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By Tali Wee
After years of instability, the fledgling housing market has finally found its footing. Though not back to normal levels, the vacancy rate for owned properties has dropped from 3 percent at the height of the crisis in 2009 back to 2.1 percent, and rental vacancy rates have gone from 11 percent down to 8.6 percent nationally. This change can be attributed largely to builders creating new units at a rate much closer to the rate of market demand, rather than completely outstripping demand.
Declining vacancy rates are beneficial for the economy at large, but also for green building, which gained significant ground last year. With the greater economy picking up, there’s even more money available to invest in green real estate initiatives. For green businesses, real estate is a great opportunity to invest directly in green projects within the industry. Here are a few ways to do just that.
Once a building has been retrofitted, the owner should consider holding a neighborhood block party or becoming part of a green building tour to showcase their upgraded office. Such leadership could spark other building and home owners to shift to more eco-friendly practices. In turn, the original building owner may be publicized for industry innovation.
Of course, investing in green real estate has more than just monetary benefits. As a green business, it's part of the company’s mission to operate with an eco-minded focus. Green real estate is proof of the green business model - the concept that profit and eco-consciousness can and should go hand in hand.
[image credit: benefit of hindsight: Flickr cc]
Tali Wee currently lives in Seattle where she handles the Miami community outreach for Zillow. She is captivated by, and appreciates everything real estate related. Tali is also a new homeowner and enjoys spending time on projects around the house.
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