Urban Land Institute to Advise Rochester, New York, on Revitalizing Bull’s Head Neighborhood
A group of renowned urban planning and real estate experts representing the Urban Land Institute (ULI) will be making recommendations next
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WASHINGTON (June 7, 2021) – A groundbreaking new report from the Urban Land Institute (ULI) claims that now is the time for real estate to by showing the business case for electrifying commercial assets, and how that can contribute to much-needed climate change mitigation.
Electrify: The Movement to All-Electric Real Estate is one of the first reports to show how the commercial real estate industry can shift towards a decarbonized future by moving to all-electric buildings, and the importance of why real estate firms need to be aware of the movement. Although widespread adoption of all-electric assets is not anticipated for at least five to 10 years, the movement toward electrification and away from fossil fuel combustion in buildings is well underway. Many real estate owners and developers have already begun factoring the coming building electrification boom into their bottom line and strategizing about how it may affect their properties. Along with the financial benefits, electrification is also a key strategy for decarbonizing the building sector and offers notable health and safety benefits.
“How a commercial real estate asset is powered, whether by fossil fuels or electricity, is no longer a niche question only sustainability experts are considering,” said Emily Pierce, author of Electrify and director for ULI’s Greenprint Center for Building Performance. “This report highlights not only what an ‘electric asset’ is and the technology that goes into one, but also provides examples of how to get there with strategies real estate firms can employ now. Cities across the U.S. are increasingly setting carbon emissions reductions goals and passing fossil fuel bans, and more tenants demand sustainable spaces. Electrify breaks down a complex topic into manageable summaries to help guide real estate firms through this evolving opportunity.”
Although nuances exist depending on construction type (new or retrofit), asset classification, climate zone, and utility fuel source availability (i.e., natural gas, coal, electricity, or renewable energy), many of the benefits can be applied widely across commercial real estate:
Some real estate companies have already either retrofitted older buildings to become all-electric or decided on all-electric new developments from the start:
Electrify: The Movement to All-Electric Real Estate can be found on ULI’s Knowledge Finder platform.
About the Urban Land Institute
The Urban Land Institute is a nonprofit education and research institute supported by its members. Its mission is to shape the future of the built environment for transformative impact in communities worldwide. Established in 1936, the institute has more than 45,000 members worldwide representing all aspects of land use and development disciplines. For more information on ULI, please visit uli.org or follow us on Twitter, Facebook, LinkedIn, and Instagram