“Green leases can get property firms out of slump”
“The introduction of “green leases” will help attract office occupiers as property firms try and find their way out of the recession.
McCarthy claims a more sustainable attitude to running and maintaining buildings, as well as a more co-operative approach between tenant and landlord, will become a feature of occupant demand as the economy moves forward.
Similar lease structures are commonplace in the USA and are mandatory for buildings in Australia but McCarthy said they were gradually catching on in the UK.
The recession has provided an ideal back-drop for ‘green’ to shed its expensive, boutique image and recast itself as a money saver.
Businesses are becoming more aware of the economic advantages that being green brings and the first movers will reap the biggest rewards. It’s no longer seen as a luxury, it’s a business-critical issue.
McCarthy said flexible designs and floorplates are other features of in-demand sustainable buildings, and as well as delivering practical benefits, they increase employee productivity and lower sickness rates.
It’s an issue of reputation too, by occupying a green building; companies are able to send out a very positive message to customers, employees, shareholders, insurers and investors.
A green lease promotes agreement between occupant and landlord as to how the building is to be used, improved and managed in a more sustainable way. It isn’t limited to newly constructed buildings; it can be adapted for all buildings, even those with listings.
The traditional lease, and landlord and tenant relationship is very much hands off and one based on mutual distrust. Under a green lease, clauses are drafted to ensure principles of co-operation, partnership and mutual benefit.”
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