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Retail Firms Getting More Green

LAS VEGAS-Retail has been slower than other sectors to launch sustainable projects, but that is changing, ICSC speakers say.

By Ian Ritter | Updated on May 21, 2008

LAS VEGAS-The retail real estate sector might have taken longer than other property types to push for sustainable development, but it is catching up to the rest of the real estate world, according to speakers here at the International Council of Shopping Centers RECon convention.

Currently only 12% of the 21,300 new centers being planned this year are shooting for LEED certification, the standards sent up by the US Green Building Council to rate sustainable building, says Scott Wilson, vice president of construction at Jacksonville, FL-based Regency Centers. But that will change by the end of the year, when the USGBC has more defined LEED standards for retail.

Regency has $235 million in sustainable projects in its pipeline, including centers in North Las Vegas; La Quinta, CA; and Santa Barbara, CA. The thinking is that these centers will have lower operating costs due to less energy being used, sometimes 15% to 30% less, and in turn, increase a center’s value.

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