NEW YORK, June 25, 2013 /PRNewswire/ -- According to a new report released today by McGraw Hill Construction in partnership with Waste Management, entitled Green Retail and Hospitality SmartMarket Report: Capitalizing on the Growth in Green Building Investments, owners of retail and hotel establishments are reporting growing levels of green building activity planned over the next two years. The report is based on a study of 79 retail, 30 hotel and 22 restaurant owners conducted in 2013 by McGraw Hill Construction.
The study defined a green building project as one built to LEED or another recognized green building standard, or one that is energy-efficient, water-efficient, and improves indoor air quality and/or engages in material resource conservation. Notably, by this definition, the percentage of retail owners that have taken a green approach in over half of their building projects rose from 18% in 2011 to 38% this year, and is expected to rise to 52% by 2015. Hotel owners show an even greater investment in green building—the percentage of those owners that have taken a green approach in over half of their building projects rose from 28% in 2011 to 48% in 2013, and is projected to rise to 64% by 2015.
According to the study, owners are also committing to green operations and maintenance (O&M) practices, with nearly two thirds (65%) of retail owners reporting high green O&M activity, and an even stronger 73% of hotel owners reporting the same.
Owners note strong business benefits from green building investments and green O&M practices, helping to drive this growth. Most notably, they report the following when comparing the performance of their green buildings to traditional buildings:
- Annual operating cost reductions: Reported by 66% of retail owners (at an average reduction of 8%) and by 51% of hotel owners (at an average reduction of 1%)
- Energy use reductions: Reported by 58% of retail owners and 67% of hotel owners at an average reduction of 15% for both
- Asset value increases: Reported by 61% of retail owners (at an average increase of 7%) and by 71% of hotel owners (at an average reduction of 11%)
- ROI increases: Reported by 67% of retail owners (at an average increase of 8%) and by 85% of hotel owners (at an average reduction of 14%)
- Utility rebates: according to 63% of retail and 70% of hotel owners
- Protecting/enhancing brand: according to 51% of retail and 73% of hotel owners (for hotel owners, this is as important as operating cost decreases)
- Improving ROI: according to 52% of retail and 67% of hotel owners