So far, the economic value of "doing the right thing" has not been measurable, but growing awareness of corporate responsibility means that choosing not to develop green could become a public relations liability.

Matthew Reid, Vice President and regional Director The Ryan Cos:

The value of green building should be looked at two different ways. One is by looking at what green aspects of a building are creating in terms of additional value and whether that value is quantifiable and creates a competitive advantage for a facility. The other way is by evaluating the "user" demands and needs for their facility. The investor needs a facility that has a competitive advantage to the lessee through the rental rate. The value-driven equation does not yet provide the "competitive advantage" that makes green buildings stand apart from a typical product.

As for user demand, if users want a green building they will pay the additional costs and get what they want. They can do this if they own the facility, which is a much different scenario than the investor faces. In the long run, users will see a savings in their utility and energy fees. On the West Coast, Title 24 requirements are almost at the point where, in order to comply with current codes, the difference to go LEED is small. When users want LEED certification and it makes economic sense, the masses will be drawn to it.

Silvia Saucedo, attorney, Greenberg Glusker:

Green building is becoming the norm for cities across the US. Cities from Portland, OR to Boston and Seattle to Chicago have come up with their own standards, as have neighboring cities such as Santa Monica and Pasadena. Los Angeles also is crafting its green policy, which will include a performance standard as well as incentives—the "carrot and the stick" concept.

If investors want to profit during this "green-building transition period," now is the time. Incentives offered by cities, such as grants, density bonuses and expedited permitting for green projects, will not be around when green building becomes the norm. As we all know, expedited permitting accelerates the entitlement process, which in turn reduces the risk and holding costs on a property, translating into savings for the developer and investor. In addition, commercial tenants in a green building benefit from an increase in employee productivity and a decrease in employee sick days, which are great attractions to potential tenants. Green building and LEED certification is not hype; in 20 years it will be the norm.