This study attempts to quantify the economic gains associated with investment in energy efficiency improvements (EEI) for commercial real estate. We discuss reasons and challenges associated with taking on this endeavor. Benchmarking the performance of these improvements is discussed through an explanation of the Leadership in Energy and Environmental Design (LEED) program. A series of projects for which investment in EEI has been conducted are reviewed. While data limitations preclude the ability to generalize our results, we believe they demonstrate an area of real estate investment that should not be overlooked. The findings should appeal to owners and operators of commercial real estate, as well as tenants who occupy space in these buildings.
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Ciochetti et al. (2010) studied this question.
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