Retail sector slow to adopt green construction
The retail sector is lagging behind the pack in green building, according to The U.S. Green Building Council. They report that LEED project certifications for green buildings overall were up 67% from 2005 to 2006. But of the more than 800 LEED certified projects to-date, only 50 retail projects have been certified.
The key issue is real cost vs. spec benefits. Developers would pay more for green features and may not be able to recoup those costs in higher rents or faster lease-up. Still, the number of large retailers announcing green building initiatives has accelerated in 2007 and should peak in 2008-2009.
For more on the factors driving the green retail market, see Greening the Retail Sector in Building Design + Construction.
