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      VALUATION ISSUES IN A GREENING WORLD

      , CPA, CREA 1 , , MAI 2

      Journal of Green Building

      College Publishing

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          INTRODUCTION

          As most readers of this publication are well aware, the concept of “green building” or “sustainable development” focuses on meeting the needs of the current generation without compromising the ability of future generations to meet their own needs. More specifically, “green building” references the characteristics and quality of a subject property resulting from the employment of the principles and methods of sustainable construction. A significant body of research on this concept is evolving, espousing the favorable social, environmental, and economic impacts of this approach to real estate development.

          The concept of green building evolved in Europe where space and resources are less plentiful than in the United States. Nevertheless, federal, state, and local governments in the United States have all embraced the concept over the last fifteen or twenty years. And despite clear evidence of a politically driven agenda, it is difficult to argue the sensibility of green building; however, in a capitalist culture sensibility implies an increase in economic value. Regardless of minor operational efficiencies, environmental impact reduction, and natural resource supply/demand concerns, the true test of long-term “green building” as a cultural trend will be an economic one. Simply put, green buildings will have to provide value superior to that of conventional buildings if the concept is expected to become the status quo.

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          Author and article information

          Journal
          jgrb
          College Publishing
          Journal of Green Building
          College Publishing
          1552-6100
          1943-4618
          1943-4618
          Summer 2008
          : 3
          : 3
          : 42-56
          Author notes

          1Tom Loban is a Certified Public Accountant (CPA) and Certified Real Estate Appraiser (CREA) in the State of California. He also holds a Bachelor of Science in accounting from Boston College. Tom serves as a vice president with Thomson Property Tax Services, a business unit of the Tax & Accounting business of Thomson Reuters, and one of the largest property tax service providers in North America. As Vice President of Commercial Consulting for Property Tax, Tom has overall responsibility for leading the Commercial Real Estate Tax Consulting Group nationally and oversees all Real Estate Property Tax Operations. Tom.Loban@ 123456ThomsonReuters.com .

          2Todd D. Jones, MAI, is a Senior Manager with Thomson Property Tax Services, a business unit of the Tax & Accounting business of Thomson Reuters. A member of the Appraisal Institute, Todd is also an Adjunct Professor in the Nathan S. Collier Masters of Science in Real Estate degree program in the Hough Graduate School in the Warrington College of Business at the University of Florida, and holds an MBA from the University of South Florida. Todd.Jones@ 123456ThomsonReuters.com .

          Article
          jgb.3.3.42
          10.3992/jgb.3.3.42
          ©2008 by College Publishing. All rights reserved.
          Page count
          Pages: 15
          Product
          Categories
          INDUSTRY CORNER

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