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12


The impact of sustainability on value


Spotlight on the city


This pattern of rental performance is generally observed across the different London submarkets, but in some areas where the sample sizes are small or where markets are less mature, the patterns are less distinct. In the city where the sample size is largest, with over 650 transactions in BREEAM rated buildings, the pattern of discount for non-rated buildings has averaged -3.0% over the nine-year period analysed, with little deviation. A similar pattern


Buildings with BREEAM ratings in the city


10 20 30 40 50 60


0 Source: JLL Outstanding Excellent Very Good Good


has been observed for space rated Very Good, with a premium of 5% to average recorded over the long term.


What is clear though is that premium paid for Outstanding/Excellent buildings has been increasing over time, as sustainability credentials have come to the fore. Outstanding/Excellent rated buildings have typically achieved 14% higher rents than the average achieved Grade A rent in the three years to 2019.


There are few examples of Outstanding rated buildings in the city - Bloomberg’s new headquarters is the highest scoring BREEAM


building in the UK and 21 Moorfields is targeting Outstanding - with most developers pursuing Excellent or Very Good ratings.


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