BCSC and CBRE Launch Sustainability Project
Wonder if the sustainability measures your center has invested in are really paying off? You might not have to wonder much longer: the British Council of Shopping Centres has selected CBRE, the global real estate advisor, to analyze the economic impact of sustainability measures on the value of UK shopping centers.
While many sustainability measures come with their own economic metrics, this project will look at the bigger picture. BCSC and CBRE will work together to look at the costs of energy efficiency and shopping center asset value. It will give both retailers and owners the information they need to understand how sustainability efforts effect rent, value and yields. It will also drive sustainability awareness.
According to Rebecca Pearce, EMEA Head of Sustainability at CBRE, this is the first large-scale project of it’s kind. “Naturally we are delighted to have been appointed by BCSC,” she said. “Retail buildings are the biggest single contributor to CO2 emissions in the UK commercial property sector. With increasing costs and regulatory requirements it is clear that sustainability and energy efficiency is more important than ever before.”
Davinder Jhamat, Head of Research and Education, at BCSC, added, “To fully understand the macro outlook and promote action, research is crucial. To date, such research has focused on other commercial property asset types namely offices. With this in mind, we were keen to extend this to cover shopping centre operators and associated stakeholders. We very much look forward to working with CBRE on this sector-leading project.”
