The Leader - July/August 2008 - (Page 46)

eM ea ’s B u Ild I Ng e Ne rg y ratI Ng : re ady to take sto ck? Prioritization will allow investors with older stock (which could either achieve a poor rating or where obsolescence may be fast tracked) to strategically manage the sale, retrofitting or redevelopment of these properties in advance of the implementation of the directive. For owners with good covenants and long leases the impact of the rating is lower today. However, in the medium term, occupier demand coupled with leases breaks and expiries may result in buildings becoming void at which point the need to address asset ratings will become key. coNclusIoNs aware of this and help to reduce their exposure to risk by educating themselves to the differences in the BER process and costs from country to country. Editor’s note: Readers can find more information on BER on the online version of LEADER. The information includes graphics showing: member states’ response to this EU directive; the implementation status of BER throughout EMEA; and sentiment towards BER. aBout the authors this focus she has responsibility for the ongoing research regarding sustainability and its impact on property stakeholders. Clare Eriksson is Head of Research at Jones Lang LaSalle in Dublin. Eriksson is responsible for analyzing commercial property market trends and using this knowledge to inform clients and add value to the services provided by the other professional departments of the firm. She is Editor of the Journal of Corporate Real Estate, and presents regularly at property and academic conferences and continues to publish research in leading academic journals and trade press. While the implementation of the EPBD will certainly prove challenging for all stakeholders in the property industry, the BER should not prove a major headache for the prepared investor. However, for those with less well developed strategies for measurement and recording of the performance of their buildings’ design, materials, construction and plant, the directive may have long term financial consequences for older existing office stock, particularly when it comes to selling or leasing these buildings. There are many paths that office owners or owner occupiers may choose to follow in relation to ratings. The risks of these options will be determined by the covenant strength of the tenant, the length of lease and/or the strategic wish to “uplabel.” We therefore advise that none of these paths should be adopted without due consideration of their potential impact. The progress of the application of the EPDB varies greatly across Europe. It is vital that cross-border investors are Chris Hiatt is Chairman of National Office Agency responsible for providing Office Agency expertise across England and Wales excluding central London. Hiatt has more than 25 years experience as an office agent and now specializes in large Mixed Use Regeneration Projects including Chiswick Park, Spinningfields Manchester, Stratford City and Greenwich Peninsula. He is a founding member of the Jones Lang LaSalle Global Energy and Environmental Sustainability Board representing EMEA. The Green Building Imperative: Understanding the Impact of Workplaces on the Environment http://www2.corenetglobal.org/dotCMS/ kcoAsset?assetInode=3322030 The Business of Climate Change: Causes, Impacts and Responses http://www2.corenetglobal.org/dotCMS/ kcoAsset?assetInode=3237338 For more information on this topic, go to CoreNet Global’s Knowledge Center Online. Stephanie McMahon is an Associate Director within Jones Lang LaSalle’s EMEA Research Team, with primary responsibility for the delivery of the UK Corporate Research Program. Her main focus is an understanding of how today’s macro environment affects strategic corporate decision making in the medium term; as part of the le ade r 46 J u ly / a u g u s t http://www2.corenetglobal.org/dotCMS/kcoAsset?assetInode=3237338 http://www2.corenetglobal.org/dotCMS/kcoAsset?assetInode=3322030

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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