How costs of maintenance affect the value of real estate





03.02.2018 00:45
Articles about real estate | How costs of maintenance affect the value of real estate According to a new report from the ULI Greenprint Center for Building Characteristics, the world's leading companies in commercial real estate are making significant strides in reducing energy consumption, carbon dioxide emissions and water use in their buildings. Greenprint is part of the Center for Sustainable Development and Economic Performance of ULI. In the property or management of members of Greenprint is 8 684 properties in 28 countries with a total area of ​​177 million square meters. The value of assets exceeds $ 1 trillion, which is more than 5% of the value of high-quality commercial facilities in the world.

The data used in the Greenprint Performance Report ™ report was submitted to the Greenprint Center by its 28 members and affiliated partners who are part of an alliance of leading global property owners, investors and financial institutions that are committed to improving environmental performance in the global real estate industry.

The report monitors, compares and analyzes the characteristics of all objects owned by Greenprint members. Between 2015 and 2016, they saw a reduction in energy consumption of 3.4%, carbon emissions by 3.3% and water consumption by 4.3%.

Greenprint began to monitor the structural characteristics of buildings in 2009, since then, energy consumption by real estate objects of the Center's participants has decreased by 13.9%, carbon dioxide emissions by 17.9%, and water consumption by 12.1%. Reductions have occurred even against the background of increased occupancy, which suggests that the use of a larger space does not necessarily lead to a decrease in the productivity of the building.

"To adapt to the ever-changing vulnerabilities associated with the environment and climate, building owners and managers are looking for ways to avoid asset depreciation," says Greenprint honorary chairman Charles B. Leitner. "The industry leaders who have developed and implement adaptation strategies are already taking advantage of the preservation and multiplication of assets."

Globally, buildings account for more than a third of the world's carbon dioxide emissions, which change the climate. Greenprint members aim to exceed their emission reduction targets by 50% by 2030, which is in line with the objectives set by the Intergovernmental Group of Experts and the ratified Paris Climate Agreement.

The reduction in emissions in 2016 is equivalent to 2.6 million planted trees, 21,500 vehicles taken out of the road, 10,800 houses that do not consume energy, and saved 236,000 barrels of oil.

"Greenprint continues to be an important catalyst for change, helping its members make informed and measurable measures to improve environmental performance," said Patrick L. Phillips, ULI's chief executive officer. "Thanks to Greenprint, we show how a built-up environment can help save energy and water and be part of the solution to climate change. The achievements of Greenprint members inspire a larger movement in the real estate sector to improve the performance of buildings. "
Arguments in favor of environmental friendliness

The report identifies several factors that affect the market and, at the same time, encourage property owners to improve environmental performance and create economic value through the introduction of best practices.

Duties of the investor. Over the past few years, investments in sustainable development projects have significantly increased. At the same time, investments in the US in 2016 exceeded $ 8.5 trillion and accounted for more than 20% of the value of professionally managed assets.

Tenant's requirements. Sustainable development and other functions of the new generation are one of the key requirements of tenants to buildings. The program of energy optimization of leased premises ULI is aimed at cooperation of owners and tenants through the inclusion of energy-efficient measures already at the stage of building design, which allows to reduce energy consumption and costs. This program is approved by the US Environmental Protection Agency, which helps tenants gain recognition for their investments in energy-efficient premises.

Changes are facilitated by the global implementation of energy efficiency rules in commercial buildings. These include energy efficiency certificates throughout the European Union, mandatory benchmarking in 26 cities and US states, as well as in Tokyo and Singapore, and mandatory energy codes for most countries in North America, Europe and Asia.

Setting goals. Many property owners began to implement multi-object renovations, upgrade technologies and improve operational activities. Defining a wide range of objectives helps owners ensure maximum return on investment and combine financial success with environmental benefits. For example, Prologis aims to generate 200 megawatts of solar energy per year and reduce carbon dioxide emissions by 20% by 2020. Grosvenor seeks to reduce the use of energy throughout the portfolio by 50% by 2023; CommonWealth partners are striving for a 20% reduction in energy use by 2020.

Industry Trends

Reproduction of the energy grid. The use of microgrids is growing, which are separate energy systems with a network of electricity consumers and a local power source. They can be connected to a centralized electrical network or operate independently.

Investing in sustainability. Local authorities and investors are looking for ways to reduce the possible damage from weather conditions or natural disasters for property and infrastructure. Sustainability in relation to the built-up environment becomes an integral part of risk management.

Efficiency of the legislative framework. As governments recognize the risks of climate change, they take action, raising or setting new targets to improve efficiency through energy efficiency laws and strengthening energy codes of buildings.

Earlier it was reported that the KSCA told how to save the people of Kiev on heating costs.

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