Etudes et recherche

Résilience immobilière

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  • Rapport de marché | Résilience immobilière

    Is Sustainability Certification in Real Estate Worth it? 2023

    sustainable office building

    Overview



    CBRE’s third edition of the ‘Is Sustainability Certification in Real Estate Worth it?’ research report focuses on how office sustainability certifications impact value creation, but also the role they are playing in making the office sector future fit.


    This report aims to enhance the availability of data and insight into the relationship between sustainability and value in real estate, one of the sectors with the greatest potential to contribute to reducing carbon emissions. This transparency is important to real estate decision makers looking to financially justify action to meet sustainability targets.



    Results



    Conclusions presented in this report show a significant correlation between sustainability certificates and buildings’ market value.



    The key highlights from the report are:





    1. Property owners and investors continue to pursue environmental certifications for their office properties. In the markets analysed, the certified share stands at 22% as at H1 2023, compared with 15% in 2019. Decision-making regarding certifications seems to happen later in the building development process, which reflects property owners’ considerations regarding potential changes in occupier and investor preferences, as well as legislation.









    2. Certified office take-up has risen from 31% of the market in 2019, to 34% as at H1 2023, confirming the trend that sustainability is an important factor for occupiers in building selection. However, the local office supply composition restricts the scope for occupiers to choose certified buildings. In the case of mature office markets, the process of certification for new and refurbished buildings in the most sought-after locations will take time, thus impacting the availability of certified stock.









    3. Certification can be a significant but not a determining factor in lowering vacancy risk. Balancing locational preferences with the sustainability agenda remains a challenge when committing to new space/location. In the short-term, the balance in the local markets will be influenced by the share of the certified space under construction. Across the sample, the certified share of the pipeline is a lot higher than the certified share of existing stock.









    4. There is an enduring benefit to rents from verifiable measures to reduce carbon emissions. When the effects of building size, location, age, and renovation history are accounted for, buildings with sustainability certifications command a 7% rental premium. The rental premium exists for certified office buildings, regardless of building year. Hence, certifying both new and existing buildings ensures higher office rents compared to non-certified stock.









    5. To allow for one-on-one comparison with our analysis conducted in 2022 (where the premium identified was 5.5%), we have conducted a separate analysis by limiting the sample to the same markets. For that sample, the regression model shows a 6.6% rental premium, which indicates positive development in the rental premium year-over-year.











    6. Assets with lower EPC ratings generate on average lower rental levels than assets with better ratings. Countries where there is a binding legislation related to energy performance of office assets show a clearer underperformance of lower EPC ratings. In line with occupiers increasingly targeting the most energy efficient stock, property owners that invest early in retrofitting their portfolio stand to benefit the most in the long-term.







    Context, Data Description and Method



    The report covers 19 European countries and 40 cities. CBRE studied 19,400 lease agreements – of which 6,100 leases occurred in certified buildings and 13,300 leases occurred in non‑certified buildings.



    Get in touch to discuss our results and help you with the opportunities presented by the findings.

  • Article | Résilience immobilière

    European Residential Regulatory Tool

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    The tool allows you to compare Residential regulations between countries, find details on taxes, rent indexation, rent price regulation, lease regulation, legal dynamics, social governance and zoning.

  • Article | Résilience immobilière, Villes de demain, Investissements intelligents

    How is the ESG real estate loan market evolving?

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    This article reflects on our experience of how and why lenders are embracing ‘ESG-friendly’ lending, how new guidance is accelerating progress, and what borrowers need to do to meet the new requirements which lenders are asking for.

  • Article | Résilience immobilière, Investissements intelligents, Main d'oeuvre évolutive, Villes de demain

    Companies’ intensified focus on ESG goals is driving their real estate decisions

    esg office building

    CBRE’s latest global survey of more than 500 commercial real estate professionals worldwide illustrates the most common and impactful initiatives currently applied in real estate strategies by both investors and occupiers.

  • Article | Résilience immobilière, Investissements intelligents, Main d'oeuvre évolutive, Villes de demain

    Companies’ intensified focus on ESG goals is driving their real estate decisions

    esg office building

    CBRE’s latest global survey of more than 500 commercial real estate professionals worldwide illustrates the most common and impactful initiatives currently applied in real estate strategies by both investors and occupiers.

  • Article | Investissements intelligents, Résilience immobilière

    Amid economic uncertainty, ESG remains the metric that matters

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    In times of economic downturn, uncertainty results in businesses adjusting their priorities to remain resilient.

  • will-the-changes-to-stamp-duty-offset-the-recent-rise-in-mortgage-rates-972x1296

    Following consistent increases in the Bank of England Base Rate, mortgage rates have risen considerably.

  • Article | Résilience immobilière, Investissements intelligents

    What does the latest autumn statement mean for debt markets?

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    Operational Real Estate Debt Interview with Chris Gow, Head of OPRE Debt.

  • Article | Résilience immobilière, Villes de demain

    How can property managers navigate the energy crisis?

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    The energy crisis is a complex challenge, determined by politics, geography, supply, and a host of other factors. The Utilities team at CBRE discuss the four main themes.

  • Article | Résilience immobilière, Espaces adaptables

    What do renters want from their home?

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    We recently surveyed over 2,000 private renters across the UK to learn more about what underpins the rental market and identify renters’ priorities.

  • operational-real-estate-debt-q-and-a-with-chris-gow-972x1296

    Operational Real Estate Debt Interview with Chris Gow, Head of OPRE Debt.

  • Waiting room

    The sector is not reaching its full potential. The low levels of rental growth are acting as a barrier to investment and the delivery of quality modern healthcare practices.

  • Rapport de marché | Résilience immobilière, Main d'oeuvre évolutive

    EMEA Retail Occupier Survey 2022

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    CBRE surveyed over 50 of Europe's largest retailers across all goods types, with a combined worldwide store portfolio of over 7,000 stores. We asked about their current performance when compared with the pre-pandemic period, real estate expansion plans, and ESG matters.

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