Numerous large corporations around the world have set themselves the goal of reducing their emissions to zero in the near future. According to Net0, companies with net zero goals include Siemens, Holcim, Ford and American Airlines. However, it is not only climate-neutral production that contributes to achieving these goals, in many cases the office buildings of the companies also have to become greener. According to an expert from Deutsche Bank, this could mean that green office space will defy the downturn in the real estate market.
like dr Ulrich Stephan, chief investment strategist for private and corporate customers at Deutsche Bank, wrote in his daily newsletter at the end of January[{” attribute=””>Leerstandsquote bei Büroflächen weltweit weiterhin auf einem hohen Niveau, da viele Unternehmen nach wie vor zumindest teilweise auf die Arbeit im Home Office setzen. Das gilt jedoch nicht für grüne Büroflächen. Das „Angebot an ESG-konformen Räumlichkeiten [kann] can hardly keep up with the demand in many cities,” says the Deutsche Bank expert.
The high demand and, according to CNBC, the relative rarity of green office properties are driving up the price. An analysis by the financial service provider MSCI showed that in London, for example, the sales prices for office buildings with sustainability ratings from organizations such as BREEAM and LEED are around 25 percent higher than the prices for properties without such certifications. According to MSCI, the gap in Paris is even 35 percent.
However, as the global Future of Work Survey 2022 by real estate specialist JLL shows, many companies are willing to pay such a premium for green office buildings. Around three quarters of the companies surveyed indicated that they would probably pay a premium for green certificates. 56 percent even plan to do so by 2025. But not only the own climate goals should contribute to this decision. As the JLL survey also revealed, employees increasingly expect their employers to commit to more climate protection. Around 77 percent of the companies surveyed stated that “their employees increasingly expect the workplace to have a positive impact on the environment”.
For the Deutsche Bank expert Dr. Ulrich Stephan is therefore clear that green office space is “increasingly in demand because of the ambitious climate targets” and that an investment should therefore be worthwhile – despite the correction that is currently emerging in other areas of the real estate market. “Energetic refurbishment of older buildings could also generate attractive returns,” says Stephan.
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