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Survey: Despite Crunch, Developers Commit To Green

The 2008 Green Building Market Barometer indicates an about-face among the construction community regarding sustainable building.

By Debra Hazel | Updated on December 11, 2008

The credit collapse is not affecting developers’ inclination to go green, according to the 2008 Green Building Market Barometer–the results of an online survey of commercial real estate executives by Turner Construction. But education is still needed to correct lingering misinformation about the costs of doing so.

In fact, 75% of the 754 commercial real estate executives surveyed said that they would not be less likely to construct “green buildings” despite concerns about the availability of funds. The respondents said they viewed green buildings as having lower energy, operating and lifecycle costs, higher building values, asking rents and occupancy rates. Respondents also noted that green buildings can generate greater investment returns.

“This was really good news,” says Michael Deane, vp and chief sustainability officer for New York City-based Turner. “We now know that we can deliver a LEED Silver or LEED Gold building at just a 1%, 2% or 3% premium. That will give you a really good payback.”

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