Tenant demand rose in Q1, by +4 percent from -7 percent net balance at the end of 2023, with the industrial demand indicator posting the most positive since Q3 2022 with a net balance of +14 percent, and office demand also rising for the first time since early 2022. Both office and retail demand is showing stronger momentum in London than other parts of the UK but demand for industrial property remains steady with most regions reporting positive demand.

Rents are expected to rise over the next 12 months for both primary and secondary industrial sites along with prime office sites. However, remote working and the Minimum Energy Efficiency Standards (MEES) continue to impact the commercial office sector with tenants preferring prime, energy-efficient units to minimise energy costs as well as costs of potential future retrofitting. Regionally, London remains ahead of the rest of the country, with rent expectations at +54 percent, and this represents the strongest reading for Central London prime office rents since Q1 2016.

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NABERS UK, a leading building energy efficiency and decarbonisation initiative, drives improvements in energy efficiency in commercial buildings through the measurement and verification of actual in-use energy performance, which also provides critical assurance and integrity for building owners and their stakeholders. Providing ratings for a wide range of commercial buildings, including offices, hotels, shopping centres, hospitals, and data centres, the rating system evaluates the energy, water, and waste performance of buildings, as well as indoor environmental quality, such as air quality and lighting.

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The Association said that TR19® Air Specification for internal cleanliness and hygiene management of ventilation systems has been designed to address an urgent need for better cleaning and maintenance of ventilation ducting. This has been highlighted by healthcare professionals as vital for reducing building occupants’ exposure to harmful airborne pathogens and particulates. The new specification can be applied to new construction, upgrades and retrofits, and the regular maintenance of ventilation systems.

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However, the journey towards widespread BESS adoption is not without its challenges. Safety concerns surrounding BESSs, particularly regarding the fire risk posed by lithium-ion batteries, have gathered attention. Although incidents are rare, the potential for thermal runaway, especially in damaged batteries, remains a focal point. Nonetheless, advancements in battery design and safety protocols, including the integration of fire suppression systems, mitigate such risks. As the government navigates regulatory frameworks and tackles development barriers, the potential of BESSs to reshape the energy landscape remains undeniably promising – download the report here.

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