Robert Irving Burns reported that 78% of offices in Westminster and 71% in the City of London were set to fail upcoming minimum energy efficiency standards, according to analysis of Ministry of Housing, Communities and Local Government data.\u00a0<\/p>\n
Data found more than 12,000 offices across Central London would require significant upgrades to stay compliant, as new rules are expected to prohibit the leasing of commercial properties with an energy performance certificate (EPC) rating of \u2018C\u2019 or below from the early 2030s.<\/p>\n
In Westminster, over 9,100 offices did not meet the required \u2018B\u2019 rating.\u00a0<\/p>\n
In the City of London, more than 2,900 offices failed to meet the grade.\u00a0<\/p>\n
Only 4% of offices in the City of London and 2% in Westminster held an \u2018A\u2019 rating.<\/p>\n
Antony Antoniou, CEO at Robert Irving Burns, said: \u201cGovernment is sleepwalking into a market crisis of its own making.\u00a0<\/p>\n
\u201cNot only will achieving compliance require enormous capital expenditure across the board but current market capacity, with labour shortages and financing constraints, will make achieving the early 2030s deadline virtually impossible.<\/p>\n
\u201cWith more than 12,000 offices across Westminster and the City of London at risk of becoming unlettable within the decade, the impact of MEES regulations on Central London\u2019s office market will be as consequential as the interest rate cycle.\u201d<\/p>\n
Antoniou added: \u201cThe capital expenditure required to bring buildings up to standard is likely to run into the tens of billions of pounds, fundamentally reshaping asset values and investment strategy.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Robert Irving Burns reported that 78% of offices in Westminster and 71% in the City of London were…\n","protected":false},"author":2,"featured_media":40722,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[26],"tags":[736,20509,27,738],"class_list":["post-40721","post","type-post","status-publish","format-standard","has-post-thumbnail","category-london","tag-commercial-property","tag-energy-efficency","tag-london","tag-offices"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/116601870532045337","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/40721","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=40721"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/40721\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/40722"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=40721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=40721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=40721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}