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Green office buildings see higher rents, occupancy.(News for Appraisal Professionals)
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Valuation Insights & Perspectives
- Article date:
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January 1, 2008
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Copyright informationCOPYRIGHT 2008 The Appraisal Institute. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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A nationwide analysis comparing green with non-green office buildings indicates that green buildings have higher occupancy rates, lower operating costs, higher rental rates, and higher values, by compelling margins.
According to the report, which relies on data from 2006, commercial property customers were willing to pay an average of $2.45 per square foot extra for renting, or an average of $15 per square foot extra for buying, an industry-certified green office building.
Results of the study were presented by Jay Spivey, senior director of product management at Costar Group, and Norm Miller, director of academic programs at the Burnham-Moores Center's 12th Annual ...
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OFFICE DEAL SETS LOCAL RECORD AUSTRALIAN FIRM BUYS INVESCO TOWERS FOR $219...
Rocky Mountain News;
February 25, 2003 ;
John Rebchook ROCKY MOUNTAIN NEWS;
327 words
......year. It's the most ever paid for a major office building in the Denver area on a per-square-foot basis, brokers said. Sydney-based Challenger International paid $219 per square foot for the 263,770 square feet in the two...and 4346 S. Monaco St., breaking a ...
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OFFICE DEAL SETS LOCAL RECORD AUSTRALIAN FIRM BUYS INVESCO TOWERS FOR $219...
Rocky Mountain News (Denver, CO);
February 25, 2003 ;
Rebchook^, John;
362 words
......year. It's the most ever paid for a major office building in the Denver area on a per-square-foot basis, brokers said. Sydney-based Challenger International paid $219 per square foot for the 263,770 square feet in the two...and 4346 S. Monaco St., breaking a ...
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Record price in Buck deal; New office tower at 111 S. Wacker shows...
Crain's Chicago Business;
September 5, 2005 ;
GALLUN, ALBY;
392 words
......for more than $400 a square foot, which would set a...record for downtown office buildings. An unidentified German...to pay about $410 a square foot, or $410 million...buyers of Chicago office buildings in recent years. A...stake in two downtown office ...
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Older Medical Office Buildings Draw Buyers' Interest
Orange County Business Journal;
September 10, 2007 ;
Reed, Vita;
622 words
......older medical office buildings near Orange...208 per square foot - less than...200s per square foot. Michael...though medical office buildings are on average...the $2.74 square foot average rate for general office buildings in OC. Linda...
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Birtcher Anderson Sells Costa Mesa, Anaheim Office Buildings for $74M
Orange County Business Journal;
June 13, 2005 ;
Mason, Mike;
348 words
......recently sold a pair of office buildings for $74.4 million-43...sold a 12-story, 234,611-square-foot office tower at 555 Anton...the four-story, 117,523-square-foot office building at 5601 E. La...move the operation to new office buildings at its Santa Ana ...
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SALE OF METROPOINT AT DTC WOULD SET RECORD FIRM'S ASKING PRICE OF $40...
Rocky Mountain News (Denver, CO);
February 18, 1997 ;
Rebchook, John;
461 words
......southeast suburban office buildings will be set if...around $150 per square foot for the 263,000-square-...signed a 56,000-square-foot lease with Wiltech...appetite for Class A office buildings. It continues...on building two office buildings on the ...
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Developer Turns Profit on Mid-Size Office Buildings in Stamford, Conn.
Stamford Advocate (Stamford, CT);
March 29, 2004 ;
617 words
......several mid-size office buildings in Stamford...about $151.54 a square foot. Collins bought...four-story, 51,287-square-foot building on...three-story, 18,000-square-foot Bedford Street...that developed office buildings and residential...renovate a ...
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WRIT Delivers 49,000 Square Foot Terrace Building at 7900 Westpark Drive.
PR Newswire;
September 23, 1999 ;
438 words
......Drive. Sunrise will occupy the entire 49,000 square foot building as their corporate headquarters under...year lease. 7900 Westpark Drive is a 527,000 square foot office complex in Tysons Corner, Virginia. Upon acquisition...market rents at the property were $24 per square ...
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Office buildings fetch $44.2 million
Rocky Mountain News;
October 18, 2006 ;
John Rebchook, Rocky Mountain News;
300 words
...Three office buildings - one in lower downtown...Corp. for the 119,454- square-foot Market Center building...the $13.50 to $17 per square foot range. Now they are in the $19.50 to $24.50 per square foot range, he said. Somera...
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AGENCY ANNOUNCES PLANS FOR OFFICE COMPLEX AT LOWRY 600,000-SQUARE-FOOT...
Rocky Mountain News (Denver, CO);
November 8, 2001 ;
Rebchook, John;
528 words
......plans to build an 800,000-square-foot to 1.2 million-square-foot office campus on the former...unveiled plans for a 600,000-square-foot office development on 24...will cost about $145 per square foot to build, putting their value...idea with respect to ...
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TOP CASH PAID FOR DENVER OFFICE SPACE REPUBLIC PLAZA NETS $31 PER SQUARE...
Rocky Mountain News (Denver, CO);
September 19, 1998 ;
Rebchook, John;
572 words
......Republic Plaza has signed a lease for $31 per square foot, the highest office rent paid in the metro...for more than a floor in the 1.2 million-square-foot building is the most recent sign of the...and he said he'd pay at least $40 per square foot for a floor like this in ...
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The lessons of ownership; Docs find advantages in owning office...
Modern Healthcare;
July 16, 2007 ;
Greene, Jay;
674 words
......their medical office buildings provides multiple...million, 25,000-square-foot office near the...acquiring medical office buildings, says Dan Fasulo...sales of medical office buildings, a 17% increase...million, 12,500-square-foot office in ...
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Sales of Large Office Buildings Are Up Again; In '94, Northern Va. Was a...
The Washington Post;
January 7, 1995 ;
Maryann Haggerty;
787 words
...The sales of large office buildings in the region jumped last...industry here. In 1994, 61 office buildings of 50,000 square feet or...and 28 in 1992. (A 50,000-square- foot building, considered locally...million, or about $280 a square foot. It's a big step down ...
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One Pacific Place sale an apparent record for large office buildings.
Omaha World-Herald (Omaha, NE);
August 26, 2006 ;
787 words
......record price per square foot for a large...calculated per square foot, Valmont Plaza's $207 a square foot is less than...tallest of three office buildings in the Pacific...has 128,000 square feet, a 500...Pacific Place office buildings are owned ...
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ERIM SEEKS OK FOR 2 ANN ARBOR OFFICE BUILDINGS.
Crain's Detroit Business;
June 14, 1999 ;
BRIDGEFORTH, ARTHUR, JR.;
440 words
......tenants for two class-A office buildings it is planning to...four-story, 100,000-square-foot structure that would...two single-story office buildings at its Northeast...roads. A 102,400-square-foot building is slated...
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