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11/06/19
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This report was provided by real estate services firm CBRE
Los Angeles and Orange County rank among the greenest markets in the country, according to the annual Office Green Building Adoption Index and inaugural Multifamily Green Building Adoption Index by CBRE, Maastricht University and the University of Guelph. Los Angeles ranks fifth and 13th for office and multifamily respectively, while Orange County occupies rank 12th and 18th.
Greater Los Angeles boasts more than 115 msf of green office space, 56.6% of its total office stock, trailing only Chicago, Washington D.C. and Manhattan in total green square footage. The market ranked 13th in the inaugural Multifamily Index with 8,123 green apartments, accounting for 3% of the institutional market.
Orange County ranked 12th with 38.1% of its office space being certified green. The area contains 226 green office buildings, the 10th most of any market. Orange County placed 18th in the Multifamily Index with 4,762 green apartments, which accounts for approximately 2.4% of the institutional market.
“Young professionals are increasingly cognizant of their environmental footprint and gravitate towards employers with similar principles,” said Los Angeles-based Executive Managing Director Robert Peddicord. “Companies continue to adapt to the desires of their workforce by providing more environmentally-friendly workspaces. Similarly, multifamily developers have begun to pursue green building certifications in order to attract leasers who are environmentally conscious.”
The 2019 Green Building Adoption Index found green certified office space across America’s 30 largest office markets has reached 42.2%, up from 41.9% last year, marking a new high. Chicago took the top spot in the Green Building Adoption Index for the third straight year, with 71% of its space green certified. In the Multifamily Index, Denver led with 7% of the market’s multifamily apartment units green certified, followed by Washington DC/Suburban Maryland with 6.9%.
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