WASHINGTON — Green building certifications from programs such as Leadership in Energy and Environmental Design (LEED) are quickly becoming the standard for the construction industry, according to a press release.
While green building certification programs are well-known for their importance in new construction projects, a recent report from Pike Research forecasts that by 2020, nearly half the total certified footprint — 25 billion square feet — will comprise certifications for existing buildings, the release stated.
"As the new construction market has slowed during the global recession, green building certifications for existing buildings have become an increasing area of focus," says research analyst Eric Bloom.
"Green building has remained robust during the recession, and with evidence that real estate is picking up worldwide, green building is poised for even stronger growth in the next few years. In addition, while financing for energy efficient retrofits remains hard to come by in many regions, green building is being bolstered by its ability to differentiate a building in a tough real estate market," Bloom added.
Click here to read the complete release.