2026年释放共享价值：商业地产改造降本增效、风险缓释与可持续价值路径分析（英文版）

Unlocking

Shared

Value:→

How

retrofitting

commercial

realestate

lowers

costs,

mitigates

risk,and

creates

long-term

valuecoordinated

valuecapture

in

retrofittingcommercial

real

estate

23case

studies

onretrofit

drivers

26Findingcommonbusinessdenominators

27Five

strategic

actions

todecarbonize

commercialreal

estate

portfolios

51Technologiesexisttosupportthefivestrategicactions53Appendix

55Foreword

4Executive

summary

5Real

estate

portfoliosas

a

practicaldecarbonization

lever

8Transforming

supply&

demand

10Thechallengeoftransformingsupply&demandatscaleinthebuiltenvironment

12Scaling

action

14Activatingthebuiltenvironmentvaluechainthrough

ERA

16The

retrofit

imperative

17

Theunmetdemandforlow-carbon

space

18

Themain

barrierstoretrofittingcommercialreal

estate

2101.02.03.04.06.

From

barriers

to

action:05.

The

missing

link:UnlockingSharedValue:RetrofittingCommercialRealEstateasStrategicOpportunity

207.

Conclusion:Contentsonrroaa

PRO

LO

CIS'

fu

voL

ense

Group

OJLL⃞SUMITOMO

FORESTRY

UnlockingSharedValue:RetrofittingCommercialRealEstateasStrategicOpportunity

3featuringcontributionsfromThedeadlinetodecarbonizerealestateisapproachingfast.Amidvolatileenergycosts,companiescannolongeraffordinefficientrealestate.Addtighteningbuildingperformancestandardsandthebusinesscaseforactionisstrongerthanever.Technologyisstreamliningdatacaptureandanalysis.Bestpracticesaredocumented.Inefficientbuildingsandinsecureenergyaccessareafinancialdrainandstrategic

vulnerability.Thequestionforbuildingownersand

occupiersisthis:Howquicklycanyoushiftyourbuildingsfromrisktoopportunity?ToeveryCEO,CFOandboardmember:Stoptreatingrealestateasaback-officeconcern.Yourbuildingsarestrategicassetswithdirectimpact

on

business

optimization.The

rightdecarbonizationandenergystrategiescandeliver

resultsfast.Financialbenefits.Risk

management.

Progressonsustainabilitycommitments.Leadershipthatresonateswithemployees,

investorsandcustomers.Whywait?Tocommercialrealestatedirectorsandsustainability

leaders:Make

the

link

to

businessrisk

mitigation.Buildings

contributing

to

climatechangetodaywillbemostvulnerabletoenergy

pricevolatilitytomorrow.Transformbuildingsintolow-carbon,energy-smartspacesthatare

resilienttogridinsecurity.Demonstratebusiness

optimizationwhenenergycostsdominateboardroomdiscussions.To

asset

owners,investors

and

developers:Understandnewmarketdynamics.Premiumtenantsdemandlow-carbonspace-andwillpay

foritorwalkaway.Browndiscountsarewidening.

Strandedassetriskis

real.Tosolutionproviders:Themarketisreadyifyoucandeliver

scalability.Move

beyond

one-off

projects.Offerperformanceguarantees,risk-sharingmodels

andfinancingthatrecognizethecostsavoidedby

actingnow,not

justupfrontinvestment.Decarbonizingrealestateisn’tacapabilityproblem.

It’samomentumproblem.Let’schangethat.Thetransitiontoanet-zeroeconomywillbedefinedbyimplementation.Acrossindustries,many

companieshavemadeambitiouscommitmentsandinvestedsignificanteffortinsettingtargets,

improvingdisclosureandbuildingtransitionplans.Yetthecentralchallengenowisdeliveryatscale.Turningambitionintomeasurableemissionsreductionthatalsodeliverrapidbusinessvalue

acrossthecomplexsystemsinwhichcompanies

operatehasneverbeenmorecritical.ThatiswhytheWorldBusinessCouncilforSustainableDevelopmentlaunchedEmissionsReductionAccelerator(ERA):tohelpcompanies

movefromisolatedactiontoscaledexecutionin

theareasthatmattermost.Thebuiltenvironmentisoneofthosepriorityareas.Responsibleforcloseto37%ofglobalemissions,thebuildingandconstructionvaluechain

representsoneofthegreatestopportunities

fornear-term

decarbonization

and

long-term

economic

valuecreation.Importantly,manyofthesolutionsrequiredforthetransitionalreadyexisttoday.Thisreportreflectstheambitionof

