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Making Invisible Property Investment Attractive

Source: www.euroace.org
Topic: Property Investment

Sort Desciption: Making Invisible Property Investments Attractive. Rick Wilberforce,. EuroACE (the European Alliance of Companies for Energy Efficiency in Buildings) ...

Content Inside: PAPER 45 Making Invisible Property Investments Attractive Rick Wilberforce, EuroACE (the European Alliance of Companies for Energy Efficiency in Buildings) www.euroace.org Contact details: Rick Wilberforce Pilkington plc Prescot Road St Helens WA10 3TT UK Tel: + 44 1744 692914 Fax: + 44 1744 692838 rick.wilberforce@pilkington.com Keywords: Property value, investor benefits, energy certification. Abstract Recent research conducted in the UK has investigated the relationship between the level of energy efficiency of commercial buildings and their property valuation. The research concluded that, whilst there is indeed a range of economic and other benefits resulting from better energy efficiency (that apply differently for owners, occupiers, property investors, facilities managers and valuation professionals), these are still largely financially “invisible” and are unlikely to translate into a bottom- line increase in the nominal value of a building. The first part of the paper starts by presenting the fundamental nature of the problem, and then outlining why there is good reason to hope (as identified by the research). It then goes on to address the major challenges if low energy offices are to become a truly financially attractive investment alternative to standard offices. The second part of the paper asserts that the arrival of an EU-wide system of energy certification of buildings is the key to making low energy commercial buildings marketable and thereby increasing their asset value. Certificates will make a previously invisible benefit visible. In the next three years throughout the EU, Member States will be incorporating requirements for energy certification into national building codes. Indeed, during the very month that IEECB’06 is taking place, the UK is implementing changes to its Building Regulations to make the energy certification of new commercial buildings mandatory. The presentation looks particularly at this UK development, as a ...

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