Green space is any area of trees, grass, or vegetation, and is especially beneficial in commercial developments. Actions as simple as strategically planting trees can have significant impacts. In urban areas, green rooftops are an option when landscaping space is not available. According to a report by the Natural Resources Defense Council (NRDC), net benefits of green space include:
- Higher property values, rental rates, and retail sales
- Lower energy costs
- Reduced flood damage and infrastructure costs
- Improved health and job satisfaction for tenants and employees
In the case of a leased property, developers, landlords, tenants, and employees all benefit. Expense-related benefits are particularly advantageous for tenants in a commercial space like 350 Goose Lane, as the leases offered are triple net, meaning the tenant pays for real estate taxes, building insurance, and maintenance.
Developers must preserve and implement green space wherever and whenever the opportunity is afforded to ensure that a project is economically and environmentally sustainable for all parties involved.