We recently had the opportunity to participate in a bus tour of new multifamily communities in Raleigh, NC. The tour was organized by the Triangle Apartment Association and featured new communities that were finishing construction and tenant occupancy had begun. Among all the latest amenities, finishes and floor plans on display another market trend was clearly recognizable. The vast majority of the properties, 5 out of 7 on the tour, were seeking a green certification of some type. It was clear from the conversations with developers that this is a trend that is not going away. Whether to meet the expectations of millennials and empty nesters looking for both environmental and utility cost friendly apartments or equity partners wanting to enhance asset value, green building has become a standard feature in the multifamily new construction market.
SEM, as a leader in the Southeast for green building consulting and verification, sees the same trend as demonstrated in Raleigh in other markets. Charlotte, Atlanta, Nashville, Orlando are all examples of where green certification of new multifamily communities has become the norm. The same holds true for the surrounding submarkets. Market adoption continues to increase for the National Green Building Standard (NGBS) while certifications such as Energy Star, LEED and Green Globes continue to garner attention. Developers are focusing on program attributes that provide tangible results such as reduced energy and water consumption, improved lighting and HVAC controls, building durability and moisture management. The benefits from these green features translate both to potential tenants as well as investor.
With the experience with over 150 multifamily developments in several states, a dedicated multifamily team focused on your success and working knowledge of all the green building programs available to the multifamily market, Southern Energy Management wants you to get on the bus to certify your next development. All aboard!
Susan Barnes Waldo, General Manager, Multifamily Energy Services
