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Insights & Research

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Make informed business decisions based on actionable insights from  the most sophisticated research and thought leadership platform in commercial real estate.

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  • Report | Creating Resilience

    Is Sustainability Certification in Real Estate Worth it? 2023

    sustainable office building

    Overview



    CBRE’s third edition of the ‘Is Sustainability Certification in Real Estate Worth it?’ research report focuses on how office sustainability certifications impact value creation, but also the role they are playing in making the office sector future fit.


    This report aims to enhance the availability of data and insight into the relationship between sustainability and value in real estate, one of the sectors with the greatest potential to contribute to reducing carbon emissions. This transparency is important to real estate decision makers looking to financially justify action to meet sustainability targets.



    Results



    Conclusions presented in this report show a significant correlation between sustainability certificates and buildings’ market value.



    The key highlights from the report are:





    1. Property owners and investors continue to pursue environmental certifications for their office properties. In the markets analysed, the certified share stands at 22% as at H1 2023, compared with 15% in 2019. Decision-making regarding certifications seems to happen later in the building development process, which reflects property owners’ considerations regarding potential changes in occupier and investor preferences, as well as legislation.









    2. Certified office take-up has risen from 31% of the market in 2019, to 34% as at H1 2023, confirming the trend that sustainability is an important factor for occupiers in building selection. However, the local office supply composition restricts the scope for occupiers to choose certified buildings. In the case of mature office markets, the process of certification for new and refurbished buildings in the most sought-after locations will take time, thus impacting the availability of certified stock.









    3. Certification can be a significant but not a determining factor in lowering vacancy risk. Balancing locational preferences with the sustainability agenda remains a challenge when committing to new space/location. In the short-term, the balance in the local markets will be influenced by the share of the certified space under construction. Across the sample, the certified share of the pipeline is a lot higher than the certified share of existing stock.









    4. There is an enduring benefit to rents from verifiable measures to reduce carbon emissions. When the effects of building size, location, age, and renovation history are accounted for, buildings with sustainability certifications command a 7% rental premium. The rental premium exists for certified office buildings, regardless of building year. Hence, certifying both new and existing buildings ensures higher office rents compared to non-certified stock.









    5. To allow for one-on-one comparison with our analysis conducted in 2022 (where the premium identified was 5.5%), we have conducted a separate analysis by limiting the sample to the same markets. For that sample, the regression model shows a 6.6% rental premium, which indicates positive development in the rental premium year-over-year.











    6. Assets with lower EPC ratings generate on average lower rental levels than assets with better ratings. Countries where there is a binding legislation related to energy performance of office assets show a clearer underperformance of lower EPC ratings. In line with occupiers increasingly targeting the most energy efficient stock, property owners that invest early in retrofitting their portfolio stand to benefit the most in the long-term.







    Context, Data Description and Method



    The report covers 19 European countries and 40 cities. CBRE studied 19,400 lease agreements – of which 6,100 leases occurred in certified buildings and 13,300 leases occurred in non‑certified buildings.



    Get in touch to discuss our results and help you with the opportunities presented by the findings.

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  • Report | Creating Resilience

    The impact of on‑site rooftop solar PV on logistics property values

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  • Article | Creating Resilience

    European Residential Regulatory Tool

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    The tool allows you to compare Residential regulations between countries, find details on taxes, rent indexation, rent price regulation, lease regulation, legal dynamics, social governance and zoning.

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Future of Work

An Exploration of How and Where Work Will Get Done

An Exploration of How and Where Work Will Get Done

 

See our latest data, insights and solutions to understand, anticipate and influence the future.


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Latest Market Reports

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  • Figure

    CEE Office Market Figures Q3 2023

    The year-to-date new office completion volume as of Q3 2023 has reached 408,000 sq m in CEE-5 capitals, 707,000 sq m in total CEE (including Baltics-3 and SEE-4). There is 1.56 million sq m under construction in the region (total CEE) with a peculiar shift towards the smaller markets. Vacancy slightly edged up in all markets, remained stable in Prague and declined notably in Warsaw. Office demand has somewhat picked up in Q3 with quarterly take-up increasing by 3% q/q. Office rental changes indicate a widening gap between prime and secondary stock – although there has been a general upward correction in average rents in a number of markets in Q3.

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  • Figure

    CEE Real Estate Investment Volumes Q3 2023

    The CEE (including CEE core 5, SEE, and Baltics) real estate market recorded a marginal quarter-on-quarter increase of only 3%. Moreover, the annual trend marks a slowdown of 42%. Out of 1.6B EUR, the CEE-5 countries represented 85% of the investment volume, SEE 11% & Baltics region 5%.

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  • Figure

    Sofia Office Figures Q3 2023

    After an active first half of the year which has brought the deliveries of numerous new office buildings, the third quarter of the year has remained calm, with no noted completions.

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Market Data Tools

  • Global Office Rent Tracker

    Immersive Data for Major Markets

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    Track office rent rates in markets around the world with interactive visualizations.

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The Weekly Take

Industry experts discuss what matters most in commercial real estate right now on our weekly podcast.

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  • Intelligent Investment

    Optimise your real estate investment strategy with expert perspectives. Our research and insights platform combines comprehensive data with in-depth c...

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  • Adaptive Spaces

    Unleash the potential of any space with expert insight into the innovations that are transforming physical environments across property types and indu...

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    Attract top talent, empower your team and deliver results with perspectives that unlock the potential of your real estate.

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  • Creating Resilience

    Whatever your obstacles, CBRE’s in-depth understanding of your business will help you anticipate risk and minimise disruption.

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  • Future Cities

    From shifting demographics and population migration to emerging infrastructure and industries, examine the forces transforming cities and uncover new ...

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CBRE Research delivers authoritative global thought leadership and deep local market intelligence to clients and colleagues around the world.  Powered by the industry’s leading data and analytics platform and the forecasting strength of CBRE Econometric Advisors, our 500 researchers deploy expertise across property types, industries and economies to deliver results for investors and occupiers.

Local Research Team

  • Jana Jovanović

    Associate Director, Head of Research SEE

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    • Phone +381 63 301 020
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Leadership

  • Richard Barkham, Ph.D.

    Global Chief Economist, Head of Global Research & Head of Americas Research

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    Global Head of Investor Thought Leadership & Head of Research, Asia Pacific

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    U.S. Head of Field Research & Data Intelligence

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    Executive Director | Principal Economist, Econometric Advisors

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  • Jen Siebrits

    Head of U.K. Research

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