As Emily Chadwick, Head of ESG and Risk, Valuation Advisory, at JLL, reports in this comment piece, "sustainability" is now a constant, and failure to transition to NZC "will affect value".

However, as Emily explores, it is interesting to see how this "constant" is having a variable impact on different real estate sectors - something that will surely continue with time, as well as for example, with legislative change.  Emily poses some interesting thoughts, but one in particular stands out. 

As Emily alludes to, in the office sector, are we set to see an increasing preference for retrofit over new build, as occupiers acknowledge the lower whole-life carbon impact? Marks & Spencer's recent defence of its Marble Arch demolition is a notable parallel. Are "new build" landlords, increasingly, set to be on the back foot?