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Portland among sizable U.S. markets for percentage of office space with Leadership in Energy and Environmental Design (LEED) certification, according to a .

The city has approximately 24 million square feet of LEED office space compared to approximately 31 million square feet of non-LEED office space, a CBRE representative stated. About 150 office buildings in Portland have LEED certification.

Minneapolis boasted the highest percentage of LEED office space, at 53 percent, according to the report released last month. San Francisco ranked second, at 49 percent; Chicago was third, at 48 percent; and Oakland was fourth, at 46 percent.

Portland followed, at 44 percent 鈥� well above the national average of 31 percent.

CBRE analyzed 20,600 U.S. office buildings and found that those with LEED certification had on average a 4 percent rent premium between 2019 and 2022 over those without the certification.

鈥淭he current average 4 percent premium for LEED-certified buildings is at the low end of the historical window of a 4 percent to 8 percent premium,鈥� stated Richard Barkham, CBRE鈥檚 global chief economist and head of global research.

The decline in the rent premium is likely due to an overall reduction in office demand from the COVID-19 pandemic as well as a migration to suburbs that have fewer LEED-certified buildings, according to Barkham.

鈥淲e anticipate the premium will increase a bit as the office market slowly recovers and office occupiers increasingly favor sustainable properties,鈥� he stated.

Among LEED-certified buildings, the survey showed that there is no significant monetary difference in rent premiums among the different levels of certifications. However, it suggests that as energy performance standards become more in demand, there could be more competition between the certified groups.

鈥淟EED certification certainly is viewed as favorable by office occupiers, many of whom increasingly are requiring building owners to explain their ESG (environmental, social and governance) platforms during the space-search process,鈥� stated Mike Watts, CBRE鈥檚 president of investor leasing in the Americas. 鈥淎 LEED certification may turn out to be a key determinant in a given occupier鈥檚 decision of where to lease their space, regardless of whether that designation brings a rent premium.鈥