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The Economics of Sustainability & Mixed-Use
Steve Watts, Partner / Tall Buildings Leader, Davis Langdon, London
What Every Tenants Wants
Dan Probst, Chairman Energy and Sustainability, Jones Lang LaSalle, Chicago
America Commerce Center
Garrett A. Miller, President, Hill International Real Estate Partners LP, Philadelphia
Session Chair: Donna Robertson, Dean, Illinois Institute of Technology
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This session widened perspectives to include economic and community issues. After all, it was CTBUH founder Lynn Beedle who taught us that the tall building must be integrated into the surrounding neighborhood and be economically feasible. In these trying economic times, these goals can be difficult to accomplish. These topics also present a different tone from previous conferences; we are entering a new era. Public perception of tall buildings—and specifically their green credentials—demand consideration beyond just the technical focus that has been typical in previous tall building conferences.
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Steve Watts looked at these issues from an even bigger perspective by examining the economic argument underpinning the question of whether sustainable and mixed-use tall buildings are viable. Next to economic maximization, ecological and social optimizations are an important part of the equation for sustainable development. Economics may support the sustainable development of a tall building if we can prove its design is adapted to support greater operational efficiency, when it responds to the needs of the urban habitat and if it contributes to the overall resilience of the region. Through project comparison, Watts explained that the Shard project in London is an example of a sensible and viable tall building project. He specifically pointed out that the Shard’s form created structural efficiencies as well as efficiencies in the façade, which were key components in its economic success. |
| Steve Watts, Davis Langdon |
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Dan Probst, Jones Lang LaSalle
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Dan Probst noted a growing awareness of the importance of sustainable building performance amongst office tenants. The LEED Silver certificate is quickly growing to become considered the standard for current markets. Today, 69% of companies think sustainability is a critical business issue compared to 47% in 2007. Also, 76% of tenants consider energy and sustainability factors in location decisions. Probst also pointed out that 72% of current commercial building stock was constructed before 1990. Next to a focus on new tall buildings, a large scale retrofitting program of older office buildings is required in order to make a difference.
He went on to describe a recent project by his firm—the greening of the 78-year-old Empire State Building in New York. Analysis had shown eight improvements that would have the greatest impact on the building, and these included: refurbishing the windows, adding insulation behind the radiators, and implementing tenant energy management systems. Even with increased air conditioning capacity for the building, Probst expects that the building will have a 38% annual reduction in energy use, equating to a US$4.4 million savings in annual operational costs.
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Garrett Miller then presented a case study on the development of the American Commerce Center in Philadelphia. The tower is planned to become the tallest building in the city at 460m/1,509ft. This mixed-use project will be deeply rooted in the urban fabric with transit connections and multiple levels of open public green spaces which are located on and above the ground plane. Seeking a LEED Gold rating, it implements many sustainable technologies. Despite these positive credentials, Miller described the arduous task of swaying public opinion in favor of the development, fighting to change the general public’s negative perception of tall buildings. |
| Garrett Miller, Hill International Real Estate Partners LP |
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| Session S2 panel during Questions & Answers |
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| All images © CTBUH, Photographer: Steve Becker/beckermedia.com |
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