Oliver FitzGerald

The business law firm surveyed nearly 200 agents, developers and property managers at its recent “Greening of Real Estate” webinar.

Nearly half (48 per cent) said they were coming across green initiatives such as green lease clauses, environmental certifications, green reporting and green compliance issues in their work on a daily or weekly basis.

A further 19 per cent said they were affected by them on a monthly basis, while only nine per cent of those surveyed said they have never been affected by green initiatives in their work.

Real estate partner Oliver FitzGerald said: “New environmental standards are having a huge effect on real estate investment and on the landlord and tenant relationship.

“What we are seeing now in commercial real estate is likely to become the future for all aspects of the real estate industry, as the use of certifications such as the Leadership in Energy & Environmental Design (LEED) certification becomes more widespread as a green building rating system.”

He added: “For landlords, the increased focus on sustainable buildings should have a positive effect on marketability, as green buildings will help investors meet their ESG requirements.

“For tenants, more energy efficient buildings can lead to reduced operating costs. If the building in question is an office there have been a number of studies showing a link between buildings with good environmental credentials and the increased wellbeing and productivity of employees.”