ERA’s

BuiltEnvironmentPilot,whichbuildsonthemomentum

oftheMarketTransformationActionAgendaandothereffortstoacceleratedecarbonizationacrossthesector.Itfocusesononeofthemostimmediateandscalableopportunitiesavailableto

businessleaders:transformingexistingrealestate

portfoliosthroughretrofitting.Foranycompanythatownsorleasesbuildings,fromofficesanddatacenterstomanufacturingandlogisticsfacilities,thisisastrategicopportunity.Modernizing

existing

assets

can

cutemissions,lowercosts,strengthenresilience,reduceexposuretofuturerisksandunlocknewvalue.Thesolutionsareavailable.Thebusinesscase

isgrowingstronger.Thetasknowistomovefaster,

together,andturnambitionintoactionatscale.ForewordDominic

WaughrayExecutiveVicePresident,WorldBusinessCouncilfor

SustainableDevelopment

(WBCSD)UnlockingSharedValue:RetrofittingCommercialRealEstateasStrategicOpportunity

4Guy

GraingerGlobalHeadofSustainability,

JonesLang

LaSalle(JLL)Ascompaniesacceleratetheirtransitiontonet-zeroemissions,theyoftenoverlookastrategicdecarbonizationlever:therealestateportfoliostheyown,leaseoroccupy.Thescaleofthisopportunityextendsfarbeyondindividualcorporatebalancesheets.Thebuildingandconstructionvaluechainaccountsfornearly40%

oftotalglobalemissions.Thismeansthatevenwhenrealestateemissionsrepresentlessthan10%

ofanindividualorganization’scarbonfootprint,actioninthisareadeliversdisproportionateimpactworldwide.Reducingtheseemissionstozerocreatesmeaningfulbenefitsthattranscend

corporatematerialitythresholds.Whilerealestate

maynotappearmaterialintraditionalenterprise

reportingframeworks,itsdecarbonizationisabsolutelymaterialtoclimatestabilityandto

makingthisplanetabetterplaceforall.Importantly,thetechnologiesrequiredtodecarbonizetheseportfoliosarenottheoretical

oryearsaway,theyalreadyexistandareproven

atscale.Deployingestablishedsolutions,suchasbuildingelectrificationsystems,energyefficiencyupgrades,smartenergymanagement

platforms,andhigh-performanceheating,cooling

andventilationsystems(HVAC)isapractical,high-impactopportunityforcompaniesseeking

toaccelerateprogressontheirclimatetargets

withoutwaitingforbreakthroughinnovations.Yet,despitetheseadvantages,commercialrealestateretrofittingratesremaincriticallylow.ResearchfromJLLindicatesthatretrofitactivitymustincreasefivefold,to13.2%ofexistingcommercialbuildingsannually,tomeet

decarbonizationtargets.1

Thisgapisnotdueto

technicallimitationsbuttosystemicbarriers,

includinglackoftrustindata,fragmentedstandardsandsiloeddecision-making.Wehavedrawnonstakeholderfeedback,

workshopsandstructuredanalysistofully

understandwhybusinessesarehesitantto

undertakeretrofitting:→Financialbarriers:High

upfrontcapitalcosts,

shortpaybackexpectations,limitedaccess

toattractivefinancing,andinsufficientmarketrecognitionofretrofitvalueconstrain

investmentdecisions;→Tenant–landlord

misalignment:Split

incentives,

shortleasestructuresandlimitedcollaboration

mechanismshindercoordinatedactionandsharedinvestment;→Implementation

challenges:Technologyuncertainty,electrificationconstraints,datagapsandthecomplexityofsolutionsslowdeploymentandreduceconfidenceinoutcomes;→Marketrisks:Regulatory

