Sustainable initiative for Victorian commercial property
Victorian commercial real estate will have a helping hand to turn over a new leaf and increase their overall sustainability in the coming months, as the State government announced the 'Smarter Resources Smarter Business' initiative.
Minister for Environment and Climate Change Ryan Smith announced on August 26 that the government will fund $3.59 million to help increase the sustainability of commercial real estate throughout Victoria.
The initiative aims to increase the overall productivity of local businesses and reduce the operating costs of owners by helping to increase their energy efficiency.
"The commercial building sector is a significant consumer of energy and producer of greenhouse gas emissions, with older and less efficient office buildings estimated to emit the equivalent of more than 1.3 million tonnes of CO2 per year," said Mr Smith in an August 26 statement.
"The Smarter Resources Smarter Business - Energy Efficient Office Buildings program is expected to reduce CO2 emissions by more than 140,000 tonnes over 10 years."
The program will offer expert advice to the owners of commercial buildings, which will aim to identify areas where changes can be made and costs cut.
Buildings will be eligible for energy audits and subject to low-cost operational and maintenance improvements in order to improve efficiency and help to save energy costs, as well as increase the overall tenant appeal and asset value.
"Many of these measures have a payback period of less than three years and the total program is expected to save Victorian businesses around $9 million. We also expect the program to create jobs and seed the market for further upgrades," said Mr Smith.
The Property Council of Australia has welcomed the changes, highlighting the benefits of helping business owners to reduce costs, their energy expenditure and their effect on the environment.
Once the initiative is fully implemented, it will help to overhaul Victoria's aging commercial real estate.
These measures were also encouraged for their cooperation with the government, helping to increase competition between businesses. This could help to boost the local economy, creating more opportunities for the people of Victoria.
"Commercial property owners are encouraged to take part in this important efficiency boosting program," said Asher Judah, deputy executive director of the Property Council of Australia Victoria division.
This is also a fantastic opportunity for anyone interested in purchasing commercial real estate in the region to start off on the right foot and take advantage of a sustainable program for their future.