NEW YORK, Nov. 13, 2012 /PRNewswire/ -- Around the world, the green building marketplace is accelerating, according to a new study being released by McGraw-Hill Construction in partnership with United Technologies today at the Greenbuild International Conference and Expo in San Francisco.
The study indicates a shift in the global construction market, now viewing green as a business opportunity rather than a niche market. Overwhelmingly, firms report that their top reasons to do green work are client demand (35 percent) and market demand (33 percent) -- two key business drivers of strategic planning. The next top reasons were also oriented toward the corporate bottom line -- lower operating costs (30 percent) and branding advantage (30 percent). In contrast, the top reason in 2008 motivating the green building market was doing the right thing (42 percent) and market transformation (35 percent), followed by client and market demand.
"This research confirms that green building advances environmental stewardship while providing value to the market," said Geraud Darnis, president and CEO, United Technologies Climate, Controls & Security. "It also confirms that we now see more pull than push for green buildings."
In the next three years, the sectors with the largest opportunity for green building around the world include new construction and renovation projects. Sixty three percent of firms have green work planned in new commercial projects and 45 percent in new institutional projects by 2015, and 50 percent have plans for green renovation work. In the United Kingdom and Singapore, green renovation projects were planned by the greatest number of firms at 65 and 69 percent respectively. In Brazil and UAE, new projects pose the largest opportunity. In Brazil, 83 percent of firms are planning to work on new green commercial projects over the next three years, and in the UAE, 73 percent have new green institutional projects planned."It is notable that over the next three years, firms working in countries around the world have green work planned across all building types, incorporating both new construction and renovation," said Harvey M. Bernstein, vice president, Industry Insights and Alliances for McGraw-Hill Construction. "The existing building market is a ripe opportunity for green building, and we are seeing that play out in the market. It is clear that green is becoming an important part of the future landscape of the global construction marketplace, and firms will need to be prepared for that transition." Green buildings are also expected to garner business benefits for building owners. For new green building projects, firms report median operating cost savings of 8 percent over one year and 15 percent over five years, as well as increased building values of 7 percent (according to design and construction firms) and higher asset valuation of 5 percent (according to building owners).