With the environment and health and wellness on everyone’s mind in recent years, we’ve seen an increase in demand for green buildings, especially in office, retail and mixed-use spaces. While this is becoming a trend all over the nation, Georgia ranks among the top ten states leading the way on green building.
Benefits of Green Buildings
Besides the obvious benefit of making a more positive environmental impact, green buildings are often more desirable to consumers and easier to lease. High-quality tenants are willing to pay a premium for green spaces, and owners see a higher return on their investment. Local and state governments also offer grants and loans to aid with building costs, as well as other incentives. In general, green buildings are built to last and have a higher real estate value.
“The benefits for tenants leasing space in a green building can include lower utility costs, improved health and increased productivity,” according to The Importance of ‘Greening’ Your Commercial Lease by Katherine Oberle and Monica Sloboda.
Green buildings are designed to be energy-efficient and provide a healthy and comfortable indoor environment. They use materials that reduce indoor air pollutants and provide natural light, making them more enjoyable to work, live or shop in. An additional benefit of leasing a green space is that it sends a message of corporate responsibility to investors, clients and customers. This is particularly important as more consumers favor natural products and companies that prioritize sustainability.
Getting a “Green Lease”
“Greening” your commercial lease ensures that the building stays green. It holds both parties accountable by establishing who is responsible for covering utilities, furnishings, cleaning products, practices and more. With a green lease, tenants have a legal responsibility to maintain green initiatives, and owners are liable for acting in the best interest of the building and the greater environment.
There’s more than one way to “go green” in commercial real estate, and there are multiple green building standards used in the industry, including LEED®, Green Globes and ENERGY STAR®. As environmental restrictions and regulations continue to tighten, technology and green initiatives will advance to become more innovative and effective. Six up-and-coming initiatives are prefabricated construction, passive solar building, green roofing, recycled insulation and materials, green retrofit and architectural film and biowalls. These thoughtful solutions go beyond external additions such as solar panels and focus on repurposed materials and alternatives to traditional construction methods which are incorporated into the building itself.
Trust Calloway Title with Your Next Green Build
At Calloway Title & Escrow, we love working on projects that make a positive impact on the environment. We have experience working on green projects in and outside of the state of Georgia, including Atlanta’s Avalon, a unique retail community that is also an earth-friendly green space and home to 2,800 trees. You can trust our experienced and personable team to help you close the deal on your next commercial project, no matter how complex. Visit www.titlelaw.com to get started.