Real Property Market Essay Example | Topics and Well Written Essays - 1500 words

Real Property Market - Essay Example The Centerpoint Properties in the Chicago area and AIG Global Red Estate Investment in New York was involved in an Atlanta development wherein a century-old steel mill covering more than 130 acres of prime downtown property was converted to mixed-use consisting of retail, office, and residential development. The US Environmental Protection Agency (EPA) has designated the project for its excellence in leadership program since it encourages pedestrian traffic to and from the various uses, and its proximity to mass transit will limit traffic congestion. (Rising, 2001) The third contribution of the real estate industry is its promotion of energy conservation. Residential and commercial buildings account for more than one-third of total U.S. energy consumption. Working with the Environmental Protection Agency and the US Department of Energy, these leaders developed a program that recognizes commercial buildings which meet strict energy and environmental criteria that place them in the top 25% of all comparable buildings. The first 100 buildings to earn the Federal government's Energy Star rating were awarded in 2000. The Federal Energy Star Building Label program has been successful. The program served as an incentive for companies to build or renovate as many Energy Star buildings as possible. Arden and Equity Office Properties have in their respective portfolios more than half the buildings that have earned Federal Energy Stars nationwide. By making energy-efficiency investments in their buildings, these and other companies have experienced impor tant energy savings that accrue to their tenants and make the overall buildings more valuable. The environmental advantages of building multi-unit residences lie in the opportunities to share spaces and functions. This form of sharing reduces one's footprint because it reduces one's overall consumption. For example, every family need not have its own exercise and laundry facilities. (Paehlke, 2004) Another benefit is the social advantages of living in a community with spaces and things in common. Great architectural design which respects that yearning for privacy is also capable of bringing community residents together in shared gardens and playgrounds. (Ratcliffe, 2001) Real estate developers focus on location as it has an impact on price, profit and value. Proximity to employment, schools, shopping and entertainment are important. Hence, the more people that live in proximity to essential services, the more compact and vital the city, and the greater the opportunity for sustainable behaviour such as public transit use. (Ball, et.al., 1998) When proximity is high, more people are can use the transit, walk and cycle. Jeffrey Kenworthy and Peter Newman (1998) showed that there is a direct and consistent correlation between the compactness of cities and the proportion of people deciding to use public transit. The European cities such as Paris, Munich and London which have overall employment and residential densities that are higher than Chicago and New York record double the transit use and half the automobile use. Their studies have shown that when proximity is high, automobile use is low. Compact urban design as in the High Park areas in Toronto or the West End in Vancouver makes sense, both economically and