Nowadays, sustainability is considered a central aspect of efficient property management. What’s more, most property owners now appreciate the benefits that sustainability can make when it comes to their investment goals. Commercial property management specialists in London are, as a result, putting a great deal more effort into sustainability.
The core benefits of sustainability include reduced risk; bottom line cost savings and enhanced market appeal, with sustainable buildings becoming more attractive to both investors and occupants due to their health and wellness benefits, as well as the reputational aspects connected with demonstrating a commitment to ‘making a difference’.
A sustainable building is a future-proof building. For investors this is a crucial consideration. Let’s take a closer look at the growing importance of sustainability in commercial property management and how it will continue to evolve in the near future.
Buying into an ‘experience’
An important aspect of sustainability in property management rests around the growing trend for businesses to buy into an experience when renting or purchasing commercial property.
Workforce wellness is a key driver in this respect, with modern building design trends focusing on the integration of amenities and features with comfort at the core, such as acoustics, lighting quality, ventilation and temperature control.
A Harvard study revealed that improved comfort results in enhanced cognition. Many employers are clued-up on such research and are, as a result, actively seeking modern building features that will benefit productivity.
Monitoring energy consumption
Building occupiers are increasingly incorporating energy consumption into their due diligence checks when considering their premises options.
In response, commercial property management experts are now actively assisting their clients by taking this data and using it to put in place and monitor sustainability policies and run risk reviews, making it easier to meet energy efficiency targets and financial goals.
Occupiers want to be fully informed on the energy efficiency of a building before they make an investment in renting or purchasing. It allows them to more accurately calculate the ongoing costs involved in occupying the space, and makes it more straightforward to compare against other properties.
The challenges of processing large volumes of data
The sheer abundance of data pertaining to operational, financial and environmental factors has had a significant impact upon building management.
This increase in building intelligence has altered how buildings are operated, and who operates then, which has put pressure on landlord and tenant relationships. Furthermore, technology is advancing at speed, making it challenging to keep up to date with the latest methods of data capture and analysis.
It is reckoned that by 2021, more than 3.6 billion connected devices will be installed within commercial properties. From smart sensors that personalise the local environment, to access control with full audit trails, there will be an incredible amount of data sources capable of producing in-depth information that will considerably enhance sustainability in all respects.
With this data explosion however comes a challenge: the challenge of managing the data efficiently and funnelling it into the right channels so that informed decisions can be made and strategies for reduced consumption and waste can be fine-tuned.
Over the next few years then, the property management industry will need to focus on methods of transforming these huge strings of data into intelligence so that it can be used at the heart of the decision-making process.
Simple methods of gathering data and presenting it a straightforward, digestible and useful format need to be honed. Some data may come from utility providers, but with many spaces now becoming tenant-controlled, further challenges are likely to arise.
One solution is to include a clause in the tenancy agreement that requires the tenant to share its energy data, although this could take time to implement within existing tenancies, perhaps having to wait until renewals.
Mellersh & Harding – Commercial Property Management Experts in London
When investing in commercial property, there has always been much to consider. One of the most crucial concerns nowadays is building sustainability. It is a rapidly evolving aspect of property investment, and as such calls for expert guidance.
Should you be considering investing in property in London, the specialist commercial property management team at Mellersh & Harding is readily available to provide the tailored advice you need. You are welcome to contact us on 020 7522 8500 to discuss your individual requirements.