uncertainty,evolvingstandards,physicalclimaterisks

andinconsistentdataincreaseperceived

investmentriskanddelaydecision-making.Atthesametime,afundamentalmarketimbalance

persists:demandforlow-carbonspaceisgrowing

rapidly,particularlyinprimelocationsinmajorcities,whilesupplylagssignificantly.Acrossglobal

markets,leadingoccupierswilltie75%offutureofficespacerequirementsand65%offutureindustrialandlogisticsdemandtocorporatecarbonreductiontargets,makingitabaselinemarketrequirement.Withoutamajorincreaseinretrofitactivity,businessesintherealestatemarketwill

not

be

able

to

meet

demand

by2030.Builtenvironmentemissionswillremainstaggeringly

high,

jeopardizingglobalclimatetargets.Agingbuildingstock,risingenergydemand,escalatingenergycostpressuresandtighteningregulationsfurtherreinforcetheurgencyofaction.

Alackofcoordinatedvaluecaptureisatthecore

ofthesechallenges.Makingthebusinesscasefor

modernizingassetsrequiresmodelsthatunlocksharedvalue.

Scalingthismodernizationthroughretrofitsrequiresaligningstakeholderincentivesandenablingcollaborationacrossthevaluechain.Byclarifyingrolesandsharingrisksthrough

newbusinessmodels,retrofittingcanbecomeinvestable,practicalandscalable.Yetretrofittingcommercialrealestateisalreadyachievableandcommerciallyviable.Whenincentivesalignandbusinessesshapepartnerships,designandleadershipeffectively,projectscandeliverbothemissionsreductionsand

financialreturns.Thebarriersarenotstructuraldeadendsbutcoordinationchallenges.Thecase

studieswepresentinthispublicationhighlightthe

successesalreadyachieved.ExecutivesummaryUnlockingSharedValue:RetrofittingCommercialRealEstateasStrategicOpportunity

5Case

studyAsset

typeRoot

cause

tackledBusiness

driver

as

unlocking

mechanismWasteheatrecovery

inBerlinDatacenter→Value

recognition,→

stakeholderfragmentation,→technologychallengesCross-sectorinfrastructurepartnershipbetweenthedatacenter

operator,districtenergyutilityandcityauthorityenabledthemonetizationofwasteheatasadistrictenergyservice,creating

anewvaluestreamwhilecoordinatingmultiplestakeholdersand

ensuringoperationalreliability.Grid-interactive

uninterruptible

powersupply(UPS)retrofitat

IWBBaseldata

centerDatacenter→Value

recognition,→

stakeholderfragmentation,→electrificationchallengesActivationofexistinginfrastructureasagrid-interactiveenergy

asset.UpgradingUPSandbatterysystemsenabledparticipation

inflexibilitymarkets,generatingnewrevenuestreamswhiledeliveringoperationalcostsavingsandsupportingrenewableenergyintegration,therebystrengtheningtheinvestmentcasefor

retrofit.123GoldenLaneOffice→Value

recognition,→capitalinvestmentchallenges,→quantificationchallenges,→transition

riskDeveloper-ledinvestmentcasesupportedbylife-cyclevaluecreation,combiningembodiedcarbonreduction,assetrepositioningandadditionalleasablespace.Ajointventureinvestmentstructure

reducedriskexposurewhileenablingdeep

retrofitalignedwithfuturenet-zeroemissionsstandards.EdgeAmsterdamWestOffice→Value

recognition,→capitalinvestmentchallenges,→quantificationchallenges,→transition

riskLong-terminvestmentstrategysupportedbypre-leasingtohigh-qualitytenants,enablinginstitutionalcapitaltofunddeep

retrofit.Sustainabilitycertifications,energy-positiveperformance

andincreasedleasablevaluestrengthenedtheasset’smarketpositioningandfuture-proofedtheinvestment.Elevatormodernization

reduces50%

energyOffice→Value

recognition,→capitalinvestmentchallenges,→transition

risksAssetrepositioningthroughtargetedsystemmodernization.Upgradingenergy-intensiveelevatorsystemsreducedoperational

costsandimprovedbuildingperformance,whilesupportingsustainabilitycertificationsandenhancingtenantexperience,enablingthebuildingtoremaincompetitiveandprotectlong-term

