October 1, 2004—Over 90% of the members of CoreNet Global, the corporate real estate group, believe that sustainability will be an important factor in the future of real estate development. Over 40% say it is already very important.
This rising awareness of the importance of sustainable buildings supports the recent findings of the Corporate Real Estate 2010: Sustainability and Corporate Social Responsibility report. This indicated that while a desire for more environmentally friendly buildings is broadly accepted among occupiers, there is little incentive to take sustainable buildings while rents are at a premium. However, the report predicts that premium rents are likely to disappear by 2010 in Europe, as sustainability grows into a mainstream business driver and sustainable specifications become standard in new corporate buildings.
In the same survey, 88% of respondents said they believe that all of the newest members of the EU will be able to compete for economic development on a level with the established members. The reasons given for this confidence ranged from the subsidies and lower skilled-labor costs offered through to the specialized niches operated by some countries that give them competitive advantage. Other respondents indicated that the new countries will succeed because of their willingness to exploit the new opportunities open to them, and that they are prepared to demonstrate greater innovation and take more calculated risks than some of the more comfortable and well established member countries.
Of the newest member countries in the EU, an overwhelming majority of respondents considered the Czech Republic, Hungary and Poland to have the climate most conducive for future real estate development. Countries that are the least conducive, in the opinion of respondents, include Cyprus, Latvia, Malta and Slovenia.
Reprinted with permission; copyright 2004 i-FM
