“…The financial return is one of the major drivers as sustainable upgrading has the potential to improve an existing building to satisfy the economic needs of long-term wealth and the requirements of environmental protection (Pitt et al, 2009;Häkkinen and Belloni, 2011). Tenant demand is another significant driver for energy efficiency upgrading as these buildings will benefit from the green branding, meet standards for the building leases and occupations, and provide an indoor environment quality that improves user's health and productivity (Henderson, 2006;Wilson and Tagaza, 2006;Clarke, 2009;Cleugh et al, 2011;Burroughs, 2018). The building sector is moving towards becoming greener with more injections of green buildings, and when a building is deemed outdated, building owners could consider upgrading the building, so that it can re-entering the building market (Chan, Qian and Lam, 2009).…”