Who needs a Green Star?

The market for sustainable buildings is growing, albeit from a slow start, as awareness of the consequences of climate change begin to influence the corporate decision makers seeking new office accommodation. Research has shown that a circle of blame has prevailed in recent times resulting in few sustainable buildings being developed. The recent growth of the Green Star and NABERS rating schemes is testament to the need to establish market recognisable measures of environmentally sustainable development (ESD) against which developers, occupiers, and owners can benchmark their sustainability credentials. The developer’s and owner’s dilemma that has emerged from the uncertainty as to what a sustainable building is, has been one of; can I afford the added cost of ESD or, more particularly, can I afford not to build ESD? A more precise question that is being asked is how many green stars do I actually need? This paper will examine the growth of the rating systems in Australia and the issues facing developers, owners and valuers in establishing the viability of ESD. It will also explore the occupiers’ / corporate real estate perspective looking at workplace and triple bottom line performance as well as issues relating to green leases in ESD premises