Understanding investment drivers for UK sustainable property

Abstract

What progress has occurred in terms of developing the culture of sustainability in which UK property investors, occupiers, and developers are both informed and accepting of the sustainability principles? Although the rise in concern for 'triple bottom line' sustainability is now embedded in many government and corporate policies, it is still not integrated into UK property investment practice. Whilst the last decade has seen progress towards 'green buildings', there has not yet been a 'sea change' in market behaviour. In developing this premise, it draws on the third of three surveys undertaken by the authors spanning a decade and tracking investor attitudes towards 'green' and sustainable buildings. Stakeholders' attitudes towards a potential range of fiscal measures that might incentivize market movement towards the adaptation of more sustainable behaviour. The business case for investment in sustainable property currently rests on risk reduction, not proven return advantage. There is support among respondents for a range of fiscal incentives. Although challenges to implementation undoubtedly exist, they are, in the authors' view, worthy of further research and investigation. There is potential to stimulate, via the fiscal system, measures to reward sustainable practices in property investment and management which can be facilitated through a more open dialogue with government bodies.Quels ont été les progrès en termes de développement de la culture de la durabilité pour lesquels les investisseurs immobiliers, les occupants et les promoteurs au Royaume-Uni qui, à la fois, sont informés et acceptent les principes de durabilité? Bien que la préoccupation croissante vis-à -vis de la durabilité 'triple résultat' soit maintenant ancrée dans la politique de nombreux gouvernements et entreprises, elle n'est pas encore intégrée en pratique dans les investissements immobiliers au Royaume-Uni. Bien que la dernière décennie ait été le témoin d'un progrès vers les bâ timents écologiques, on n'a pas constaté de mouvements brusques dans le comportement du marché. En développant ces prémices, l'article s'appuie sur la troisième des trois études entreprises par les auteurs au cours d'une dizaine d'années afin d'analyser l'attitude des investisseurs en matière de bâ timents écologiques et durables. Les parties prenantes se tournent vers une palette de mesures fiscales possibles qui pourraient induire des mouvements du marché vers l'adaptation d'un comportement plus durable. Le dossier d'analyse portant sur les investissements dans des biens durables repose actuellement sur la réduction des risques et non sur les avantages de retour prouvés. On constate un certain soutien parmi les personnes interrogées en faveur d'une gamme d'incitations fiscales. Bien que leur mise en oeuvre présente indéniablement des difficultés, elles méritent, selon les auteurs, d'autres recherches et enquêtes. Il existe un potentiel pour stimuler, via le système fiscal, des mesures visant à récompenser les pratiques durables dans les investissements immob...

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