Gensler and Opportunity London have released a guide detailing how the industry can unlock retrofit as an attractive investment and a go-to solution for creating a more sustainable urban environment in London and across the UK.
To develop the Retrofit at Scale guide, Gensler and Opportunity London convened a multidisciplinary advisory group of experts from across the industry including Civic, LS Estates, ARUP, NLA, the Mayor of London office, and Arcadis, with further input from contributors such as Domna Homes, London councils and AGP.
The guide explores the industry’s key blockers to achieving retrofit and presents five essential pillars that could unlock the sector to make it a more successful route for the industry at large.
Harry Cliffe-Roberts, global building transformation and adaptive reuse leader, principal at Gensler, said: “With the growing urgency of the climate crisis, alongside shifting economic conditions and evolving social expectations, recognising the value of retrofit has never been more important. Together with Opportunity London and a specialist group of advisors, we developed Retrofit at Scale to shift the status quo and catalyse retrofit as a leading, attractive solution for a more sustainable urban future.”
Jace Tyrrell, chief executive officer of Opportunity London, added: “The ambition around retrofit is real, but unlocking private capital at scale has remained a major hurdle. Investors tell us they want to back retrofit, but only if there’s a credible, consistent path to delivery. This guide provides that path. It offers a framework the industry can align around, giving investors the confidence they need to commit capital and drive momentum across London and the UK.
“Sustainability considerations now shape decision-making for over three-quarters of investors, yet without scalable solutions, capital won’t flow. According to JLL, an estimated $1.2tn in global capital expenditure will be needed to bring end-of-life office assets up to modern standards, with up to 30% of European offices at risk of obsolescence over the next five years. Retrofit is essential to protect long-term value and keep cities investable.”
To download a copy of the guide click here.
