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  • Denver Named Greenest US City in Inaugural Multifamily Green Building Adoption Index

Denver Named Greenest US City in Inaugural Multifamily Green Building Adoption Index

Denver, CO | November 5, 2019
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Denver leads the nation in green multifamily building according to the inaugural Multifamily Green Building Adoption Index by CBRE, Maastricht University and the University of Guelph. Seven percent of Denver’s multifamily apartment units are green certified, more than double the U.S. average. The Mile High City also ranked among the greenest office markets, coming in at No. 8 in the Office Green Building Adoption Index. 

 

“It’s no surprise Denver’s commercial spaces are getting greener, as a connection to the outdoors is what attracts many people to our region in the first place,” said Pete Schippits, Senior Managing Director of CBRE’s Mountain States. “Today building owners are realizing the value of sustainability in many forms—from increasing operating efficiency, to improving tenant satisfaction and attracting investor interest in a property.”

 

The Multifamily Green Building Adoption Index found that while it is still in the early stages, 3.3 percent of all multifamily apartment units in the top-30 markets have been green certified. Denver’s green building adoption rate is more than double the U.S. average, with 17,230 green-certified units equating to 7.0 percent of the institutional market. Washington DC/Suburban Maryland ranked No. 2 at 6.9 percent. 

 

Multifamily:

RANK

MARKET

TOTAL UNITS

TOTAL # GREEN UNITS

% OF MARKET CERTIFIED GREEN

1

Denver

246,670

17,230

7.0%

2

Washington DC/Suburban Maryland

295,528

20,469

6.9%

3

Seattle

229,612

14,948

6.5%

4

Northern Virginia

211,558

13,674

6.5%

5

Chicago

331,687

19,645

5.9%

 

Denver’soffice marketis also getting greener.With48.2 percent of its office space now green certified, up from 45.2 percent the previous year, Denver moved up one spot to now rank No. 8 among the 30 largest office markets. 

 

The 2019 Green Building Adoption Index found green certified office space across America’s 30 largest office markets has reached 42.2%, up from 41.9% last year, marking a new high.Chicago took the top spot in the Green Building Adoption Index for the third straight year, with 71 percent of its space green certified. 

 

Office:

 

RANK

MARKET

TOTAL SQ. FT.

TOTAL GREEN SQ. FT.

% OF MARKET CERTIFIED GREEN

1

Chicago

235,167,156

167,159,631

71.1%

2

San Francisco

123,365,451

83,249,026

67.5%

3

Atlanta

135,269,837

80,204,198

59.3%

4

Minneapolis/St. Paul

70,147,960

40,038,997

57.1%

5

Los Angeles

204,047,455

115,487,171

56.6%

6

Houston

213,505,123

111,905,436

52.4%

7

Manhattan

407,502,573

200,794,977

49.3%

8

Denver

116,087,609

55,898,026

48.2%

 

CBRE, Maastricht University and Universtiy of Guelph researchers, in partnership with the National Multifamily Housing Council, also note that building certification has become a more recognized and important part of a building’s profile in U.S. capital markets. Recent research shows that commercial mortgages collateralized by green-certified office buildings have significantly lower default rates, which implies that it may be beneficial for lenders to factor the energy and sustainability performance of buildings into mortgage pricing. 

 

“We have seen building owners become more green-minded in recent years and to have lenders begin to incentivize green behavior is a win for everyone—landlords, tenants and the planet,” said Brady O’Donnell, Vice Chairman with CBRE Capital Markets, Debt & Structured Finance. 

 

This is the sixth release of the annual Green Building Adoption Index and the inaugural Multifamily Green Building Adoption Index. Based on a rigorous methodology, the Green Building Adoption Index shows the growth of ENERGY STAR- and LEED-certified space for the 30 largest U.S. office markets, both in aggregate and in individual markets, since 2005. The Multifamily Green Building Adoption Index shows totals for ENERGY STAR-, LEED-, and National Green Building Standard-certified space for the 30 largest U.S. multifamily markets. 

 

View the reports HERE.

 

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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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