The Society of Chartered Surveyors Ireland (SCSI) has released a comprehensive report detailing the financial challenges and opportunities associated with retrofitting commercial office buildings in Ireland. The study, supported by AIB, evaluates seven diverse office retrofit case studies in Dublin, revealing that only three were financially viable without additional value-added elements.
Key Findings:
Potential Rental Income Increase: For the viable projects, retrofitting could boost rental income by 40% to 66%.
Financial Viability Challenges: Four of the seven case studies did not meet the required viability threshold, as retrofit costs exceeded the anticipated increase in property value.
Risk of Obsolescence: The report warns that commercial buildings with low Building Energy Ratings (BER) face a heightened risk of becoming obsolete in the long term.
Recommendations:
The SCSI recommends a review of the Sustainable Energy Authority of Ireland's (SEAI) retrofit grants, advocating for a greater focus on insulation and energy consumption reduction. This approach aims to enhance the financial feasibility of retrofitting projects and support Ireland's goal of decarbonizing its building stock by 2050, in line with evolving EU legislation.
Kevin Hollingsworth, SCSI President, emphasized the urgency of transitioning to a sustainable built environment, stating that it is "no longer an aspiration – it is an urgent necessity."
The report serves as a vital resource for property owners, investors, and policymakers, offering data-driven insights into the complexities of retrofitting commercial offices in Ireland.
IRELAND'S CONSTRUCTION & ENGINEERING SECTORS' UPCOMINGJOBS & RECRUITMENT EVENT RETURNS TO THE RDS IN 2025
DATE
Saturday, 7th June, 2025
LOCATION
Serpentine Hall, RDS, Dublin
EXHIBITORS 20+ Companies
SEMINARS Full Day Of Industry Talks
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