NEW YORK CITY-The economic crisis continues, but that shouldn't preclude investing in sustainability which can lead to both short and long-term financial benefits, said speakers at the RealShare Green Buildings virtual conference, held Wednesday.
These can include higher rents, stronger tenant relationships, and better sales values over time. "Two thousand and seven was undeniably the year of green," said keynote speaker Mark Hansen, senior vice president-value added conversions, AMB Property Corp. "Interest in LEED certification exploded. It also was a year of [another type of] green--there was a lot of cheap money." Last year, however, saw a major shift, with new development scarce.

"Now the real interest is in existing portfolios," said Brenna Walraven, managing director and national property management portfolio manager for USAA Real Estate. "The real focus is on the operating expense side."

For now, the appeal is on short-term benefits. Fortunately, a number of initiatives can be undertaken at little to no cost, noted Mychele Lord, principal of Lord Green Real Estate Strategies. These include green cleaning techniques, integrated pet management, sustainable landscaping and managing the indoor environment through the use of low volatile organic compound (VOC) products.

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