Since the Investment Property Forum (IPF) published the last edition of their energy efficiency improvements costing research in 2012, improving the energy performance of existing buildings within the commercial property sector has become even more critical. The imposition of tougher energy efficiency standards and carbon reduction targets (including the MEES Regulations, effective from April 2018, and the Paris Agreement, to which the UK is a ratified signatory) will have a significant impact on the real estate industry.
Accordingly, the IPF Research Programme (2015-2018) considers it timely to revisit this topic and has commissioned Currie & Brown, led by operations director Adam Mactavish, to conduct a review that will update and extend the scope of the previous study.
To maintain consistency and clarity, the same case studies will be analysed in accordance with current building regulations and, for each, the project will assess the value of a broad range of energy efficiency measures to upgrade the energy performance of base line buildings, including new strategies that reflect current market standards. To supplement these core tasks, the research will extend to wider commercial considerations, system-specific recommendations, predicted actual energy savings and planning for the future.
Chris Urwin, head of Aviva Investors' real estate global research unit, who is chairing the project steering group that will oversee the work, commented: 'Improving the energy efficiency of buildings is a social responsibility for property owners. There is growing academic evidence of a link between the environmental characteristics of buildings and financial out-performance, so I envisage this report being a highly valuable reference across the real estate industry.'
The report Costing Energy Efficiency Improvements in Existing Commercial Buildings 2017 is due to be published by the middle of the year.