Office Property Slump Makes Climate Upgrade Costs Even Riskier
- As much as 80% of Europe’s office stock is over 10 years old
- Annual capital expenditure requirement forecast to rise 30%
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The bill to upgrade Europe’s aging cities for a zero-carbon future keeps on rising, and it’s becoming an increasingly risky bet as property valuations plunge.
The urgency is growing as demand for space gets ever more concentrated on buildings with top green credentials. That’s leaving older, less efficient, buildings at risk of an unstoppable downward drift into stranded assets.