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Sustainability Ranks High in Real Estate Strategy

Sustainability Perceptions and Trends in the Corporate Real Estate Industry report on workplace and corporate real and what they are doing to achieve it

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Sustainability is a Major Issue for Today's Businesses

Nearly 80 percent of industry leaders say sustainability is a major issue for today's businesses, and are willing to pay a premium to achieve it, according to a survey from CoreNet Global and Jones Lang LaSalle.

The survey, "Sustainability Perceptions and Trends in the Corporate Real Estate Industry," asked workplace and corporate real estate executives about their thoughts on sustainability and what their companies are doing to achieve it, and the response is overwhelmingly green.

Key Sustainability Survey Findings were

  • Sustainability is seen as a near-term issue for most companies
  • Increasing energy costs and energy utilization are at the forefront of this issue for CREs
  • There is a clear perception of a cost premium associated with sustainable real estate
  • Occupiers and service providers are over-estimating this cost
  • More than 2/3rds of respondents said they would be willing to pay more for sustainability as compared to traditional construction.
  • Sustainable real estate solutions are lacking in most markets
  • Real estate service providers and stakeholders are not very proactive about sustainability yet

Sustainability Ranks High in Real Estate Strategy

Of the 418 respondents to the survey:

  • 79% said that sustainability is an important business issue now or within the next two years.
  • 77% said they are willing to pay a premium for that sustainability
  • 22% said they expect to pay the same amount for increasing returns.

Perception of Higher Prices for Green Buildings

One result of the survey also shows that the gap between the actual and perceived costs of green buildings remains. Although recent studies have found that LEED buildings cost only 1 to 5 percent more than conventional buildings (and that cost premium is steadily declining), 52 percent of respondents believe green buildings will cost be pricier by 5 or more percent.

US Lags Behind International Market for Sustainable Action

A global divide remains among business leaders as well is ranking whether sustainability is the thing to do now:
  • 61 percent of European respondents said sustainability is a critical issue right now
  • 53 percent said the same thing in Australia
  • 44 percent in the U.S.

Edited by Carolyn Allen
| real estate | sustainability | green building | energy efficiency | governance |

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