Sustainable commercial property construction ‘chronically underfunded’
Published on
2011-01-05T00:00:00
The construction of sustainable commercial property has been
hindered by a severe lack of funding. This is according
to expert, Mike Reardon, who has outlined the various
hurdles developers must overcome to create a low-energy building
that is attractive to tenants.
Mr Reardon, strategic director at the Greater Manchester
Environment Commission, said: "It is no surprise that you don't
hear up and down the country about major cities launching these
kinds of programmes because there are some real dangers to be
ironed out in terms of financing deals."
Building eco-friendly property understandably requires
significant financing and without the support of the government,
private funding is currently the only way to raise capital.
Green commercial property has many attractions to tenants.
Reduced utility bills and overheads mean business property can
become more sustainable and workable for future generations.
Mr Reardon added: "If we are to rely upon private investment in
this area, we have got to come up with some answers to the sorts of
questions that they will ask."
Meanwhile a climate change expert has suggested that there needs
to be an increase in tent demand for these green commercial
development projects to be completed.
Michael O'Doherty, head of climate change for buildings and
energy at Manchester City Council, believes that the country faces
a "real challenge" in making the country's office space more
environmentally-friendly.
He said: "When tenants understand the benefits and are prepared
to pay a premium for a retrofitted, highly energy-efficient
building that is when the market will move."
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