Miami generally isn't considered a particularly forward-thinking place in terms of environmentally sensitive building. When people talk about "green" in Miami, they're usually talking about money, not the environment. So I was as surprised as anyone to see that Miami ranked among the top 10 U.S. cities for green commercial real estate in a study just released by CBRE Group, Inc. (NYSE:CBG) and Maastricht University.
The study, the 2014 Green Building Adoption Index, looked at the number of buildings that earned either an EPA Energy Star label or USGBC LEED certification in the 30 largest U.S. cities as part of the metrics to compile the ranking. Interestingly, Miami came out number nine on the list, just behind Seattle, and ahead of Washington D.C. (Minneapolis/St. Paul took the No. 1 spot).
There's no question that Miami has been slow, relative to places like San Francisco or Chicago, to embrace green building standards - it's first LEED certified building was 1000 Waterford in 2009). But we appear to be catching up quickly thanks in part to public policy (Miami municipal code mandates that all new private development over 50,000 square feet achieve LEED Silver certification) and buy-in from owners and investors who realize there is growing demand from tenants for more sustainable, energy efficient space.
There are 79 buildings in Miami accounting for 21 million square feet of office space that have either an EPA Energy Star label or USGBC LEED certification.
In a culture where environmental sustainability and health and wellness in the workplace have become mainstream topics of conversation, this ranking is yet another reason for companies to choose Miami as a place to locate and grow their businesses.
By: Ken Krasnow
Managing Director | CBRE South Florida
Ken Krasnow is the Managing Director for CBRE’s South Florida offices. In 2013, his region executed over 1000 transactions – 175 sales, and 825 leases – with an aggregate value exceeding $2.8 billion. In addition, CBRE South Florida completed over 1,400 valuation and advisory assignments and $600 million in loan originations.
Follow CBRE on Twitter: @cbre_Florida
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