Since 2010 new regulations have required a 25 per cent reduction in carbon emissions from new buildings in the UK. These rules are set to tighten further with the government targeting zero carbon emissions for residential new-builds by 2016 and 2019 in the case of commercial property.
This is certain to have an impact on the market with investment in low/zero carbon buildings outstripping that in older, energy inefficient properties. This, in turn, is likely to be reflected in values and rental returns as 2019 draws closer and the market for sustainable property heats up.
Given this emerging market it is perhaps appropriate that the developers of a Seattle office building, billed as the greenest in the world, chose this week’s Earth Day for the grand opening.
The Bullit Center is a six storey, super- efficient, office block that hopes to be the largest structure yet to qualify for the Living Building Challenge. This is the world’s most demanding set of sustainable standards, requiring a new-build to meet the following requirements.
The challenge is based on actual performance, as opposed to modelled or anticipated performance, meaning that the building must prove itself over the course of a year. In order to meet the requirements the Bullit Center is solar powered and has floor to ceiling windows providing natural light throughout the working day to over 80 per cent of the 50,000 sq ft building.
These windows also act as the Bullit Center’s ventilation system, opening and closing automatically to adjust to temperature changes both inside and outside. But the commitment to the environment doesn’t end there. Tenants must adhere to a strict power quota and face a surcharge for overuse.
They are also encouraged to use the stairs rather than the lift. In addition the Bullit Center does not have a car park, although there is space for bicycles. Instead tenants are provided with public transport information.
While some might expect these strict requirements to deter potential tenants, Denis Hayes, CEO of the Bullit Foundation, reports that the property is already 80 per cent occupied and he expects it to be fully let by the summer.
Hayes believes that future demand will lead to developments like the Bullit Center becoming the norm over time.
“I really genuinely believe that during my daughter’s lifetime, this sort of building is going to be commonplace,” he said.
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