Developers must unlock empty buildings for decarbonisation

The significant impact of climate change on our world cannot be overestimated. It is widely understood that a shift towards a low-carbon economy is needed, which has caused a sequential impact on businesses, individuals, our economy and our society. The property sector continues to play a central role in this shift and is subject to increased scrutiny. While the climate change conversation can be overwhelming, with developers under increasing pressure to find innovative ways of meeting sustainability targets, there are many opportunities across the industry for greener operations. Currently, buildings are responsible for 39% of global energy-related carbon emissions; 28% comes from operational emissions, such as the energy needed to heat, cool and power them, while the remaining 11% is from materials and construction. There has long been a worry that this pace of construction could, quite literally, cost the earth. Developers worldwide are addressing this concern and must adjust their mindsets to build in ways that preserve our environment. Making use of our vacant buildings is a great place to start. Retrofitting stock is a winning formula Essentially, choosing to restore redundant properties rather than building new ones is a winning formula for the construction sector. Not only is it greener and more cost-effective, but it helps to preserve so many fantastic buildings which, when left vacant, are at greater risk of damage and decay. Quite simply, the best way to protect a building is to keep it occupied. While new-build properties tend to be more sustainable, approximately 80% of the buildings that will exist in 2050 have already been built, providing developers with ample opportunities. Those wanting to deliver impressive regeneration schemes and offer evolution over extinction are likely to be looked upon more favourably and will encourage compliance with increasingly pertinent legislation. Without question, working with vacant buildings can be a challenge, especially where properties have fallen into disarray. However, developers with enhanced vision and capabilities can use these developments to show off vast and impressive skills, helping to breathe new life into buildings. Working with heritage assets For developers wanting to work with empty properties, a genuine commitment to preserve rather than demolish and rebuild is hugely important to success. This approach dramatically reduces waste and the use of new building materials which, when combined with modern needs and expectations, can create truly pioneering spaces. For many developers, there is no better place to start restoration plans than with listed and/or heritage buildings that hold historical significance. An overarching aim when working with vacant buildings is to conserve existing qualities and restore the property to its former glory. These projects will be more likely to stand out in the current competitive and challenging market. At AM alpha, we consider refurbishing buildings of historical significance a privilege and, while they come with a level of expectation for future development, the vast majority of these assets are capable of being adapted without a loss to their significance. Acting responsibly for the future Restoring vacant buildings has so many benefits, but with the sustainability agenda being so pressing right now, this should be the main driver. Developers have to work responsibly to create new residential and commercial spaces, while simultaneously adapting their minds and skill sets to futureproof the built environment industry. An undeniable urgency to decarbonize real estate and accelerate the move to net zero prevails in 2023, but retrofitting cannot happen all at once. It is a complex process that demands extensive planning, commitment and responsibility. Developers have a huge opportunity to contribute to a greener future that will benefit everybody and are making huge strides by choosing to regenerate vacant buildings. In doing so, they can successfully extend a property's lifespan, preserve our limited natural resources, reduce greenhouse emissions and create greener jobs for future generations. Byline: Stephan Schmid, senior vice president at AM alpha

Developers must unlock empty buildings for decarbonisation

For developers wanting to work with empty properties, a genuine commitment to preserve rather than demolish and rebuild is hugely important to success

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