CoreNet Global , a professional association for corporate real estate execs, and Jones Lang LaSalle , a financial and professional services firm specializing in real estate, released the results of their survey last month.
Corporate real estate executives do see energy and sustainability as a business priority, but they aren’t willing to cough up as much dough for green office space as they were a year ago.
More than 400 corporate real estate executives participated in the survey. This year 69% said sustainability is a key business issue, up from 47% last year.
According to the news release about the survey, “40% this year rated energy and sustainability as a ‘major factor’ in their companies' location decisions, with an additional 36% calling it a ‘tie-breaker’ between locations that are otherwise competitive.”
It's great that real estate execs believe green is good. But only 42% are willing to pay a premium to lease green space; 53% would pay a premium to redo their own property for sustainable gains. Interestingly, in last year’s survey, 77% were willing to pay extra for green space.
So why the change over the last year?
"A year ago, most CRE directors believed that improving energy efficiency and reducing carbon emissions would cost money, at least in the short run," said Dan Probst, chariman of Energy and Sustainability Services at Jones Lang LaSalle, in a news release about the survey. "Today, they realize they can meet sustainability goals and save money at the same time."
The good news is real estate companies are taking green steps. Most are recycling and most are taking a look at energy management.
Let’s bring the results of this survey a little closer to home. Would you be willing to pay extra to lease green office space? Would you be willing to invest upfront costs to retrofit or upgrade your current space to make it green or sustainable? How much is too much? Is there a point where even the greenest of company draws the line?
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