Jake Glavis – Strong Growth Expected In the Canadian Green Building Market
Green building in Canada is expected to see substantial growth over the course of the next three year Oxford Properties Group claims in a press release on Market Watch. A survey of Canadian firms and found that they expected to grow their green practices by one third in 2014 and one half by 2017.
The findings come as part of a report commissioned by the Canada Green Building Council and prepared by McGraw Hill Construction. The findings in the report, entitled Green Building Trends: Benefits Driving the New and Retrofit Market, shows that companies investing in green buildings are seeing significant gains. 82 percent of building owners reported decreased energy consumption in their green buildings and 68 percent reported lower water use. The study found that green buildings had a mean reduction in operating costs is 17% over five years, and median payback for investment in a green building was 8 years, a number consistent with global studies.
Architects and owners also reported a 4% median increase on asset values for buildings that underwent green renovations. This data is consistent with a similar studies conducted in the U.S. by McGraw Hill Construction. This contributes to the growing body of evidence that green buildings have strong value in the current real estate marketplace.
The report shows that owners and renovators see the growth potential behind green building, but it shows that there were other factors that led them to the practice as well. Client demand that builders be ‘doing the right thing’ came heavily into play with 42% of survey respondents selecting this as one of their top two triggers. 60% of respondents also noted the belief that green buildings promote health and well-being as being the most important social reason they chose to invest.
What the report makes clear is that a confluence of economic and social forces are driving a surge in Canadian green building projects.
Read more at Market Watch.