Green disclosure could put pressure on discerning commercial property owners
A new initiative from the federal government could provide discerning businesses with an incentive ...
A new initiative from the federal government could provide discerning businesses with an incentive to seek out greener office space.
The Commercial Building Disclosure Program was officially launched on November 1 and requires the owners of commercial properties over 2,000 square metres to inform tenants and potential buyers of the property's official energy rating.
Speaking at the launch, the secretary for climate change and energy efficiency Mark Dreyfus welcomed the commencement of the program, saying that it would provide clear and credible information on the efficiency of large office real estate.
"Energy efficiency directly impacts running costs for the occupiers of buildings," said Dreyfus.
"Disclosure of this information before sale or lease will greatly assist potential buyers and tenants make informed decisions."
Australia's major urban areas contain over 3,900 commercial buildings and provide approximately 21 million square metres of office space - meaning that the program could have far reaching implication for the market as a whole.
Chief of the Energy Efficiency Council Rob Murray-Leach also commented that the initiative could give renters the chance to review their energy expenses, potentially switching properties if they stand to improve their outgoing costs.
"The full Commercial Building Disclosure Program will help tenants find more efficient offices and save them money," said Murray-Leach.