Retrofits of existing structures represent a strong market opportunity for green builders, according to McGraw-Hill Construction's SmartMarket Report, "Green Building Retrofit & Renovation: Rapidly Expanding Market Opportunities Through Existing Buildings." Currently, green building comprises 5 to 9 percent of the retrofit and renovation market by value, equating to a $2 billion to $4 billion marketplace for major projects. By 2014, that share is projected to grow to 20 to 30 percent, representing a $10 billion to $15 billion market for major retrofit projects.
"This market opportunity ... will significantly contribute to the expansion of green products and services, which will have a long-term impact on our future economy and ability to build green," says Harvey Bernstein, vice president of global thought leadership and business development for McGraw-Hill Construction.
The report, which profiles more than 20 projects, includes the following highlights:
Owners and tenants with green retrofit experience are likely to do more green retrofit projects. More than two-thirds of owners who have engaged in green retrofit or renovation activities are planning to continue to do so for over 15 percent of future projects; 24 percent will do so on over 60 percent of projects.
The downturn is encouraging the adoption of energy- and water- efficient practices in renovation projects. Sixty-two percent of owners expect the savings achieved from energy efficiency improvements to recoup their investments within 10 years. The most frequently applied features include energy-efficient lighting or natural lighting. Ninety-two percent also report installing more energy-efficient mechanical and electrical systems.
Originally published Dec. 1, 2009For more ideas, tips, and tools for better meetings and events,
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