The past few years have witnessed an exponential growth in green buildings. According to recent studies, total green building space has been growing at a 50 percent compound rate since 2000. At the end of 2008, there were 1750 “certified” green buildings and another 13,500 projects underway that were committed to achieve green building status.
The momentum toward green buildings is a result of local government mandates, aspirational goals of corporate tenants, and the growing number of institutional investors looking to invest in green buildings. In many ways, green buildings may become as important to the real estate industry as elevators and air conditioning were in the 20th century. Green buildings
are slowly redefining what constitutes a “Class A” office space. As a result, owners and investors of conventional buildings have become concerned that they may soon be perceived as holding obsolete or inefficient buildings that will be at a competitive disadvantage as green buildings become the preferred choice of tenants.