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Comments by: Thomas BisacquinoPresident National Association of Industrial & Office PropertiesWashington, DC

(To read more about Real Estate Media’s Green Initiative, please click here.)

It seems that Real Estate Media’s 2007 Green Initiative is just what the market needed. Some 64% of the respondents to last week’s Feedback Poll say that green figures more heavily in their professional practice than it did last year. Commentator Bisacquino isn’t surprised at all. And he doesn’t brook any hesitation over cost. The market will regulate that as the trend grows. But let him explain:

“Unquestionably, this industry is doing more green development this year than last year. From all of my travels, observations and discussions with anyone in the development business–regardless of product–everyone is either currently doing green, stepping up the amount of green they’re doing or taking a real hard look at it.

“Expense is clearly an issue, but two things are happening. The cost to develop green is dropping. There’s still a premium, but it’s dropping. Of course, the cost depends on the product you’re looking at, and there’s a big difference between green industrial and green office. There are different dynamics involved, but the bottom line is that it’s like any other industry. As more people develop green, costs drop. And, in terms of product types, more industrial owners and developers will be looking to move toward green.

“In all, people are investing seriously in green. First and foremost, it’s the right thing to do; people are concerned about the environment. Second of all, there’s a demand for it. More tenants are demanding that their space be green, so it helps you market the building. And if you hold the building for any period of time, there’s a payback. So the building actually doesn’t cost you, but in fact it saves. It’s clearly a trend that’s here to stay, and it’s growing at an exponential rate.”

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