In the UK, Minimum Energy Efficiency Standards for non-residential buildings required a minimum Energy Performance Certificate (EPC) rating of E to be lettable from 1 April 2023, with the government planning to increase this to a minimum of C by 2027 and B by 2030.Īcross the EU there are similar regulations coming into force, with the European Performance of Buildings Directive setting staggered targets, including a minimum requirement of EPC D for commercial buildings by 2030 and for all buildings to be net zero emissions by 2050.Īccording to the survey, more than 50% of firms targeting EPCs as a key metric have a minimum B requirement for their portfolios, while 47% require BREEAM Excellent or Outstanding ratings. In the first half of the year, £2.5bn of assets, representing 13.4% of total real estate investment volumes, were purchased in the UK for the purpose of renovation or redevelopment. For the offices sector, the figure was 24% or £1.2bn. “The share of value-add transactions has been rising since the end of the pandemic despite the higher costs of development,” the Knight Frank report said. The survey which polled 45 investors with nearly £300bn (€349.5bn) in managed assets, showed that value-add transactions in London accounted for just over half (52%) or £2bn of the total volume of office investments during the first half of 2023.
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The report, based on the global real estate adviser’s ESG Property Investor Survey, revealed that 58% of respondents are actively seeking to acquire commercial buildings that perform poorly on environmental, social, and governance (ESG) metrics, with a plan to improve and upgrade them to meet future environmental standards. European office buildings in need of sustainability upgrades are being targeted by real estate investors, a new report by Knight Frank finds.
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