Australian commercial real estate market leading the way in retrofitting
The local commercial retrofit market is one of the most mature in the world, according to new ...
The local commercial retrofit market is one of the most mature in the world, according to new research.
A report from the World Economic Forum indicates that Australia's long-standing system of government-led initiatives such as energy ratings and tax deductions had helped to produce a more advanced industry.
The paper - titled Profitable and Resource Efficient Future: Catalysing Retrofit Finance and Investing in Commercial Real Estate - was presented by its leading author Robin Ried to both the Australian Property Institute and the Property Funds Association on November 14.
It showed that there was still significant energy savings potential present in older commercial buildings around the country and suggested that official protocols could be made to address the situation.
The paper asserted: "Policy-makers hold the power as the single greatest catalyst to spark demand, enable a market and provide structure for all stakeholders to participate."
It went on to say that efficient building practices would help to generate as many as 600,000 jobs, reduce energy usage by 29 per cent by 2020.
The effects of the now-defunct Green Building Fund were also examined, with researchers extrapolating that the initial amount of $120 million dollars could in turn - with the added incentive of tax breaks for environmental design - lead to "a boost of around AU$1 billion over the life of the scheme" as commercial buildings were made to perform at "above average" levels.