Managing the Risks Involved in Building Green Projects

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"Green" building projects are now becoming the norm. Only a few years ago green buildings appeared to be a market trend, but countless projects are now focusing on environmentally friendly design and construction. How can parties involved in the construction, design and development of green projects manage their risks?

Green building practices can be known to greatly increase the costs of the project due to more expensive building materials and increased building and design costs. Typically, the higher the LEED certification or the more complex the project, the higher the costs. Financial risks involved if the project fails to achieve LEED certification or desired green status include loss of tenants or sale of the project, loss of government incentives and tax credits, increased design and construction costs, penalties on public projects with green mandates, increased energy costs, and diminished asset value.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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