According to a University of Sand Diego study, the answer seems to be a definite yes! In the first systematic study addressing the benefits of investments in “green” buildings, Dr. Norm Miller, director of Academic Programs at the Burnham-MooresCenter for Real Estate, University of San Diego, and co-author Jay Spivey, senior director of Product Management at CoStar Group, compared office buildings that had been awarded the Energy Star label by the U.S. Environmental Protection Agency for superior energy efficiency to other similar office buildings based on size, height, class and year built.
The performance of 435 Energy Star-labeled buildings and 2,871 non-Energy Star buildings across the country were studied. The 2007 research study, “Does Green Pay Off” presents evidence that:
- Energy Star-rated buildings have higher occupancy rates and lower operating expenses than non-Energy buildings.
- Energy Star-rated buildings observed higher rental rates by about $2 per square foot per year net in the second quarter of 2007 and $2.45 higher in the fourth quarter of 2007.
- Energy Star-rated buildings command sales prices of 15 percent more on average when compared with non-Energy Star buildings.
Dr. Miller will present the results of the study, qualitative and quantitative data on the benefits of building green, and future outlooks relating to sustainable building practices at the San Diego Gas and Electric Metro Administration Building on Feb. 20, 5:30 to 8:30 p.m. The presentation is produced by the United States Green Building Council (USGBC) San Diego Chapter as part of its monthly “GreenMeet” educational series.
About University of San Diego’s Burnham-Moores Center for Real Estate
Respected as a high-quality real estate center for its research and industry outreach, the visionary Burnham-Moores Center for Real Estate is dedicated to being the region’s focal point for advancing socially responsible leadership in real estate. In addition to undergraduate and graduate education, the center offers a nationally recognized conference series, industry relevant research and a certificate program in real estate finance, investments and development.
