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Green New Deal and Commercial Properties

As real estate spaces continue to transform, staying competitive with unique real estate properties can be challenging. However, sustainable developments have been a persistent trend that is of societal, economical and cultural importance.

People want sustainability. It is in high demand for all property types and companies are rapidly including environment improvement as an objective. Highlighting the intersection between real estate and sustainable development is important because making one aspect of your life green is the catalyst to a better world since everything is interconnected. Considering sustainable development will ultimately have a positive impact on the future of Los Angeles.

New sustainable projects are critical especially after coming across Los Angeles’ Mayor Garcetti’s Green New Deal. Garcetti plans to have “every building in Los Angeles — from skyscrapers to single family homes — become emissions free by 2050.” Complying with his terms along with including affordability for multifamily residences would be a great strategy as sustainable complexes are desirable and especially if they are affordable makes them more in demand. Current listings in LA are unaffordable as most rents are above 35% of average incomes. Multifamily owners would really benefit from including affordable rents because they are in high demand and would result in lower vacancy rates as a result. Also, as LA expands their metro line in the coming years, the properties along the lines are expected to increase in value as they become sustainably connected to the rest of Los Angeles.

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Ronad Medon

In our research, we found sustainable building inspiration from LEED-Platinum CII-Sohrabji Godrej Green Business Centre in Hyderabad, India. The complex was considered ‘the greenest building in the world’ in 2003 as the circular design brought in natural light into all of the building, so that during the day 90% of the building used natural lighting. While this building is a great model for eco-friendly sustainability, it does not crack the sustainability component.

Our team also came across the Make It Right Foundation and their Hurricane Katrina project. Their use of the cradle to cradle principle is something that developers should look into as it involves constant innovation: learning and looking for new products. The cradle to cradle technique involves eliminating wasteful materials and finding more ways that consumer waste can be converted into energy. Because sustainability is usually more expensive, this case shows us the more we research and try new products, the more we are able to cut costs as we experiment.

It is crucial to start considering Mayor Garcetti’s Green Deal so residents of Los Angeles should not have to sacrifice sustainability for affordability. 

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