Mandatory disclosure drives energy efficiency improvements?
As reported in the 2014 Q3 Investment Property Databank (IPD) Australia Market Results Update, the average NABERS rating for all office buildings has improved over the past ten years. The Department of Industry, Innovation and Science engaged IPD to investigate the possible drivers for this improvement.
The NABERS Energy Office Market Analysis report developed by IPD indicates that both the number of offices with a NABERS Energy rating, and the average NABERS Energy star rating of these buildings have improved significantly since March 2006. The report analysed year to year changes from March 2006 to June 2014 in the composition of IPD NABERS Energy rated sample and was able to identify that changes to the average rating were largely due to:
- offices leaving the Rated Sample (either because asset had been sold or rating not being renewed on expiry); and
- offices improving their NABERS Energy rating on renewal.
The analysis also confirmed that the dip in average ratings that coincided with the introduction of the Commercial Building Disclosure program was due to a number of buildings with lower NABERS ratings entering the dataset for the first time.
The full report is available.
The reports for the NABERS Energy Office Market Analysis period ending in June, September and December 2013 are also available.