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Commercial real estate industry reduces energy usage, carbon emissions

The commercial real estate industry recorded a reduction in energy consumption, carbon emissions and water use equal to 3.3%, 3.4% and 2.9%, respectively, between 2016 and 2017, Urban Land Magazine reported, citing a report from Urban Land Institute's Greenprint Center for Building Performance.

The Greenprint report analyzed the performance of 7,950 properties worth upwards of $760 billion and spanning nearly 2 billion square feet across 28 countries. Howard Hughes Corp., BlackRock Inc., Granite Properties, Berkshire Communities, Jones Lang LaSalle Inc., Kilroy Realty Corp., Prologis Inc., Parkway Properties, CommonWealth Partners, Tishman Speyer, Hines, First Washington Realty Inc., Invesco and Sonae Sierra are among the Greenprint members owning or managing the properties covered in the report.

According to the report, the members are on track to surpass Greenprint's target of a 50% decline in emissions by 2030. The results achieved mark the eighth consecutive year that members have improved the performance of their buildings, in terms of energy consumed and emissions reduced.

The decrease in emissions in 2017 is equal to 1.5 million trees being planted, 12,600 cars taken off the road, 6,300 homes consuming zero energy, and 136,000 barrels of oil not consumed.