Since the start of 2021, around 189,000 sqm of offices were leased on the Bucharest market, of which 70% were for spaces in buildings with green certifications, according to real estate consultancy CBRE Romania.
Mihai Patrulescu, Head of Investment Properties, CBRE Romania, explained that buildings transacted underwent specific Environmental, Social, and Governance (ESG) audits and these conditions also became relevant for financing conditions.
Investors are now already embedding ESG considerations into every stage of the property lifecycle, from due diligence to acquisitions and from leasing to asset management, shows a report of the consultancy. Moreover, two-thirds of investors indicated that they have already adopted ESG criteria into their investment practices and processes, and an additional 28% of European investors indicated they are considering or have plans to adopt ESG criteria in the near future.
“Real estate accounts for nearly 39% of the global energy related carbon emissions and plays a crucial role in combating climate change. More than a quarter (28% precisely) is what the industry calls it ‘operational carbon’ - emissions generated by the buildings’ operations (for example, the energy used to heat, cool and light buildings),” explained Luiza Moraru, Head of Property Management for CEE & Romania, CBRE.
Consultants suggested that ESG compliance will become a core feature of real estate assets that will look for buyers or tenants going forward.
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