Bonus Blog Submission: Sustainability has Created Career Opportunites in Real Estate

In recent years, Sustainability and the concept of "Green" buildings has become a very important objective in all facets of Real Estate. Most of the large Commercial Real Estate firms have set objectives to become "carbon neutral" in the next 2-3 years. It makes perfect sense, commercial office buildings are the largest consumers of natural resources such as land, water, and energy sources. The construction of an office building may displace trees, animal habitats, and add material waste to landfills. In an effort to ensure global acceptance of sustainability, certain governmental entities such as the Environmental Protection Agency (EPA) and non-governmental agencies such as the U.S. Green Building Council (USGBC) have created third-party programs to assist Owners of Real Estate achieve "Green." EPA implemented the Energy Star Program. Once certain criteria are met, the property will obtain an Energy Star Compliance placard and signage for the entry of the building. This program is typically for existing buildings. A few years ago, the U.S. Green Building Council established the LEED rating system. This system is for all Real Estate; new or existing, commerical or residential. An owner may choose which level that they would like to achieve. This is somewhat directly correlated with the rent rates or payback that they can achieve on a particular project. Some of the measures to be "green" can involve large upfront costs. Once image and budget goals are established, the building can be designed or retrofitted to be "Green." Energy Star and LEED can be a strong marketing tool and is sought by prospective owners and tenants. The LEED system has opened many job opportunities within the realm of Real Estate. LEED is becoming widely utilized among, architects, real estate managers, designers, engineers, construction managers, lenders, and government offices. Any of the above mentioned disciplines may obtain a LEED accredited professional (AP) designation. Some firms are requiring certain managers to obtain the accreditation as part of their professional development program. Consulting firms have added LEED as a service and able to charge premium hourly fees upwards of $150 per hour for their interpretation and design services. If you are interested in pursuing a LEED AP designation or applying for LEED on a property, please visit the www.usgbc.org website. A study guide may be purchased for $250. In order to successfully prepare for the exam, you must commit to studying the material 40-60 hours. There are also online courses, webinars and private workshops to help prepare for the exam. The exam is administered at a proctoring firm for $200-300. As with other professional designations, there are continuing education credits that will need to be maintained on an annual basis.

More information may be obtained at the following web sites:
http://www.energystar.gov and http://www.usgbc.org

Stephanie Miller