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December 22, 2016

Improving the Nation’s Building Stock

By Joseph Derhake, PE

THE REAL ESTATE INDUSTRY OWNS THE WORLD AND WE’RE MAKING IT BETTER

As a due diligence and design firm—our work is all about helping our real estate clients achieve success in their projects: managing risk, making smart investments, bringing projects to life. Much of that work is driven by financial interests, some of it by public mandates, but regardless we as consultants and the real estate industry at large do a whole lot towards the “greater good” along the way. More properties get cleaned up, energy optimized, seismically retrofitted, or otherwise improved because of a real estate transaction or project. For example, 75% of all radon tests conducted are due to a real estate transaction. Radon is the second leading cause of lung cancer, so that’s potentially a lot of lives saved!

As I reflect on 2016, it’s striking how often our clients have chosen to improve an asset not because they have to, but because they want to – to reduce risk, improve the asset value, raise rents, etc. With CRE values up, it makes more sense now than ever.

So, as we collectively reflect on the past year and look ahead, here are a few hings we can all feel good about. Our nation’s building stock is becoming:

  • Greener – 2016 might have been the “greenest” year for CRE yet. Multifamily green finance programs took over – over $3.2 billion in green loans had been funded by Freddie and Fannie as of late 2016. Each of these assets will take steps to (or already have) reduce energy or water consumption and/or receive a green building certificate. Institutional investors are increasingly being asked by their capital stack to demonstrate sustainability in their real estate portfolios, which is also driving more energy and sustainability upgrades.

Continue reading the GlobeSt blog here.

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