Value Beyond Cost Savings - Green Building Finance Consortium

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Value Beyond Cost Savings: How to Underwrite Sustainable PropertiesIt is important to note that many sustainable features have multiple impacts on propertyunderwriting. For example, daylighting can contribute to worker productivity and therebyincrease rents. It can also reduce energy costs and thereby reduce operating expenses.Daylighting, if not property implemented, can also result in glare and/or thermal comfortproblems.On the other hand, some of the features do not have direct measurable linkages tosustainable property underwriting. Rather, their impact is felt through their contribution toachieving the standard necessary to certify the property as sustainable. For example, bikeracks are a sustainable feature of the property, and can be an element that contributes to asustainable rating or certification. However, aside from the certification itself, this elementwill not likely have a material direct effect on property cash flows.1. GBFC Menu of Sustainable FeaturesA menu of features and elements that, in various combinations and to various degrees,define a sustainable property is presented in Expanded Chapter III Appendix III-A. The listprovides a description of each feature, definitions of key terms, and references to LEED®USA, Green Globes, and a 2007 Draft of ASHRAE’s 189P standards 11 . The applicabilityof each feature for new construction, existing building, core and shell or commercialinteriors is identified. This list provides readers with a “menu” of potential sustainableproperty features and their link to select environmental certifications.2. Sustainable Property ResourcesA proliferation of resources is available to developers, investors, tenants, and corporate realestate professionals to assist them in understanding the general strategies and sustainablefeatures available to them. As the industry has matured during the last 2-3 years, the lists ofoptional features and strategies have become more specific to the types of decisions beingmade—new vs. existing, property type, etc.Significant resources are identified and described in Expanded Chapter III and can befound in the Consortium’s Research Library under codes 6.0: Sustainable PropertyFeatures; 18.0: Property Specific Analysis; and 28.0: Sustainable Property Guides/BestPractices. A select few sources include:YourBuilding.org, Australiahttp://www.yourbuilding.org/One of the best sustainable building websites in the world specifically designed forinvestors, developers, space users, valuers and other private sector participants. This site is11 This menu was prepared in 2007 so some of the 189P, LEED and Green Globe references are not current, but the listand descriptions still provide insight into the range of alternative features and strategies that define sustainability forproperties. 189P has gone through years of review and comment and is still under review as of the beginning of 2010.20
Value Beyond Cost Savings: How to Underwrite Sustainable Propertiesvery rich with detail across many aspects of design, valuation, marketing and many otherkey areas. Most importantly, it is intelligently organized around terms and categories thatwill ring true to real estate industry participants.Better Bricks.com, Northwest Energy Efficiency Alliance, USAhttp://www.betterbricks.com/This is another excellent all around website notable for its organization around propertytypes, separating operations from design and construction, and practical easy to usefunctionality. Many excellent resources including the High Performance PortfolioFramework which provides some insights on the process of moving towards greater energyefficiency/sustainability from the perspective of owners, users, and other private real estateparticipants. http://www.betterbricks.com/DetailPage.aspx?ID=673BuildingGreen.comhttp://www.buildinggreen.com/menus/topics.cfmThis is an excellent well-organized web site with an excellent bibliography, searchableproduct database and a “Learning Center” with links to many lists of key sustainabilityfeatures and articles. This site is also the home of one of the largest case study databases inthe industry.BOMA International Green Resources and Energy Efficiency Networkhttp://www.boma.org/Resources/TheGREEN/Pages/default.aspxThis site has numerous sustainability resources including 30 easy ways to save energy.DOE Energy Efficiency Toolkithttp://www.eere.energy.gov/buildings/highperformance/toolbox.htmlExcellent site covering all aspects of energy planning and implementation.Flex Your Power, State of Californiahttp://www.fypower.org/about/Flex Your Power is California's statewide energy efficiency marketing and outreachcampaign. Initiated in 2001, Flex Your Power is a partnership of California's utilities,residents, businesses, institutions, government agencies and nonprofit organizationsworking to save energy. The campaign includes a comprehensive website, an electronicnewsletter and blog, and educational materials. Flex Your Power has received national andinternational recognition, including an ENERGY STAR Award for excellence.21
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Appendix FSustainable Property Fina
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Appendix GSustainable Property Cost
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Appendix HDiscounted Cash Flow Anal
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Property Type: CBD OfficeSquare Fee
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