The rise of environmental consciousness in commercial real estate comes as millennials enter the market for the first time. The central issue facing the construction industry is the new occupants of commercial real estate buildings are aware of the environmental problems facing the world. The use of environmentally-friendly building products has expanded into every aspect of the commercial real estate sector.
Millennials are Aware of Environmental Issues
The environmental issues facing the planet are well known to Millennials, with the commercial real estate sector having to adapt to continue to grow. The commercial real estate sector has adopted many of the practices needed to bring it into line with those who are concerned about green issues. The burgeoning Millennial market has been expanding across several sectors, including the auto industry. To remain in line with the demands of Millennials, the environmental impact of the auto industry has risen to the top of the requirements for the latest generation to grow to adulthood. Hybrid and electric vehicles are storming the auto sector, and environmentally aware tenants are moving into commercial real estate.
The Government Will Help
The election of President Biden has changed the way the green issues facing the planet are being addressed. The U.S. Federal Government has been building new programs that helps to absorb the cost of environmentally conscious construction through several grants and loans. One of the main reasons why some construction companies are unwilling to invest in environmentally conscious construction techniques is a fear of the overall cost. To ease the burden on existing commercial real estate owners and those looking to enter the sector, tax credits have been introduced to cut the cost of green buildings.
Lower Costs and Longer Life
The longer lifespan of commercial real estate properties has been a part of the reason for their success. Construction supply companies are expanding their reach into sustainable and renewable materials, including bamboo and cork. Construction supply companies are expanding their reach across the green materials sector and bringing lower costs to commercial real estate construction. The latest environmentally conscious materials are stronger and longer lasting than their counterparts leading to buildings with a longer lifespan. The longer lifespan of buildings allows companies to lower their carbon footprint and meet the demands of government agencies
