some green initiatives cost more in the first instance, but economies of scale will improve costs as they start to become the norm, and energy cost savings and recycling measures are starting to significantly alter the cost/benefit situation.
So green shoots in the economy and growing green shoots in the commercial property sector give us some clear pointers about what we need to consider in the future, both to attract great staff, to demonstrate to customers that we are committed to sustainability values, and to fit with the new demands of a world that is becoming increasingly committed to lowering impacts on the environment.
Tags: Add new tag, commercial real estate, office space, Sustainable Green Building
