O’Connor & Associates Goes Green with the First LEED® Certified Appraiser in Houston

Houston, TX (January 22, 2009) – O'Connor & Associates, the largest independent commercial appraisal firm in Texas, now boasts the first LEED® accredited professional commercial appraiser in Houston, according to internal research.
 
John Fisher, a senior commercial appraiser and reviewer with 20 years of experience, achieved his LEED AP (accredited professional) certification from the US Green Building Council in December of 2008.

“After 20 years of appraising commercial properties nationwide, 13 years with the largest independent appraisal firm in Texas, the first appraisal of a ‘green’ commercial project landed on my desk,” said Fisher. “I learned about the LEED process and subsequently became, to my knowledge, the first commercial real estate appraiser in Houston to hold the LEED AP certification.”

Building “green” has become more and more popular in the residential sector over the past several years. However, despite solid and growing evidence of financial benefits, investors in the commercial sector have been hesitant to accept the up-front costs associated with green-building. That perception appears to be changing. According to one recent study, of the top 10 metropolitan areas with a significant number of green buildings, Houston ranks second with 21 million square feet of green buildings.

According to a recent nationwide survey, LEED rated buildings achieve higher rents, higher occupancies, and higher prices per square foot, in comparison to non-LEED properties.

The project Fisher recently appraised will be the first LEED certified multifamily property in Houston. The property is owned by Ken Haney. When asked about the added costs, Mr. Haney responded, “Of course we are incurring a few percent increase in initial costs, but the payback comes with premium rents, reduced operating costs, faster lease-up and reduced turnover. It is not only good for marketing, it makes sense financially.”

With President Obama and Houston’s Mayor Bill White committed to green initiatives, and the payback on green building costs continuing to shorten, going green is going mainstream in Houston’s commercial sector. According to the Houston Chapter of the U.S. Green Building Council, there were 12 properties registered (not certified) for LEED certification in Houston in 2004. As of December 2008, the number registered (not certified) in Houston has increased exponentially to 184. Green is going main stream in Houston.

LEED is the Leadership in Energy and Environmental Design program by the US Green Building Council which certifies the level of environmentally responsible construction in residential and commercial properties.

About the O'Connor & Associates
O’Connor & Associates, a Houston-based national real estate service firm providing appraisals, market research, valuation, and federal and ad valorem tax reduction services, has been in business since 1974 and has more than 40,000 clients. O'Connor & Associates is frequently acknowledged by national publications as a respected source of information on real estate trends. For more information, visit www.poconnor.com.