More than three quarters (76%) of office stock across Europe will be at risk of obsolescence by 2030 according to the latest report from global real estate services firm Cushman & Wakefield – Obsolescence = Opportunity: The next evolution of office space in Europe. One of the reasons is the increased level of legislative action around sustainability requiring investors to modernise real estate to ensure ESG compliance. To take one example, commercial property landlords are required in a growing number of cities across North America and Europe to install green roofs that help increase urban biodiversity, optimise energy costs and improve the user experience.
Office building lobbies were the lowest-rated spaces due to insufficient greenery. It is notable, however, that reception desk areas in many buildings are among the few places where property landlords and managers can successfully ensure the right quantity and diversity of plants. Due to dense urban development, especially in central districts, there is little space left for green, outdoor zones for building users, subsequently affecting the workplace experience and employee well-being. This could be solved by installing green, biodiverse roofs and terraces, a trend that has for years been gaining traction in such countries as Switzerland, the U.S. and Canada,
comments Grzegorz Dyląg, Partner, Head of Asset Services Business Space, Asset Services EMEA, Cushman & Wakefield.
Municipalities and other stakeholders focus on greenery
Let’s give the city back to nature
These statistics point to a rather alarming conclusion: 76% of existing office buildings are probably insufficiently aligned with occupier requirements which keep growing. The pandemic has changed our attitude to the workplace, creating a stronger craving for contact with nature and achieving a healthy work-life balance. Furthermore, lockdowns shifted the focus of many towards a more sustainable lifestyle as the impact of increasingly rapid climate change continues to contribute to increased environmental awareness. Unfortunately, many buildings stand against this tide of change. Therefore, property owners have a huge responsibility for their repositioning. Such strategic measures should include expanding green, biodiverse spaces to give the city back to nature at least to some degree,
adds Anna Górska-Kwiatkowska, Head of Leasing Services, Cushman & Wakefield.
Increasing the green area percentage will naturally minimise the environmental footprint of a property and help companies achieve the environmental objectives of their ESG strategies. This is also an area where there is a strong correlation between sustainability and gradual cost optimisation. Although significant financial outlays are required from investors for upgrading and greening building roofs and terraces, such investments will partially pay back. Vegetation provides an additional insulation layer that helps reduce energy costs. It is also worth noting that green roofs have a longer life-span than traditional ones,
comments Andrew Frizell, Head of Project & Development Services Poland, Cushman & Wakefield.
Green repositioning
Buildings that provide biodiverse, green spaces are undoubtedly viewed as more attractive. Therefore, planting vegetation on rooftops should be part of their repositioning strategies. It will translate into greater user comfort and, what’s more, it’s likely to become a key aesthetic differentiator,
says Grzegorz Dyląg.
A consistent and transparent system of investment incentives would definitely help to spread the concept of green roofs. It would also be useful to develop design requirements and a set of good practices that would support developers in creating biodiverse roofs as additional public spaces. As a result, the centres of large Polish cities are likely to become green enclaves in the coming years,
concludes Grzegorz Dyląg.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2022, the firm reported revenue of $10.1 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environmental, Social and Governance (ESG) and more. For additional information, visit www.cushmanwakefield.com.