The development of environmentally friendly new buildings is set to decline because of the credit crunch, according to property consultant Sanderson Weatherall.
David Jackson of Sanderson Weatherall said properties that contained green facilities including rain water harvesting, low energy offices and showers to encourage people to cycle or walk to work were roo expensive for many businesses to consider at the moment
He said: ‘The environmental friendliness of new premises is probably the last thing on the minds of directors looking to move at the moment – and who can blame them in these tough economic times.”
However, he did add that there was some good news on the environmental front in that the decline would not be permanent.
“Once the economy picks up. which it will do in time, the strong environmental focus that has been a factor in the commercial property market for a number of years will ?return – probably even stronger than ever. The odds are stacked in favour of a resurgence of rhe green building as rhe government has signed up to ambitious legally binding greenhouse gas emissions targets – an 80 per cent reduction on 1990 levels by 2050 and it’s difficult to see how lofty ambitions like these can be achieved without the introduction of major new legislation.”
It is argued that for some green warehouses rhe operational cost savings may outweigh any rent hike.