by Brianna Crandall — January 6, 2016—Several real estate management organizations have formed a charter group committed to achieving the IREM Certified Sustainable Property certification – publicized as an affordable, attainable alternative to the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) certification program. Among those companies are:
- Alliance Residential Company
- Lincoln Property Company
- LORD Green Real Estate Strategies
- NEO Realty Group
- Principal Real Estate Investors
- The Village Apartments
- Weingarten Realty
According to the Institute of Real Estate Management (IREM), an international affiliate of the National Association of REALTORS (NAR), thousands of existing properties in the United States are working toward sustainability goals but cannot get LEED certification — it is too far out of reach and does not make financial sense. Now properties can access a meaningful but achievable recognition program that is cost effective and does not require hiring a consultant.
The IREM Certified Sustainable Property program assesses the sustainability performance of existing properties in five categories:
- Energy
- Water
- Health
- Recycling
- Purchasing
The new sustainability certification is much more customized to property managers, whereas the LEED requirements are often out of a property manager’s control, says IREM. Many properties have successful sustainability programs but no way to validate them and demonstrate green performance to stakeholders. IREM saw a need for a new program that is attainable, affordable, meaningful, and available to three main property types — office properties, multifamily communities, and shopping centers.
