In efforts to reduce commercial insurance costs, companies have turned to future-proofing their businesses.
Focusing on how sustainable their properties are have led to reduced business insurance costs for some companies. The prevalence of such sustainable buildings is on the rise in the UK as well. The UK Green Building Council has been noticing the upward trend.
The Council’s chief executive Paul King stated that it is true that sustainable buildings currently do not command premium pricing. However business owners have developed the expectation that a certain amount of sustainability is to be present in newly constructed properties in Britain.
Mr King stated that more and more businesses are considering how buildings will perform over the next five or ten years. Business owners are considering future-proofing after seeing the writing on the wall. Mr King pointed to the way the government’s carbon tax policies are slowly emerging as one example of this phenomenon.
Additionally Mr King stated that the importance of sustainability will continue to rise in the coming months and years.
Sustainability and environmental issues are quickly becoming a deciding factor in regards to business owners. Many occupiers of commercial property have begun considering such issues alongside more traditional ones such as being able to procure affordable PI insurance for example. One leading property consultant found an overwhelming response based on recent research.
GVA Grimley recently announced that nearly nine out of every ten business owners that occupy commercial property found environmental issues as highly important. 89 per cent of them expressed dissatisfaction with the interaction of their landlord in regards to sustainability and environmental issues, the property consultants discovered.
GVA Grimley’s research department has gained recognition in the UK as one of the country’s top property research teams. It specialises in providing a broad range of clients with consultancy advice.