Increase Rent through Sustainability

Many of us in the commercial real estate industry intuitively know that by making our properties more sustainable, we improve our brand in the eyes of current and prospective tenants. That is why so many organizations have bought into programs such as LEED (Leadership in Energy and Environmental Design) and Energy Star. But did you know that by becoming more environmentally conscious, that you can not only look good, but make more money doing so?

A recent study by Sylwia Dakowicz (2012) of Lake Forest College found that in Chicago—one of the largest cities in the United States—if a building is eco-certified via programs like LEED or Energy Star, the average rent is higher in comparison to a standard property. Specifically, “average rent for LEED and Energy Star buildings being 20 percent and 8.6 percent higher, respectively, as compared to similar, non-certified buildings” (Dakowicz, 2012).

So how do we get our building LEED certified? Well, a good place to start is the U.S. Green Building Council’s website, a resource that explains the ins and outs of the whole program. In the most basic terms, what you need to do is earn LEED credits toward a designation—Certified, Silver, Gold, or Platinum. These credits can be earned in multiple categories, one of which is Innovation and Design. In fact, MRI Software offers several products that can earn you Innovation and Design credits.

By utilizing the MRI work order software for property management to manage your property operations, you can earn up to three Innovation and Design credits. Using Workspeed Property Operations in tandem with Workspeed Risk Management to complete work orders, preventive maintenance activities, inspections and tenant/vendor certificates of insurances, you can not only improve building processes and increase revenue, but you also become more environmentally sustainable. Additionally, by using MRI Tenant Connect, you can earn credit as it enables you to efficiently document property goals and performance criteria in regards to sustainability online.

If you are looking to get more out of your property and increase your rent, becoming more sustainable is the way to go. Using MRI Software products like Workspeed and Tenant Connect, you can earn the credits needed to succeed.