When access to water seems cheap and easy, why should companies cut or closely monitor consumption in their buildings?

Confronting misconceptions about water availability and offering information about solutions that are available now and in development were the key subjects of "Water in Real Estate -- Resilient Operations for Thirsty Times," a recent webinar presented by the Artemis Project. The San Francisco-based consulting firm focuses on helping companies thrive in a water-challenged world.

"Historically, real estate people have always known that water is a live or die situation," said Laura Shenkar, founder and principal of the Artemis Project.

For developers, lack of water and water permits can kill a project. For property owners, "it takes a very, very small leak to cause very, very big problems," including structural damage, mold and building system failure, said Shenkar, who moderated the presentation.

But what's well known to builders and portfolio managers typically is little known or unheeded by companies and property owners, according to webinar panelists.

With Shenkar, speakers David Pogue, the national director of sustainability for CB Richard Ellis, Rick Ferrara, a senior associate with the architecture firm Gensler, Professor John Macomber of the Harvard Business School, and Dominic Kulik, the founder and CEO of sustainable water company Natural Systems Utilities, examined:

• The need for smarter, more efficient use of water in the built environment.
• Best practices by leading companies.
• Barriers to and opportunities for adopting better water practices and management technology.

Compared to agriculture, which accounts for 70 percent of all water use, the built environment is responsible for considerably less consumption. But water waste in the sector is huge.

The U.S. has one of the highest rates of per capita water use in the world and waste due to old, leaking pipes and a failure to conserve are among the chief reasons for the bloated water footprint, according to a report released this year by the Urban Land Institute and Ernst & Young.

For example, the report said, neglected leaks are responsible for 1.25 trillion gallons of wasted water annually, an amount that's roughly equivalent to the consumption of Los Angeles, Miami and Chicago combined -- a point raised by Shenkar in the webinar.

Corporate buildings account for 12 percent of water use in the U.S., said Pogue of CBRE, noting a statistic from the U.S. Green Building Council. Factors driving better water management by companies include high or rising water rates in some districts, penalty pricing by some utilities that charge double or triple the base rate for exceeding allotted use, and requirements for LEED certification as a green building, Pogue said.

He recommended seven practices for companies to consider:

• A water audit
• Weekly water meter readings
• Closely monitored irrigation use
• Use of native or adaptive vegetation
• Water fixture cost/payback analysis
• Water fixture retrofits
• Water fixture replacements

Next Page: Five building projects that showcase rainwater harvesting.