Real estate is one of the most important and most significant investments for the average person. There also seems to be shifting trends that affect the value and desirability of a home. One that has come to the forefront recently is the greening of residential and commercial property.
This trend is driven by eco-conscious millennials entering the real estate market or making choices regarding a commercial space. Interestingly, it is essential to reduce the impact on global warming, but it is now also a matter of economic and spatial efficiency.
Greener spaces
Developers and real estate agents are seeing an uptick in greener developments that lower the annual overhead for operating or maintaining the property. This can mean an interest in smaller spaces and homes. Other options include solar panels, supporting renewable energy options provided by utilities, or picking brick-and-mortar locations that are easily accessible by public transportation.
Using a more communal approach
Businesses now often find shared workspaces appealing. It fosters synergy from working together in the same space. It also avoids paying for a costly office that goes unused because many professionals and contractors now regularly work from home.
Millennials have also flocked to smaller homes in neighborhoods with a higher density. This can mean smaller standalone houses or multi-unit housing with green spaces. Typically near public transport, retail spaces as well as eating and entertainment options, these spaces mean less time in a car.
LEEDing the way
LEED certifications are the holistic measure of sustainable space. It looks at construction materials, design, location, indoor air quality, greenhouse gas emissions as well as energy and water efficiency. While these benefits add upfront costs to a building project, the certification costs later are highly marketable to renters or buyers.
It is a new real estate market
Those hearing about the value of LEED certifications and other sustainability practices may have questions if they are considering purchasing a property or renting a commercial space or home. Real estate attorneys cannot explain the science behind these evolving concepts, but they can help clients with a transaction or purchase involving these properties.