assetvalueinatighteningmarket.StadshartAmstelveenRetail→Value

recognition,→capitalinvestmentchallenges,→electrificationchallengesAssetvaluecreationthroughspatialoptimizationandanchor

tenancy.Additionalrentablefloorareastrengthenedtheinvestmentcase,whilesecuringalong-termanchortenantenabledinvestmentinelectrification.Batterystoragemitigated

gridcongestionandensuredreliableall-electricoperationsWashingtonMetroInfrastructure→Capitalinvestmentchallenges,→

stakeholderfragmentation,→value

recognitionPublic-privatepartnershiptoguaranteelong-termleaseincome,

wherethedeveloperinstallsandoperatesthesolarinfrastructure

whiletheassetownerprovidesthespace.Concession-stylemodel

easesupfrontcapitalrequirementsandgenerateslong-termleaserevenuefromunderusedassets.Photovoltaics,energystorage,directcurrent,

andflexibility

(PEDF)systemsRetail,office,

mixed-usedevelopment→

Electrificationchallenges,→value

recognition,→quantificationchallengesReductioninoperationalexpenditurethroughtheintegrationofadvanced,scalable

and

replicable

energy

systems

enabling

moreefficientuseofon-siterenewableenergy.Demonstratedoperational

savingsandsystemperformancecreatedascalablemodelforportfolio-wideadoption.Future-proofingheavy

logisticsLogistics→Value

recognition,stakeholder→fragmentation,→quantificationchallengesCreationofnewrevenuestreamsthroughdata-drivenenergyplanningandphasedinfrastructuredeploymentaligninglandlord

andtenantoperationalneeds.Theintegrationofelectricvehicle

(EV)chargingandsolarphotovoltaic(PV)panelscreatednewrevenuestreamswhilesupportingtenantfleetelectrificationand

enhancingassetvalue.MarstonGate

DC2RefurbishmentLogistics→Transition

risk,→value

recognition,→capitalinvestmentchallengesAssetvalueprotectiontoavoidobsolescenceandretainincome

streams.Alandlord-ledspeculativedeepretrofitupgradedthebuildingtomodernGradeAandall-electricstandards,enablingleasingatmarketrent,retainingtenantsandpreservinglong-term

assetvalueinamarketwheresustainabilityisaprerequisite.DairyCampusManufacturing→Value

recognitionOperationalcostsavingsthroughadaptivereuseandon-siteenergyrecovery.Reuseofexistingstructuresreducedcapitalrequirements,whilecapturingwasteheatfrommilkgenerated

operationalcostsavingsandenvironmentalbenefits,reinforcing

thesite’sroleasaninnovationandknowledge

hub.UnlockingSharedValue:RetrofittingCommercialRealEstateasStrategicOpportunity

6Table1.CasestudiesandbusinessdriversoverviewExecutivesummary

continuedThetimetoactisnow.Elevatingrealestateretrofittingfromanoperationalconsiderationto

astrategicdecarbonizationprioritybeginswithassessingtheenergyperformanceandemissions

profileofownedandleasedproperties,identifying

retrofitopportunities,andengagingwithstakeholderstounlockcollaborativepathways

forward.Commercialrealestatedirectors,sustainabilityleadersandexecutiveboards

mustensureretrofittingisastrategicpriority.Everybuildingrepresentsanopportunitytomeet

compliancerequirements,manageriskanddeliver

measurableemissionsreductionsthatcontribute

meaningfullytoplanetaryclimatestability.Thequestionhasgonefarbeyondwhethertoactonrealestatedecarbonization.Itisnowabouthow

quicklybusinessescanmobilizecapital,alignstakeholdersanddeployprovensolutionsatscale.Throughtargetedworkinggroupsacrosskeyasset

classes,WBCSDleveragesitsconveningpowertosupportthisshift,developingstandardized

approachestostrengthenbusinesscases.Weinvitestakeholdersthroughoutthevaluechaintoengageinthisworkbyhelpingshapescalablemodelsthatcanaccelerateretrofitimplementationglobally.Bydeployingprovensolutions,thesectorcanmovefromambitionto

implementationandachievethetransitiontoa

low-carbon,resilientbuiltenvironment.UnlockingSharedValue:RetrofittingCommercialRealEstateasStrategicOpportunity

