While the addition of chargers is making buildings more attractive to prospective tenants, charging EVs is not the only use of these devices with a positive revenue impact.  Once they're in, owners are discovering EV charging stations can provide a fresh source of ancillary income through advertising displays. Stations in front of retail stores promote deals inside, and units outside of multifamily communities and office complexes offer prime ad space for restaurants and other consumer businesses nearby.

"It's a really ingenious idea that this kind of technology is being adapted into commercial properties where owners are getting marketing dollars from the surrounding community to market their location to tenants," Curtis says. "Property owners can absolutely capture additional revenue that likely would never ever been thought possible in the recent past."

Building Operations: The Cutting Edge of Sustainability

While chargers are one tool in an owner's toolkit, other sustainable innovations are reducing the cost of operations through increased efficiency.

"When most real estate managers look at how they could be more sustainable, they usually look at what they have the most control over, which generally is going to be utilities," says Curtis. "Here in Texas, where it's hot all the time, we look at HVAC and make sure we balance that cooling load. Electric and water consumption are usually some of the big indicators right away."

Water consumption is also a candidate for sustainable innovations. Automatic flushing and water-saving faucets, including often-overlooked aerators, can reduce water consumption and costs, says Curtis. Landscaping can be made more efficient with local, drought-resistant plants and drip irrigation. In one example from Curtis, he notes a San Antonio mall that found a way to utilize water from HVAC condensation for its landscaping needs.

And lastly, Curtis is encouraged by the integration of building automation systems into sustainable operations. "In the past, all managers really did was control the HVAC system," says Curtis. "Automated systems are really going to take this to the next level, and I can only imagine what the addition of AI will mean, processing operational data unlike anything humans can do."

The good news extends from the bottom line to the big picture. Developers, who now frequently view real estate as the way to address climate change, increasingly see long-term operating costs and sustainable practices as going hand in hand.

"If you design a building to be functional and sustainable, it's always going to be easier to maintain those buildings," says Curtis.

IREM offers a Certified Sustainable Property Designation. Click here to learn more.

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