Here we have rising from the ground at the prime Coral Gables corner of LeJeune Rd. and Alhambra Circle, is the second LEED Certified NEW office tower in Coral Gables. Already we have Miami Green, the first LEED certified new building; 355 Alhambra, a LEED certified existing building; and Douglas Entrance, another LEED certified existing building. Unlike Miami Green, Alhambra 396 is not being built as an office condo but as a multi-tenant, Class "A" office tower. It will add another 273,000 sq feet of office to the Coral Gables market over the next 2 years.
So far I do not hear many tenants asking specifically for LEED certified space. I think if tenants understood the certification requirements and the added value of occupying such high quality and well designed space I think there would be more demand.
The big question for the developer is does LEED certification add enough value to justify a higher lease rate? LEED certification certainly does cost more up front with increased material costs, commissioning costs, engineering and often modeling costs with the hope that operating costs will be significantly reduced and will off-set the higher capital investment. The other hope for the developer is that LEED Certified space will be in higher demand then buildings that are older and less efficient.
The big winner in this game is going to be the tenant. The tenant will likely not be paying much more for space that is designed very specifically for the health of the occupants, reduced operating expenses, and a very well designed and high quality building. Benefits to employees are documented and increased productivity is certainly an expected result.
For tenants and building owners there is more data available on the benefits of building according to LEED standards and occupying these buildins. Here is a link on resources from the USGBC website. Here is a link on resources from the USGBC website. http://www.usgbc.org/DisplayPage.aspx?CMSPageID=2256
LOUISE BENDIX,LEED-AP | Office Leasing Specialist
ComReal Miami, Inc.|Commercial Real Estate Services
366 Altara Ave., Suite 102 | Coral Gables, FL 33146
T 786-433-2376 | F 888-316-6818
www.LouiseBendix.com
"ComReal is Commercial Real Estate"
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