CBRE Selects Five Winners of its Real Green Research Challenge
CBRE announced today five recipient institutions in its Real Green Research Challenge (RGRC). Launched in September 2012, the RGRC is CBRE’s US$1-million commitment to fund leading-edge sustainability research and innovation in commercial real estate.
CBRE has awarded RGRC funding and organizational support to sustainability projects developed by the Natural Resources Defense Council, Stanford University, EURO Institute of Real Estate Management, Cleveland State University and Central Michigan University, and Maastricht University.
“Growing market awareness of commercial buildings’ environmental impact is inspiring innovation in sustainability research,” said Bob Sulentic, CBRE’s President and CEO. “The Real Green Research Challenge advances this research by providing financial resources as well as access to CBRE’s market-leading global market data and technical expertise to help address some of the most challenging sustainability issues facing commercial real estate owners, investors and occupiers.”
After an evaluation of more than 100 submissions by an independent judging panel, CBRE has chosen five projects to receive RGRC financial awards:
• a rating system for comparative tenant energy use that provides a quantitative foundation for identifying and promoting energy efficient practices (Natural Resources Defense Council’s Center for Market Innovation);
• a detailed empirical evaluation of EPA ENERGY STAR® energy management strategies allowing facilities and property managers to prioritize energy efficiency projects (Stanford University, Center for Integrated Facility Engineering);
• a comprehensive economic analysis of the value implications of green building practices on large institutional real estate portfolios (EURO Institute of Real Estate Management);
• a new industry-wide, regionally sensitive, green building scoring protocol system to inform U.S. office tenants’ leasing decisions and developers’ sustainable building choices (Cleveland State University and Central Michigan University); and
• a quarterly green building index of the top 30 U.S. metro markets, yielding insights for policy makers, developers and other stakeholders and supporting lenders’ risk management analysis and investors' decisions (Maastricht University).
“The projects supported through the Real Green Research Challenge will add significant knowledge to some of the key sustainability issues in commercial real estate, such as the relative value of sustainable buildings, the most effective energy efficiency initiatives and the location of green building market growth,” said Dave Pogue, CBRE’s Global Director of Corporate Responsibility. “These and other issues are the focus of the projects CBRE is funding, and the answers could have a profound effect on how buildings are leased, occupied and improved in the future.“
CBRE’s Environmental Sustainability program includes global commitments in 11 key areas of environmentally sound performance, including resource management, occupancy, communications and training, public policy and procurement. The program provides best practices and initiatives that strengthen CBRE’s own environmental commitment, reflect the best environmental practices in our clients’ properties, and provide vital training and education to CBRE professionals.