Green Leasing
Although the term “green leasing” is not yet well defined, its primary purpose is clear. With an aim to create a collaborative environment through legal provisions between a building owner and a tenant, green leasing may ultimately help resolve the energy paradox in tenanted properties. Issues surrounding split-incentives are driven by a mismatch between owners’ capital expenditures on improving building energy efficiency and uncertainty of tenant or occupant behavior that might affect a building’s energy consumption. Though some countries have started to develop guidelines promoting the adoption of green leasing, especially in government buildings and commercial real estate, implementation has not been overly successful globally.
Adaptive Reuse
The reality is grim for mall owners in the U.S. Approximately 19% out of more than 2,000 regional malls were regarded as either dead malls or declining malls: dead malls, which referred to greyfields, were especially economically obsolete malls with the opportunities of redevelopment and declining malls, which were vulnerable to become greyfields, had sales per sq. ft. of $199 or less in 2001. Overall, malls are in pressing need of change, and a majority of malls have no option but to repurpose their soon-to-be-empty-space. Empty spaces left behind when retailers vacate storefronts become a challenge for mall owners and developers to navigate. The solution lies in repurposing or redevelopment that best fit each mall. Adaptive reuse of historical buildings has been usually less preferred to redevelopment because of financial burdens and low adaptability for a new purpose of building use due to immediate economic benefits and complex decision-making process. However, considering environmental, economic, and social sustainability, adaptive reuse can be a better option than redevelopment, including destructing and rebuilding facilities.
Publications
- Yang, E., Hong, S., & Kim, Y. (2022). Factors influencing adaptive reuse of declining shopping malls in the U.S.: A multi-stakeholder view. Journal of Green Building, 17(2), 83-108. https://doi.org/10.3992/jgb.17.2.83
- Yang, E., Guevara-Ramirez, J. S., & Bisson, C. (2020). Finding evidence of green leasing in United States government-leased properties. Journal of Green Building, 15(1), 55-72. https://doi.org/10.3992/1943-4618.15.1.55
- Yang, E., Lee, Y. C., & Li, Q. (2018). Energy disclosure law in New York City: Building energy performance benchmarking progress. Facilities, 36(11/12), 571-583. https://doi.org/10.1108/F-08-2017-0090
- Yang, E., Hua, Y., & DiCiccio, T. (2018). Diffusion of innovation in sustainable building practices and the role of stakeholders. Journal of Green Building, 13(4), 91-102. https://doi.org/10.3992/1943-4618.13.4.91