Building a sustainable future is a collective responsibility. When it comes to Commercial Real Estate (CRE), it’s more urgent than ever to discover new ways to decrease climate risk and move towards a more environmentally-aware future. We are rapidly shifting our way of thinking from ‘bigger and better buildings’ to ‘sustainable and eco-friendly properties’, so it’s wise to get on board quickly!
The commercial real estate industry has completely embraced the potential of high-tech efforts to improve tenant occupancy and the overall resident experience. Whether it’s reading real-time energy data that is being used to monitor areas of wasted power or tracking occupancy rates on different floors, sustainable smart-tech buildings optimize energy distribution. When you have collected the data, you will be able to solve specific eco problems that may not have had a viable solution in the past.
How are sustainable solutions and the CRE sector interconnected?
In this day and age, building environmentally-conscious properties and investing in CRE go hand in hand. Commercial properties have a significant impact on carbon emissions and energy consumption. Whether you are a long-term CRE investor, a tenant in a large condominium building or leading a construction company, we are all responsible for taking care of our planet for future generations.
Investing in ways to reduce carbon emissions will be less of an option and more of a requirement. Greener practices will only bring advantages to us and our planet, and hopping on the sustainable (eco-friendly) train will undoubtedly build a better financial portfolio, as you will be reducing costs as well.
Lowering energy expenses with LED lighting
According to the World Green Building Council, commercial properties account for 39% of global carbon emissions, so the building environmental sector has played a vital role in slowing down the climate emergency and tackling the carbon emission crisis head-on.
Powering a commercial or industrial space on acreage can cost about $0.12 per kilowatt-hour, which can be extremely expensive if you’re running a commercial building 24/7. Implementing LED tubes is a much more efficient method to reduce carbon emissions while helping them last longer. Traditional fluorescent tubes may only last 34,000 hours, however, LED lights can last more than 70,000 hours of testing. The focus of sustainability is to find the best ways to do the same things, and lighting serves as a huge part of creating enhanced eco-friendly properties.
Window tinting will significantly decrease your HVAC costs
Commercial properties, such as rental condominiums and office buildings, are generally built with a high volume of windows, and because of this, sunlight plays a significant role in lighting and heating them.
Window tinting serves as one of the best ways to reduce energy consumption, manage indoor temperatures and reduce carbon emissions, all while ensuring the comfort of the occupants. Window tinting involves transforming regular windows into infrastructures that have the film installed on top of them to reflect the sunlight coming in. When the sunlight is properly reflected, there is less need to turn your building’s HVAC system and lower your overall operating costs. The best part is that since window tinting can be accomplished on your existing infrastructures, you won’t have to spend any extra money on replacing any windows.
Reducing the physical risk of older commercial buildings and increasing sustainability
Implementing energy-efficient systems and infrastructures in commercial buildings is needed now more than ever!
The physical impact of climate change, such as extreme weather, can lead to higher insurance premiums, higher capital expenditures and higher operational costs. Investing in energy-efficient properties means that the infrastructure will be able to withstand the high risks of climate change while consequently being a large contributor to a brighter future.
Over the next couple of decades, buildings, infrastructures, and renovation will be focused on meeting market demands with the utmost transparency, improvements and verifications of carbon reductions.
Now is the time to tackle climate change, one green building at a time! While massive changes don’t happen overnight, they start with small and meaningful daily changes. It’s time for developers, construction companies, investors and all important CRE industry representatives to embrace sustainability and pivot the mindset for future generations.
As I say, ‘It’s not the big changes, it’s the little ones that matter!’. Time to think green one day at a time. Check out my video for more insight.
At ReDev, we believe in the power of collective intelligence, bringing multiple perspectives and depth of expertise to the sector. We are proud of our entrepreneurial culture that fosters investment innovation, collaboration and teamwork. We take great pride in the skill and professionalism of our people where integrity is at the heart of our organization.