Stig Bech, BA-HR and Norwegian Green Building Council BREEAM-NOR. Voluntaries Members Activity

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1 Stig Bech, BA-HR and Norwegian Green Building Council BREEAM-NOR Voluntaries Members Activity

2 MARKET TRANSACTIONS Related to green assessments

3 Disclaimer

4 So, based on a lawyer's unpleasant, unsympathetic and voracious point of view: Are green buildings, and environmental assessments in particular, an important part of hardcore market demands?

5 Norwegian Green Building Council Established 9/17/2010 An Association of more than 100 marked leaders* from the real estate market of Norway NGBC is not commercial The establishment of NGBC: An evidence itself of the market penetration and general request for environmental classification tools * 1/1/11

6 Brukere Leietakere Nordea Bank Norge Eiendom Utviklere Aberdeen Property Investors AS Anthon B Nilsen Eiendom AS Aspelin Ramm AS Avantor AS Backe Prosjekt AS Bærum Kommune CCOP Eiendom AS Entra Eiendom AS Fabritius Gruppen AS Ferd Eiendom AS Forsvarsbygg Fredriksborg Eiendom AS GC Rieber Eiendom AS HAV Eiendom Höegh Eiendom AS KLP Eiendom AS Koteng Eiendom AS Linstow AS Norwegian Property OBOS Forretningsbygg AS Omsorgsbygg Oslo Kommune Oslo Areal Oslo S Utvikling AS OXER Gruppen Pecunia Rom Eiendom AS Schage Eiendom AS Seabrokers Group Sektor Eiendom AS Siemens Eiendom AS Sparebank1 Eiendom AS Statoil Statsbygg Steen & Strøm Storebrand Eiendom AS Telenior Eiendom AS Undervisningsbygg Oslo KF USBL, Oslo Vital Eiendom AS

7 Industri Entreprenør AF Gruppen asa BundeGruppen AS Complete Green Housing as GK Norge AS HENT AS Holz100 Nordic AS Kruse Smith Entreprenør AS Moelven Nordia AS NCC Norge Norcem AS NorDan AS OKK Entreprenør Peab Skanska Norge AS tevas Veidekke ASA YIT

8 Meglere Advokater Ingeniører Arkitekter A-lab LINK signatur AS Arcitectopia Menerga AS Arkitektfirmaet CF Møller Norge Multiconsult AS AS Myklebust AS Asplan Viak AS NEAS BaHr Norconsult AS BCON Services AS OPAK COWI AS Rambøll Norge AS Dark Arkitekter Realia DTZ Realkapital REINERTSEN Engineering Eiendomsmegling Stor-Oslo Prosjekt AS Erichsen og Horgen Sweco Norge AS Faveo Prosjektledelse AS Thelma AS Golder Associates AS Vekst Teknologi AS Hjellnes Concult AS Wang-Norderud AS arkitekter HRTB AS Arkitekter MNAL Zinc AS Høglund Witzøe Rønning ÅF Norge AS Arkitekter AS Forskning Utdanning Foreninger Andre Arkitektbedriftene NAAF Bellona Norsk Byggtjeneste AS BNL Norsk Teknologi cobuilder AS NTNU DIFI SINTEF HiO / RENORD TreFokus AS

9 Our contribution is to supply Norway with a market driven green quality standard, by adopting BREEAM as the leading assessment tool in Europe. Market driven Environmental assessment, is third party selection/classification with positive incentives Need for documentation, met by a certificate

10 Green buildings and need for environmental assessment: Adopted by the market? Do we see perceived business benefits to green buildings? Awareness of the benefits of green buildings, including operating cost reductions, increased property values, improved return on investments, and increased occupancy ratio? Or at least can we see signals of such awareness to come?

11 Quick perusal of late 2010 and early 2011 market activity in Norway seen with the eyes of Purchasers Tenants Banks Appraisers

12 Purchasers/Investors Investors with clear demand for environmental assessments, some already excluding properties without environmental classification or on low levels of classification Entra Eiendom Vital Environmental earthquake Excludes 85% of Norwegian buildings

13

14 Changes in focus example from due diligence request list

15 2009: 113. Environmental classification (BREEAM, LEED etc.) available? If yes on which level?

16 2010: 113. Which environmental classification is available, and on which level?

17 2010 marked the end of soft intentional requests, and the start of specified demands for environmental assessments The change took place over the night

18 Tenants Large size attractive tenants were in the market with demands/ specifications based on higher levels of BREEAM/LEED assessments Green building initiatives are a key influencer when tenants decide to sign a commercial real estate lease (GE Capital Real Estate 2010 survey)

19

20 Google Microsoft Nokia IBM Mc Donalds Marriot Siemens Starbucks Coca Cola Comp Colgate Nike IKEA Toyota Unibail Rodamco HSBC Redevco

21 Financial institutions Now incorporating environmental assessments in their credit appraisals Tenants demands for well proved high environmental standards as key factor evaluating credit risk on real estate mortgages

22 Appraisers - general Jørn Høistad (DTZ): Increased focus on environmental classification already a part of a valuation process. In some years buildings without environmental classification (like BREEAM, LEED or the like) or on the lowest level of classification will be discarded or scrapped from most market activity Market preference to upper levels of classification, especially important in valuating office premises (single use-properties) adequate for IT, media etc.

23 Ragnar Eggen (Akershus Eiendom): Increased focus on environmental classification Among other examples, we will very soon absorb a positive yield effect on properties with higher levels of classification and short remaining lease terms, compared to similar properties without classification (or lower levels of classification).

24 Yes, markets have absorbed the benefits of environmental assessments! and even the lawyer can accept to be identified with green building!

25 But, we still need incentives Lower building fee, as in Oslo Priority from Building authorities, as in San Francisco Higher utilization rates, as in Arlington VA Assist the carbon-fighting, as in the UK Reduced capital gains, as in the Netherlands Lower interest rates, as in the Netherlands Political guidance for public entities, as in the UK, USA,... All governmental use of buildlings should demand BREEAM Very Good

26 Thanks

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