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Climate Change: Risks & Opportunities in the Canadian Commercial Real Estate Market
Climate change has been called the greatest challenge of the 21st century as the social, environmental, and financial impacts cross all segments of society. Commercial real estate will now be bought and sold within the constraints of a new "low-carbon" economy. The challenge will be to align incentives such that owner/operators, investors, and tenants all benefit from enhanced environmental performance - especially enhanced energy efficiency.
The commercial building sector accounts for 13 percent of Canada's total greenhouse gas emissions. Enhancements using existing energy efficiency technologies hold tremendous potential to
- reduce carbon emissions,
- save energy costs, and
- perhaps earn carbon credits that can be sold on emerging North American carbon markets.
The "greening" of commercial real estate is not a passing fad, but rather a fundamental change. Real estate groups that want to attract deals, strategic investors, and marquee anchor tenants should pay close attention to this change.
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