Winter Issue 2022 - 58

windows-tend to be fairly inexpensive and the
costs recouped fairly quickly, subsequent projects
can be more expensive. Also, it is more challenging
to reduce emissions in some sectors than others.
For instance, a class A downtown office building will
be less costly to retrofit as a percentage of value
than a suburban distribution center, analysts say.
And as in all things connected with property, locaSüdkreuz,
Hines's
457,584-squarefoot
(42,511 sq
m) residentialled
mixed-use
development in
Berlin, includes
about 664
apartment units and
more than 96,000
square feet (8,900
sq m) of retail and
office space.
tion matters-and not only in terms of how sunny it
may be. For example, some countries use more fossil
fuels than do others. In France, the country's reliance
on nuclear power makes French assets inherently
lower carbon than those in coal-burning Poland.
In most sectors, there is also a lag between investors'
appetite for green properties and the enthusiasm
of tenants for them. Outside of prime office stock
in major cities, Dean says, there is less enthusiasm
among tenants for green property. " I think that's a
real challenge for asset managers-that slight disconnect
between investors and customers. "
The human side of the energy transition is another
challenge as well. " We've spent quite a lot of time
up-skilling our investment committee, for example, to
ensure that they have a good understanding of what
the different ESG strategies of our different products
are so that they can ask questions about whether
an acquisition fits in that, " she says, " because
what might work for one strategy may not work for
another. "
Property managers, too, are learning new tricks.
" Traditionally, property managers are focused on collecting
the rent and ensuring that the buildings are
being cleaned and they're insured, " Dean says. Now,
they also need to understand a lot about what a sustainable
building looks like and how it is operated.
They also need to know how to work closely with
tenants, she adds, " because the reality is that it's the
occupiers in the building that are actually using the
energy, and we need to be able to work in collaboration
with them. "
56
URBAN LAND
WINTER 2022
FRANZ BRUECK

Winter Issue 2022

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