Full Title: Retrofitting Buildings to be Future-Fit
Author(s): Guy Grainger, Jeremy Kelly, Kamya Miglani, Kim Markiewicz, Paulina Torres, Walid Goudiard, and Rupert Davies
Publication Date: November 30, 2022
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Globally, the real estate industry is facing an enormous challenge: retrofitting our buildings to reduce global carbon emissions. It is time for those leading the industry, along with governments, to drive the asset transformation needed. JLL estimates that US$3 trillion will be required to meet these retrofitting targets. Addressing the knowledge gap, upskilling the workforce and scaling technology will be critical. The transition to a low carbon economy comes with a hefty price tag but as recently declared by the IMF, further delaying climate policies will hurt economic growth; the time to act is now.
Retrofitting existing building stock provides an opportunity for innovation in an industry that has been well overdue for a transformation. Given that real estate is the largest asset class in the world, there is significant incentive for companies to upgrade their real estate holdings.