The results are in from our "Greening of Real Estate" Survey, which reveals that the issue of sustainability is becoming increasingly more important for business leaders. The survey, conducted at a recent webinar with an audience of nearly 200 attendees representing different aspects of the commercial real estate sector, shows that green buildings and green certifications are changing the face of the sector.
The survey reveals that agents, developers and property managers are coming across green initiatives such as green lease clauses, environmental certifications, green reporting and green compliance issues in their work on a frequent basis, with 48% reporting they are coming across them on a daily or weekly basis. 19% state they are affected by them on a monthly basis, while only 9% of those surveyed state that they have never been affected by green initiatives in their work.
Commenting on the survey results, Oliver FitzGerald, Real Estate Partner, said “new environmental standards are having a huge effect on real estate investment and on the landlord and tenant relationship. What we are seeing now in commercial real estate is likely to become the future for all aspects of the real estate industry, as the use of certifications such as the Leadership in Energy & Environmental Design (LEED) certification becomes more widespread as a green building rating system”.
The Government’s Climate Action Bill, which sets out the plan for Ireland to transition to a carbon-neutral economy by no later than 2050, is a major impetus for the changes in the real estate industry, which should bring benefits to both landlords and tenants. “For landlords, the increased focus on sustainable buildings should have a positive effect on marketability, as green buildings will help investors meet their ESG requirements”, continued Mr FitzGerald. “For tenants, more energy efficient buildings can lead to reduced operating costs. If the building in question is an office, there have been a number of studies showing a link between buildings with good environmental credentials and the increased wellbeing and productivity of employees.”
For more on the Greening of Real Estate webinar, please click here.