If you own an office property in London or are thinking about buying one, it is almost certain that you’ve got something on your mind: How do I make sure this building will meet coming government sustainability regulations? It is almost certain because data from Cushman & Wakefield shared with Bisnow shows only 4% of London offices have an Energy Performance Certificate meeting the requirements on energy use that will be introduced in the UK in 2030. This isn’t some technical requirement — it gets to the heart of an existential overhaul currently ongoing in the London office market, precipitated by the need to radically cut the carbon society produces. “On most property-related stats, like rental levels or vacancy rates, if you asked me to guess, I’d normally get within about 10%,” Patrizia Head of Transactions for the UK and Ireland Phil Irons said. “When I was asked what percentage of London office stock would currently be obsolete by 2030, I said about 30-40%. When you find out that figure is 96% you just go, my God.” 
The need to upgrade stock is vexing existing owners and causing potential buyers of assets like Irons to question what they are willing to pay for offices. Getting the sustainability aspect of office stock right is a huge opportunity for existing owners and investors, with data increasingly…  Read the full story here. | 
