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February 24, 2008

New regulations to drive market in green buildings

The market for sustainable commercial property is starting to take shape. New building regulations will impact on the commercial sector later this year. This means sustainability looks likely to play a more prevalent role in the Irish property market over the coming years. The green agenda in Britain is already firmly rooted, with rumblings of a green commercial property fund on the horizon. British investment banking group Climate Change Capital announced the appointment of two senior property investment managers. The recent hires have resulted in speculation that the bank is likely to establish a green commercial property fund in the near future. While the bank has not yet launched a fund, it has openly commented on the value to be had in the green commercial property sector. Mark Woodall, chief executive, Climate Change Capital, said: ‘‘The value of commercial property will increasingly be driven by sustainability and climate change issues. The move to create low carbon buildings will accelerate and both occupiers and investors will drive this shift, motivated by corporate social responsibility, brand value, the desire to reduce energy costs and the need to future-proof their properties.”

The Sunday Business Post

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