Sustainable buildings result in lower operating costs, not to mention long-term savings as the cost of energy continues to rise. Many real estate scions are building green—think of the Durst Organization’s Bank of America Tower in New York City and One World Trade Center, which is being co-developed by Durst and the Port Authority of New York and New Jersey—as well as retrofitting green—most famously, Malkin Properties’ newly refurbished Empire State Building.
So it isn’t surprising that some investors and real estate firms are starting to focus on amassing green portfolios. But when will sustainability become as standard a criterion as location and quality in U.S. investors’ acquisitions? According to many within the industry, thanks to a growing awareness of green as well as several benchmarking programs, that day is almost here.
Read more...When Will Sustainability Matter to Investors as Much as Location and Quality?