New Resource for Class B/C Office Buildings
- By: admin
- On: 02/25/2020 15:45:45
- In: BOMA Updates
- Comments: 0
BOMA International recently released a new research report entitled: Unlocking Hidden Value in Class B/C Office Buildings: Best Practices for Pursuing Low-Cost, High-Impact Energy Efficiency and Green Leasing Strategies. The first study of its kind, this report offers guidance and strategies for implementing energy efficiency and green leasing measures specifically tailored to the owners and operators of Class B and C office buildings.
Compared to its Class A counterparts, Class B and C office properties typically are older buildings with fewer technologies in place. While owners and operators of these properties are often eager to enact sustainability strategies, they can be are constrained by smaller budgets, limited staffing and the high demand of day-to-day operational needs. As a result, Class B and C buildings often trail Class A buildings in adopting energy efficiency strategies and green leasing provisions. However, they also are the asset class with the most to gain from these measures. Per this report, these untapped sustainability opportunities have the potential to:
- Reduce operating expenses for a Class B or C building by between $0.26 and $0.61 per square foot;
- Increase net operating income (NOI) for Class B or C properties by between 1.9 percent and 4.3 percent; and
- Boost Class B or C property value by approximately $4 to $8 per square foot.
This research was supported with funding from BOMA International and Yardi and prepared by ULI's Greenprint Center for Building Performance and RMI.
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