Project Costs

Operating costs include utilities expenses, property management fees, maintenance and repairs fees, insurance costs, cleaning and janitorial aervices, security services, property taxes, and marketing and advertising fees. 

While detailed operating expenses are not publicly available, industry estimates suggest that utilities expenses typically account for 20–30% of total operating expenses [5]. Based on this estimate, Lumnia’s total annual operating cost is likely between €376,000 and €565,000.

Calculation of Utilities Expenses

• Electricity

Lumnia integrates 351 photovoltaic panels across its roofs, generating 230 MWh annually [6], covering 15% of its total electricity consumption [7]. This implies a total purchased electricity demand of 1,150 MWh/year. 

Considering Lisbon’s electricity prices fluctuate between €11.49/MWh and €120.43/MWh [8], we assume an average rate of €66/MWh, resulting in an annual electricity cost of approximately €75,900.

• Water

The building collects 1 million liters of rainwater annually [9], leading to 70% water savings [7] and leaving a demand of 430,000 liters for irrigation of the garden. With 40% potable water savings, water use per worker is reduced from 50 liters [10] to 30 liters per day. At full occupancy (3,000 employees, 250 workdays per year) [11], total water consumption reaches 22.5 million liters per year. 

Given a water price of €0.00163 per liter [12], the estimated annual water cost is around €37,000.

As a WELL Core and LEED-certified building, Lumnia incurs additional certification-related expenses. Based on standard rates and exchange rates (1 USD = 0.88 EUR), the estimated certification costs are [14][15]:

• WELL Core Certification: €25,240
  1. Enrollment fee: €2,640 ($3,000)
  2. Program fee: €22,600 (based on €0.07/sq ft, with min/max limits)

• LEED Certification: €19,000
  1. Registration fee: €1,188 ($1,350)

2. Certification fee: €17,760 (based on €0.055/sq ft)

Additional Costs:

• Consultant Fees: €8,800–€26,400 ($10,000–$30,000)

• Testing & Verification: €4,400–€8,800 ($5,000–$10,000)

The Total Certification Cost ranges from €57,440 to €79,440.