One in five fund managers planning retrofits
GVA survey reveals funds gearing up for government’s green legislation
One in five property fund managers intends to retrofit their properties within 12 months, according to research by GVA.
Fund managers are gearing up for government legislation which will require a minimum energy efficiency standard for lettable properties from 2018.
According to GVA’s Green to Gold survey, 85% of fund managers intend to assess the efficiency of their properties within the next year.
Twenty percent of managers will retrofit properties while another 20% intend to sell inefficient buildings.
However, only four percent of managers indicated that they would take advantage of the government’s Green Deal to carry out retrofit work.
Asked to rate the importance of sustainability to building occupiers, around two-thirds of respondents believed it was of “some importance”.
But only 10% said sustainability issues were “very important”, a figure which has fallen from 20% two years ago.
Fourteen percent of those surveyed said they intend to take no action on sustainability in the next 12 months.
Alastair Mant, head of sustainability at GVA, said: “Many in the industry appear to be unsure of how to assess and value the risks, costs and benefits associated with sustainability and this must change if the appropriate investment decisions are to be made.
“Time is of the essence as mandatory reporting, minimum performance standards and rising operating costs are all starting to impact investors and occupiers.
“Factoring sustainability into investment decisions is vital if assets are to perform now and into the future.”