Retrofitting old buildings will increase rents, tenant satisfaction

JLL research showed that retrofitting old buildings will be cost effective.

Retrofitting old buildings will be the most frugal attempt to boost green targets as energy prices increase, JLL showed in a recent research.

The research indicated that retrofitting rates in the global north need to triple from 1% to at least 3% of existing buildings annually to achieve decarbonization targets stated in the Paris Climate Agreement.

At least US$3t will be required in the office sector alone.

Retrofitting buildings can also result in higher rents, reduced financial risk, and higher occupancy rates, and tenant satisfaction. 

Knowledge gaps, upskilling workforce, and scaling technology are needed to accelerate the pace of retrofitting.