Commercial office tenants want green - survey

Green building initiatives are a key influencer when tenants decide to sign a commercial real estate lease, according to a survey by GE Capital Real Estate. The survey, conducted over the past year, included more than 2,220 office tenants in the US, Canada, France, Germany, Sweden, the UK, Spain and Japan. An average of 50% of those polled say green building initiatives are a high priority.

Japan (59%), Canada (52%) and Sweden (52%) placed the greatest importance on green building practices, compared with only 43% in the US, the lowest of the countries surveyed.

Green building practices include energy efficiency measures (lighting upgrades, energy audits), recycling and waste reduction programs, water conservation practices, rebate sharing information (tax credits, utility credits) and indoor environmental quality controls, including efficient building ventilation.

The survey also covered green rating certifications. In the survey, only 40% of U.S. tenants rated green certification 'valuable.' However, in Sweden (51%), the UK (46%) and Spain (46%) tenants see green rating certifications like LEED and BREEAM as valuable factors in their building choice. Surprisingly, only 29% of Canadian tenants and 30% of Japanese tenants thought these types of certifications were valuable.

Energy efficiency, the survey said, remains the No. 1 priority for tenants in most countries, followed by waste reduction programs. In some markets, indoor air quality is also extremely important.

'We've seen distinct and increasing interest in sustainability across our global tenant base,' said Michael Rowan, president, Global Asset Management at GE Capital Real Estate.