Sustainability or green development is a key feature in real estate and construction or REC. The term sustainability can easily be explained by 3 sub-categories – responsiveness to environment, efficiency of resource and the last is sensitivity to community and cultural factor in real estate projects. When on one hand some investors, owners as well as renters might find sustainability in real estate a challenge, on the other hand, most of the Commercial Real Estate players would find it cost effective compared to the cost of carrying out exterior repair or improvement. Therefore, it can be safely said that you can go green when you are going to invest in real estate.
Challenges to Face to Maintain Sustainability in Different Conditions
No doubt, the battle between climate changes and maintaining green sustainability in real estate is a challenge. Today, all around the world sustainability policies have come up with great impact on real estate and construction. Real estate without sustainability is rare to find across the globe today, though the aftermath varies from place to place subject to profits and also depending on the availability of space. According to real estate experts, building an office or a commercial place maintaining the sustainability rule is easy compared to remodeling or repairing an old structure.
It is easy to find space to build a new office or commercial structure in US or Australia, hence maintaining the sustainability rule is not a hard task for real estate investors. But, the scenario is just opposite in Europe where finding space to build an energy-efficient building is a challenge.
Benefits Using Renewable Energy in REC
When you are going to compare between old buildings and new construction, it is really surprising that old buildings are likely to affect the environment in an extensive way. For instance, old commercial buildings in UK cause carbon emission of 18% of total carbon emission of country. Research says, it is mandatory to retrofit old buildings for the sake of environment conservation – or in other words, to reach the green target through a significant cost projection.
Law Enactment to Protect Environment
Ever since global warming became an alarming sign for the world, countries associated to EU-membership have taken a firm decision to reach the national green targets by the aim to increase manufacture as well as use of recyclable energy by the year 2020. No doubt, it would help to maintain sustainability in real estate projects. In many countries, governments sought to use renewable energy in real estate projects. Governments also announced tax reduction offers to real estate investors who would use more renewable materials in real estate construction.
Profit and Affordability
Not only to maintain sustainability in real estate sector but also considering affordability and profit, real estate investors tend to use the renewable energy source to construct buildings. It is even seen that buildings that are already built maintaining sustainability are easy to maintain at lower cost. There is no doubt that real estate companies are always in search of affordable as well as lower maintenance materials that they can make profit from and thereby provide profits to clients. It would always end up in positive result when a real estate project undergoes green policies, even beneficial for the environment. Constructors can definitely depend on smart meter technology to measure and monitor quality of materials used in construction. It helps to maintain the waste level not only in building projects but also for the entire city where construction projects are ongoing.
Hence, it is clear and fair to use renewable materials in construction in REC sector. People who are engaged in REC can certainly go green in their REC projects if they tend to use more renewable energy sources than the conventional construction materials.