Wellness and sustainability are two factors that affect the commercial property market, and buildings are designed with the welfare of employees in mind. Gardens and communal areas increase employee happiness, and these are seen as equally important as keeping the building at a comfortable warm temperature.Many new commercial buildings are being constructed using sustainable materials and energy efficiency technology is used to lessen the building’s carbon footprint.
According to FirstPort’s executives Tom Hine and Martin King, wellness and sustainability should be featured more in residential buildings. They argue that creating places like well-kept gardens and attractive communal areas will attract tenants and can influence how long they stay. Adding wellness amenities to a building could make financial sense if it means less tenant turnover and fewer vacant periods.
New legislation requires landlords of residential and commercial property to make sure that they meet minimum energy efficiency requirements. Investors buying low energy efficiency properties may find that a condition of the commercial mortgage is to upgrade the energy efficiency within a set period, usually about three months.
Landlords can improve properties so that they receive an A or B energy efficiency certificate, often by using alternative energy sources. Adding green energy to a property will significantly reduce energy costs, and this can be an incentive that attracts tenants.
If a case is made that wellness and sustainability make financial sense while also benefiting workers and tenants, more investors will improve the wellness and environmental impact on commercial and residential property.