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Heatwave is final warning for real estate

As temperatures soar in England and Wales and new weather warnings are issued by the Met Office, many office buildings will become unusable, a real estate sustainability expert has said.

This heatwave, said Chris Bennett, co-founder and managing director of sustainability services company Evora Global, should act as a powerful warning for real estate investors. Bennett added: “The climate emergency has huge, long-term implications for the real estate market. The UK’s buildings and offices aren’t designed for temperatures in the high 30Cs, let alone the 40Cs. 

“A stiflingly hot office is not a pleasant or productive place to be. Extreme heat will render some workplaces unusable, or barely usable. Some will be practically deserted as working from home re-emerges. When there is such competition to get employees back into the workplace, uncomfortable offices will become devalued.

“All of this will bring into question their overall value. Workplaces that can cost effectively cope with a heatwave will be valued more highly than those which are effectively forced to shut down.  

“Investors could be looking to invest in real estate assets that are easy and cheap to keep cool; for people, for perishable goods and for IT. Properties that have the capacity to cope with high temperatures.”

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