Plymouth Industrial REIT Development Projects in Jacksonville Earn Green Globes® Certification for Core & Shell Construction
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Insights
With Plymouth Industrial REIT's announcement of achieving Green Globes certification for additional projects, there is a clear indication of the company's strategic alignment with sustainability and environmental stewardship. This certification can enhance the REIT's competitive edge by appealing to a growing demographic of eco-conscious tenants and investors. The certification process, which assesses seven key performance areas, including energy and water efficiency, emissions and indoor environmental quality, reflects a comprehensive approach to sustainable building practices.
The 93% leasing rate of the development program suggests effective market demand for such certified properties, which could translate into higher occupancy rates and potentially command premium lease rates compared to non-certified buildings. This is particularly relevant in the industrial real estate market, where operational efficiency and sustainability are increasingly prioritized by tenants. As the industry moves towards greener standards, Plymouth's early adoption could position it well for future regulatory shifts and investor preferences.
The achievement of Green Globes certification by Plymouth's development projects is a significant milestone that reflects positively on the company's brand image and operational excellence. In the context of the real estate market, such certifications are increasingly becoming a benchmark for quality and sustainability. This can be a differentiating factor in competitive markets like Jacksonville, Florida, where both certified buildings are located.
Moreover, the fact that these buildings are fully leased shortly after completion indicates robust demand for sustainable industrial spaces. This demand could be driven by the tenants' desire to lower utility costs, meet corporate social responsibility goals, or comply with industry-specific environmental regulations. For investors, these factors may contribute to a more stable and predictable cash flow, thereby potentially increasing the attractiveness of Plymouth's stock in the market.
Environmental, Social and Governance (ESG) criteria are becoming critical factors in investment decision-making processes. Plymouth Industrial REIT's focus on achieving Green Globes certification aligns with the ESG investment philosophy. The company's ESG report outlining environmental efforts provides transparency and may attract ESG-focused investors looking for responsible investment opportunities.
From a financial perspective, investments in sustainability can lead to long-term cost savings through energy efficiency and can mitigate regulatory risks. The company's proactive approach to sustainability could potentially lower operating costs and enhance asset value, offering a compelling narrative for ESG investors. This approach may also mitigate risks associated with environmental compliance and future-proof the company's assets against changing environmental policies and consumer preferences.
BOSTON, March 11, 2024 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) announced that two additional projects in the Company’s development program have achieved Green Globes® certification for Core & Shell Construction for sustainability efforts during the design and delivery process. A total of six projects in the first phase of the Company’s development program have achieved a minimum of a Two Green Globes certification, demonstrating Plymouth’s commitment to current and future building operations best practices, occupant health and wellness, and reducing carbon emissions.
Jeff Witherell, Chief Executive Officer and Co-Founder of Plymouth, noted, “After joining GBI in 2022, we have worked closely with them on the certification of our development program. All six of our development projects delivered to date have achieved either a Two or Three Green Globes rating. Just as meaningful, our entire development program is now
7263 Salisbury Road, a 40,572-square foot industrial building located in Jacksonville, Florida that was completed in the third quarter of 2023 and is
Administered by the Green Building Initiative (GBI), Green Globes is a nationally recognized green rating assessment and certification system that ensures projects meet clearly defined criteria in seven assessment areas: Project Management, Site, Energy, Water, Resources, Emissions, and Indoor Environment. In addition to evaluating documentation in each of these performance areas, the Green Globes certification process includes an onsite assessment with a third-party Assessor to verify implementation.
About Plymouth
Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties. Our mission is to provide tenants with cost effective space that is functional, flexible and safe.
About GBI
GBI is a nonprofit organization and American National Standards Institute (ANSI) Accredited Standards Developer dedicated to improving building performance and reducing climate impacts. Founded in 2004, the organization is the global provider of the Green Globes® and federal Guiding Principles Compliance building certification and assessment programs. To learn more about opportunities to become involved with GBI, contact info@thegbi.org or visit the GBI website at www.thegbi.org.
| Contact: | ||
| Tripp Sullivan | ||
| SCR Partners | ||
| TSullivan@scr-ir.com |
FAQ
What certification did Plymouth Industrial REIT, Inc. achieve for two additional projects in their development program?
Where are the two projects located that received Green Globes certification?
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