© ZOOM VP.AT
© Dragan Dok
Sustainability
On the move towards greater sustain- ability
has resulted from the sharp rise in energy prices. It can be assumed that guidelines, or at least recom- mendations, for lower temperatures in shopping centre selling areas and retail outlets will be issued before the start of the winter season. A reduction of the lighting periods for storefront windows appears to be a further logical step.
Calls for an improvement in the sustainability of real estate are also becoming more important for the retail segment. The market has started to follow a trend that is much more advanced in office proper- ties and residential construction. Eco-certification, for example, receives greater attention in these areas than in retail properties. The most important driver for change is the EU Tax- onomy, which requires the inclusion of ecological and social criteria (ESG goals) in financing decisions. In other words, financing for properties with below-aver- age performance in this context will be more difficult to obtain and more expensive. The framework will include new construction as well as financing for expansion, refurbishing and modernisation projects. What makes this even more important is the fact that most real estate investments represent improvements to existing properties. The EU Taxonomy not only covers debt financing but is also directed to institutional investors, which means a property without corresponding ecological standards (and, optimally, the necessary certifica- tions) will be less attractive as an investment target. For this reason, value growth in these properties will tend to be impaired. This trend is clearly visible in the actions by many relevant market players who now only make investments if the defined sustain- ability criteria are met. Measures to reduce energy consumption currently play a central role in sustaina- bility efforts due to the increased focus on costs that
"Sustainability and the reduction of energy demand is becoming a key topic for shopping centres and shopping streets."
Actions to improve energy efficiency can only be effec- tive over the longer term, but they are even more important today because of the need to reduce energy consumption. Modernisation projects will be increasingly coupled with better-quality insulation and/or efficiency improvements to heating systems – and the costs for this retrofitting can only be seen as challenging. Land usage has become another important issue and, to a significant degree, also involves stand-alone properties (supermarkets, building materials markets) and single-storey retail parks. For existing properties, this means evaluating the use of roof space and, in part, parking areas for photovoltaic equipment. The current scenario of constant high energy prices over the long-term makes this a reasonable busi- ness decision in many cases, especially in connec- tion with e-charging stations for customers. Even more extensive restrictions for the new construc- tion of retail parks and stand-alone supermarkets
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