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London, 15th September 2009 – Jones Lang LaSalle’s Sustainability Services team has developed a new analysis service; Pre-Acquisition Sustainability Service (PASS) which can highlight the potential sustainability risks and opportunities of properties to investors.
PASS provides investors with a building assessment which examines a wide range of sustainability issues currently surpassing due diligence procedures. These include:
• Is the property, or the surrounding area and infrastructure, at risk to flooding?• Is there adequate public and/or freight transport infrastructure in place?• Does the property have energy management systems in place to cope with rising costs and forthcoming legislation?• Who are the occupiers and how open are they to working together with their landlord on improving performance?Commenting on the new service, Alex Edds, associate director in Jones Lang LaSalle's Sustainability Services team said: “Ever-tightening legislation, increasing operational costs, growing awareness and demands from occupiers, emerging evidence of higher rents for more sustainable buildings and the reputational risk of holding unsustainable buildings. All these areas give weight to the importance of better understanding of the future risks a property is exposed to and how its acquisition will impact on the sustainability profile of a portfolio.”
In addition, PASS is linked to Jones Lang LaSalle’s The Third Dimension (TTD) analysis of 2,500 properties - enabling potential investment properties to be compared to the industry.PASS will also identify key areas for improvement if a decision is made to purchase the asset. Jones Lang LaSalle can additionally carry out technical assessments and cost benefit analyses on the recommendations made, enabling the buyer to fully understand the entire lifecycle cost of buying a property, and then bringing it up to a set standard.
For those investors seeking a specific type of building, or for a particular investment vehicle, PASS can be modified and tailored accordingly. Other uses of PASS include: Acquisition - before an investor buys a property, PASS assesses its sustainability profile, and understand the future risks and opportunities. Building Improvement – PASS identifies key areas for improvement within a building and informs supplementary technical assessments to understand the full cost of bringing a property up to standard. Specialist Funds – if an investor is seeking a specific type of building, or for a particular investment vehicle, PASS can be modified and tailored accordingly to suit the investor’s needs. Property Disposal - when considering disposal, PASS can inform investors which properties have the weaker sustainability profile in a portfolio. Occupying Space - for occupiers looking to acquire space, PASS can be used to assess the sustainability strengths and weaknesses of a potential building.
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