It’s no secret that we’ve seen an increased demand for commercial buildings that are environmentally conscious and able to conserve energy. Building owners and managers have quickly learned that going green can attract more, higher-paying tenants. A majority of this demand is being met by high-performance buildings, but there are not enough new construction projects to satisfy the market. To fully meet these demands, the industry has turned to green retrofits.
The green retrofitting trend is good news for the industry. The National Institute of Building Sciences recently found that retrofitting an existing building can oftentimes be more cost effective than building a new green facility. There’s also been talk about the long-term benefits of green retrofitting. According to the U.S. Green Building Council (USGBC), “Owners of green buildings reported that their return on investment improved by 19.2% on average for existing building green projects” compared to just “9.9% on average for new projects.” Other benefits include reduced operating costs and environmental impact, and an increased market value. Green retrofitted buildings also tend to have a longer lifespan and contribute to a comfortable environment for tenants – especially since tenants now want features such as rooftop gardens and use of recycled material for interior finishes and furnishings.
Green retrofitting can also play an important role in facilities where the occupant experience is paramount. These renovated buildings feature improved indoor air quality and upgraded accessibility and security. The USGBC reported the following about how retrofitting can improve tenant health: “Building retrofits which improved the indoor environment of a building resulted in reductions of: communicable respiratory diseases of 9-20%; allergies and asthma of 18-25%; and non-specific health and discomfort effects of 20-50%.”
It’s an exciting time to become involved in green retrofit projects. From now until 2023, the USGBC predicts that commercial building owners and managers will invest an estimated $960 billion globally on green retrofitting. At Mitsubishi Electric, we have welcomed green retrofitting with open arms and our products are a strong fit for this application. For example, our efficient Variable Refrigerant Flow (VRF) technology helped Stack House Apartments renovate their facility to be a showcase of sustainability. And, like Stack House Apartments, we look forward to a greener future.