Progress is being seen in some aspects of the built environment on the drive to be more sustainable, according to the latest annual sustainability report produced by RICS, however the rate of advancement needs to accelerate significantly and become more widespread. The 2022 RICS Sustainability Report, which collated sentiment from almost 4,000 chartered surveyor contributors, around 1200 of which are from the UK, across commercial and construction sectors globally, shows that some improvement in the push for sustainability has been made in the past year, notably in the commercial real estate sector as demand for sustainable commercial property continues to rise. (more…)

In its response to a consultation on the reform of capital allowances, the British Property Federation urges the Government to increase tax relief for capital expenditure on building projects that support the Government’s net zero and levelling-up ambitions and introduce a new tax credit system similar to that which applies to Research & Development spending. Buildings are responsible for around 30 percent of all greenhouse gas emissions in the UK and reaching net zero by 2050 will require significant capital investment in new types of building, building techniques and new technologies to improve the energy efficiency of domestic and commercial property. (more…)

The UK Green Building Council (UKGBC) has published a guide that calls on businesses to retrofit the country’s poorly performing stock of commercial buildings. From 2025, every commercial building in the UK will require an energy performance certificate (EPC) which rates its energy efficiency from grade A to G. The Government is seeking to strengthen these standards and has proposed that all commercial properties being let have a minimum EPC rating of at least ‘B’ by 2030 and is considering a possible interim requirement of level ‘C’ by 2027. Buildings which fail to meet these new standards would require owners and landlords of commercial buildings to upgrade their stock. (more…)

In the context of a second major economic shock from war in Ukraine and continuing inflationary concerns, the PWC / ULI report Emerging Trends in Real Estate Global Outlook 2022 focuses on the global outlook for the real estate industry increasing pressure for finance to support the decarbonisation of real estate. The industry challenges lenders and their regulators to provide debt for the retrofit of existing buildings and the scale-up of the ‘climate tech’ needed. (more…)

Six of the UK’s key regional economic centres risk not achieving their net zero targets, unless significant action is taken to upgrade and improve their commercial property in the next 10 years, according to new analysis by JLL. The report, Sustainability and Value in the Regions, suggests that 90 percent of the office stock in England and Wales’ largest regional office markets is at risk of not meeting the UK government’s target for all non-domestic properties to have an EPC B rating by 2030. These findings come at a time when three of the cities analysed – Birmingham, Bristol (pictured) and Cardiff – have committed to achieving net zero status by 2030. Leeds and Manchester, both aim to be net zero by 2038. (more…)