Just like you had to pro-actively decide to incorporate green features into your building plan or renovation concept, you also have to pro-actively glean value from those features. Just like green features must be properly maintained (air filters changed, HVAC systems tuned), you must maintain data about the impact of green features on your costs. Just like you must seek out what green features work for your building (who will use a bike rack? do we need more roof insulation or wall insulation? will a geo-thermal system save money in the long run?), you must seek out an appraiser who understands how to incorporate the impact of these features into your valuation.
The Appraisal Institute crafted this document: Green Buildings and Property Value, a Primer for Owners and Developers, to help owners understand how to glean the most value from green initiatives. In a nutshell, owners need to advocate for their buildings green features by collecting utility usage data and requesting that information on equipment specification and monitoring plans, energy audits and tenant demand for green features be considered in the valuation process. Green measures and the information to verify their effectiveness will likely be required by law within a decade. Starting to incorporate those measures into your building value now saves money and time proactively today, instead of reactively come 2024.
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