Source: Forbes (June 25, 2019) – Staying one step ahead in the uncertain and competitive real estate space can be a challenge. We started out the year with many experts predicting that sustainability would once again be a “trend” for 2019. This is not an “aha” moment for most of us: Green building and sustainability have been enduring trends in the industry for the past couple of decades. However, as the real estate space continues to transform, this topic takes on increasing importance as we look at overall societal, economic and cultural changes.
People want to go green.
Sustainability can no longer be considered a niche. In fact, consumers demand and expect it from most aspects of their lives. Even professional sports leagues, like the NFL, now have formal sustainability initiatives in place. According to a recent survey by Nielsen, 81% of consumers around the globe believe it is extremely or very important for companies to have environmental improvement as an objective.
Green building really kicked off in the early 1990s, reaching more widespread awareness about a decade later. It was long heralded as a special feature, something that was above and beyond the norm. Now, it has gone mainstream, and many expect a certain amount of sustainability in their homes and commercial buildings. Some governing bodies are even requiring resource-efficient measures to be in place.
According to the National Association of Homebuilders, homebuyers want — and will pay more for — sustainable features like energy-efficient appliances, windows and the like, alongside features that ensure better air quality. As younger generations are expected to enter the homebuying market, this socially conscious group is looking out for green features and sustainability that is built in.
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