The Leader - July/August 2008 - (Page 42)

eM ea ’s B u Ild I Ng e Ne rg y ratI Ng : re ady to take sto ck? taken by investors, we strongly recommend that all owners of office property in the EU conduct an audit of their commercial property portfolios, as poor ratings will ultimately impact the leasability and liquidity of stock. However they also pose an opportunity for strategic asset management and refurbishment. Our findings show that while there has been much debate about the likely impact of the EPBD regulations on the construction cost of new buildings, the impact of the new legislation will be felt during the process of selling or leasing existing buildings, and the challenge for the real estate industry will be how to improve the sustainability of existing buildings. europeaN Market IN coNtext The European Energy Performance for Buildings Directive (EPBD) aims to reduce emissions through increased energy efficiency (both theoretical and actual) of the EU’s 160 million buildings which generate more than 40 percent of total EU CO2 emissions. By implementing the Directive, the EU could potentially reduce its carbon output by 45 million tons by 2010. The following actions are required from all EU member states: n A general calculation methodology framework to be designed for determining the integrated energy performance of buildings n Minimum energy performance requirements to be applied in the construction of new buildings n Minimum energy performance requirements to be applied in large existing buildings where major renovations are due n All buildings to be given an ‘energy certification’ n All boilers and air-conditioning systems in buildings to be inspected regularly, in addition to assessing heating installations in buildings where boilers are more than 15 years old. This list is merely a guide and each EU member state has the option to decide how best to respond to and implement the legislation. For companies with cross-border operations, the challenge will be to ensure the delivery of consistent and measurable benchmarks in each of the member states in which those companies operate. This report assesses progress in relation to the certification of building energy ratings (BER) in terms of government response, implementation and market sentiment. Data on this progress is supported by a number of tables (see the CoreNet Global web site for additional graphs). To provide cross-border comparisons, we conducted a detailed survey in France, Germany, Ireland, Sweden, the Netherlands, and the UK. This report details the progress made by individual EU member states in implementing the Directive, and identifies similarities and differences in its interpretation. Governments’ Responses to the EU Directive. All six EU members surveyed in this study applied for an extension to the Directive. As we near the end of this extended Directive timeframe, the governments concerned have adopted different frameworks by which building energy ratings will be interpreted. Measures across our sample involve implementation between 2008 and 2009, with most countries adopting a two-stage process, whether commercial versus non-commercial or public versus private. Phasing public sector and commercial property implementation should allow governments to ensure sufficient trained assessors are in place prior to commercial implementation. Clearly, as far as investors and owneroccupiers are concerned, a process of strong active asset management and portfolio prioritization will be needed to ensure that both new and existing commercial/public sector building stock in their property portfolios will be benchmarked and ready for measurement prior to 2009. All member states will be required to adhere to the energy rating standard established by the EU. The implementation of these standards may be localized, with, for example, England and Wales adopting the Energy Performance Certificate (EPC) as the most likely format (see Appendix B). The EPC allows for a graded rating to be applied to buildings; the rating is mirrored by an occupational energy measure, the Display Energy Certificate (DEC) which is necessary for some large public buildings. We anticipate it will ultimately be required for all commercial buildings. We found that costs of an assessment are somewhat opaque across the EU member states surveyed. In the Netherlands, the costs are fluid and are based on time taken for the assessment coupled with the size and the complexity of the building being assessed. For example, it is estimated that in the Netherlands a standard office building measuring 215,000 sq. ft. (20,000 sq. m.) will cost in the region of $5,012 (EUR 3,200). England, Wales and Scotland have taken a similar approach, with costs for a comparable office building estimated at between $4,937 and $9,869 (EUR 3,150 and 6,300), capped. Costs in the other four EU member states surveyed are as yet unknown. Implementation of the Building Energy Rating (BER). In the main, training of building energy rating assessors is being the le ade r 42 J u ly / a u g u s t

Table of Contents Feed for the Digital Edition of The Leader - July/August 2008

The Leader - July/August 2008 Leadership Contents Message from the CEO Real Estate in the News Organizational Design Accommodating Growth Responding to the Challenge EMEA's Building Energy Rating TVA's Shortcut to Success ANZ Banking Group’s Jane Hamilton Tractus Asia’s Dennis Messeroll Arizona’s Greg Weiner Workplace Design Workplace Directory The Texas Report Industry Tracker Discovery Forum Findings Career Development Congratulations to 2008 Corenet Global Award Winners! Young Leader Economic Development in the News Connect with Corenet Global A Look Ahead

The Leader - July/August 2008

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