Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOCA RATON, FL-Going Green as the rallying cry of the commercial real estate industry has gotten louder in the past few years, but it’s just finding its voice in the multihousing industry.

“I would love to sit up here and tell you we understand the green initiative and have it all figured out,” said Paul Hutchinson, president of Lane Realty Construction LLC. “But we don’t know the answers yet.”

LEED certification was initially directed at other sectors, mainly office, and the movement has only just started getting legs in multihousing. “It’s only recently [the industry] has been trying to get certification to the multihousing sector,” he added. “It is still so new.”

So without official certification guidelines to follow, Lane Realty Construction focuses on providing green features, he explained. For example, its properties recycle all waste materials, which he said is just practical, and use energy star appliances.

Greg Lamb, executive vice president and regional managing partner at JPI, explained that going green is only a matter of time in the industry. “We’re going to be required to be product certified within the next five years.” He added that in some markets, like the Washington, DC and Virginia there is a strong legislative push for multihousing developers to develop green-certified properties.

“We think in the long term we are going to be required to do it, so why not get in early,” Lamb said. JPI is currently looking at going green with two properties–one in Virginia and one in Downtown DC. In the long run, he explained, with proper marketing of green technology we will be able to charge premium rates, adding that a green property will be a resident draw. “We think it will be a reason why people select this product.”

Lamb also found that many institutional investors are looking toward green properties for investment opportunities. “Why not learn early,” he asked.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.