But retrofit loans still hard to get due to other factors
By Roger Showley /h5> noon, June 16, 2011
Making an office building more energy efficient pays off in lower operating costs and higher rents and value, but construction loans to make the upgrades are still hard to get.
That was the ying and yang message from a webinar Thursday by experts from UC Berkeley and Wells Fargo Bank. The University of San Diego and University of Connecticut sponsored the session that drew 120 participants across the country.
Nils Kok from UC Berkeley and the University of Maastricht in the Netherlands said his research of green office buildings indicated that for every $1 invested in energy upgrades, owners reap 95 cents in higher rents. And when the building sells, owners stand to realize a premium of $13 per square foot in the sales price.
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