In a newly released working paper by John Quigley, Piet Eichholtz, and Nils Kok titled Doing Well by Doing Good? Green Office Buildings, the authors discuss the economic value of green building certification in the commercial sector. They matched publicly available information on 694 certified green buildings (Energy Star and LEED) with 7489 other office buildings located within a quarter mile of the certified green buildings. The research revealed systematic evidence that rents for green buildings are about 2% higher than rents for comparable buildings located nearby. Effective rents, or those adjusted for the occupancy levels in the building, are about 6% higher in green buildings than in comparable office buildings nearby. The authors deduce therefrom that at a generalized cap rate of 6%, conversion of a non-green building to an equivalent green building would add more than $5 million in market value. Wow!