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Green building poised for explosive growthGreen building, the term coined to describe eco-friendly sustainable construction, is increasingly getting a green light these days due to its myriad benefits. Green offices, for example, have an easier time attracting tenants and buyers, as well as recruiting and retaining employees, studies show. Healthy work settings, with plenty of daylight and fresh air, reduce recidivism and sick days. Today’s Generation-Y workforce actively seeks out social-minded employers who actively reduce their carbon footprint while improving the world around them. “It’s a popular thing with the younger generation,” said Christopher Larsen, spokesman for the Sustainable Development Committee of the NAIOP Southern Nevada Chapter. “They want to work for a company that is thinking sustainable because it’s cool and the right thing to do.” A sustainable environment also sends a public message of caring and concern that demonstrates a company’s commitment to the community welfare, as well as its employees and clients. Buildings are responsible for 40 percent of the earth’s global warming, say experts. “Corporate responsibility is becoming unavoidable,” said Rick Van Diepen, chairman of the Nevada chapter of the U.S. Green Building Council. “Employee productivity is being improved by 1 percent to 2 percent, conservatively, by working in a green building. That is a huge bottom line savings.” Green building also reduces operation costs by emphasizing quality construction and conservation for more energy efficient homes and offices, shops and warehouses. Green building can lower overhead costs through reduced power and water bills; it’s the type of thing that companies value, especially during a recession. Today’s most popular framework for green building is LEED – Leadership in Energy and Environmental Design – a 10-year-old ratings system developed by the U.S. Green Building Council; it grades building project sustainability by awarding points for air quality, recycling and energy efficiency, among other things. The more points, the higher the grades, which go from basic certification up to platinum (the equivalent of an A plus). LEED buildings, on average, use 40 percent less water and 30 percent less energy, the Green Building Council says. They cut carbon emissions by up to 35 percent and reduce solid waste by up to 70 percent. "People are increasingly realizing benefits of the green building in terms of the energy savings," said Deepika Padam, 2010 president of the Las Vegas chapter of the American Institute of Architects. "More than ever, people want to save money wherever they can." More than one in five U.S. cities with 50,000 residents or more now has a policy in place to promote green building, according to a new AIA survey. One hundred and thirty-eight cities have green building programs, or 50 percent more than three year ago. Las Vegas implemented a citywide green building program in 2007 that requires new building projects to meet silver LEED certification standards. Clark County, Henderson, North Las Vegas and the state of Nevada have similar measures in place. State lawmakers approved Assembly Bill 3 in 2005, giving property and sales tax abatement s for LEED projects. The level of savings depends upon the certification level and building type. But the tax incentives can last for up to a decade. Proponents say the legislation increased public awareness of green building. As it stands, green building is expected to triple in volume by 2013 reaching up to $140 billion annually in construction spending, reports McGraw-Hill’s Construction Group. Growing public awareness, government regulations, and bottom-line advantages are attracting scores of acolytes. Much of the spending will occur with retrofits and renovations since many buildings are aging and inefficient, McGraw-Hill said. Green building currently only comprises 5 percent to 9 percent of the market, but it could reach 30 percent within the next five years, the company added. Tony Illia is the real estate and development reporter for the Las Vegas Business Press.
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