Office Space News
Companies Willing to Pay for Green Office Space, Part 2
Published February 14th, 2011 by Jennifer LeClaire
A new Sustainability Survey from CoreNet Global and Jones Lang LaSalle reveals that more companies are putting a greater emphasis on sustainability and are actually willing to pay for green office space.
The number of respondents willing to pay more for green leased space jumped from 37 percent in 2009 to 50 percent in 2010, according to the survey. What caused that spike? The study authors speculate that it may be a reflection of the more stable economic climate today than in the previous two years.
In another finding, an additional 23 percent of respondents said they would pay more in office rent if it were offset by lower energy costs, reinforcing the idea that green office space has financial benefits.
In general, corporate executives are more willing to invest in office space they own than they are willing to pay extra for leased office space. How quickly do companies expect to see a payback from their green office space investments?
Most survey respondents—57 percent —confirmed anecdotal consensus of one to three years as an acceptable payback period for energy efficiency measures in owned space. Just 4 percent said they expect strategies to pay for themselves the first year, while 30 percent said payback periods of three to five years may be acceptable, and 9 percent would consider sustainability measures even longer payback periods.
“Although a lot of energy management strategies pay for themselves the first year, many companies have exhausted those opportunities and want to go to the next level,” says Dan Probst, Chairman of Energy and Sustainability Services at Jones Lang LaSalle.
“By replacing lighting systems or putting in ‘smart’ systems, companies may see their investment pay off within three years. A more extensive retrofit or a solar power installation usually will take longer to pay for itself, but still make sense in some situations for financial reasons, or as a way for a company to demonstrate a commitment to sustainability.”
Executive office suites providers have a vested interest in taking measures to go greener through energy efficiency. Even small measures, like energy-efficient light bulbs and EnergyStar rated appliances and computer equipment, can make a big difference.
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