7Executivesummary

continuedRealestateportfolios

as

apracticaldecarbonization

leverUnlockingSharedValue:RetrofittingCommercialRealEstateasStrategicOpportunity

801.Thebuiltenvironmentsectorhasacriticalroletoplayintheglobaltransitiontonet-zero

emissions.Butoneofitsmostpractical

andimmediateopportunitiesremainsunderused:thedecarbonizationofexistingcommercialrealestateportfolios.Forbusinesseswithsubstantial

Scope3emissions,realestaterepresentsaconcreteopportunitytodrivemeasurableclimate

action.Integratingbuildingretrofitstrategiesintocorporatetransitionplanscanunlockanestimated5-6%emissionsreductionpotentialfor

companieswithsignificantrealestatefootprints.

Thiscontributionbecomesincreasinglymaterialasbusinessesworktoclosetheirclimateambition

gapsandmeetParisAgreementcommitments.Collectively,decarbonizingcorporaterealestate

atscalecandramaticallyreduceemissionsanddrivesystemictransformationacrossoneoftheworld’slargestandmostcarbon-intensivesectors.Thisreportexploreshowcommercialrealestate

canserveasapracticalandscalablesolutionfordecarbonization,withaspecificfocuson

acceleratingtheretrofitofexistingbuildings.DevelopedwithintheframeworkoftheWBCSDMarket

Transformation

Action

Agenda

(MTAA),itcontributestoongoingeffortstoalignsupplyanddemandfornet-zeroemissionsassetsacross

thebuiltenvironment.ItalsooutlineshowourEmissions

Reduction

Accelerator(ERA)

supportscollaborationacrossthevaluechainstotranslate

ambitionintoimplementation.Itexaminesthekeymarketdynamicsshapingdemandforlow-carbonbuildings,explorestherootcausesbehindtheslowuptakeofretrofitactivity,andoutlineshowstakeholdersacrossthe

valuechaincanalignincentivesbyintroducingthecoordinatedcapturingofvalueasameansto

unlockinvestmentandscaleaction.Throughcase

studiesfromdatacenters,offices,retail,logistics,

manufacturingfacilitiesandtransportationinfrastructure,wedemonstratehowcompanies

haveaddressedcommonretrofitchallengesin

practice.Wehighlightbusinessdrivers,financing

approachesandcollaborationmodelsthattranslateambitionintoimplementation.450

EJin

2024

-End-usesectors’finalenergyconsumption(About30%

ofglobalenergydemand)Buildingsresponsiblefor

nearly20%(ofoverallgrowthinenergydemandsince2019)Figure1.OverviewofenergydemandandCO2

emissionsinbuildingsEnergy

demand:Source:International

Energy

Agency.(2025).Energy

efficiency20252.CO2

emissions:01.Realestateportfoliosas

a

practical

decarbonization

leverEnergyuse

split:

70%Residential/30%commercialand

publicbuildingsUnlockingSharedValue:RetrofittingCommercialRealEstateasStrategicOpportunity

9Buildingsaccountedfor

34%

of

global

CO2emissions

in

2023Record9.8

gigatonnes

ofoperationalemissionsSource:GlobalAllianceforBuildingsandConstruction.GlobalStatusReportforBuildingsandConstruction2024/254.Hasgrown

by

~25

EJ

since

2019Transformingsupply

&

demand02.UnlockingSharedValue:RetrofittingCommercialRealEstateasStrategicOpportunity

10TheMarketTransformationActionAgenda

(MTAA)isacollaborativeplatformthatamplifies,connects

andcoordinatestheactionsofindustryleaderstacklingthemostcriticalbarrierstodecarbonizing

thebuiltenvironment.LaunchedattheBuildingsand

Climate

Global

Forum

in

Paris

in

2024,wecollaboratedwithseveralhundredleadersandpractitionersfromover100organizationsacrossthebuiltenvironmentvaluechaintodeveloptheagenda.Wehaveidentified11systemintervention

points–specificactionsrequiredtoshifttheentirebuiltenvironmentsystemtowardsnet-zero

emissions.Eachpointtargetsacriticalbarrierto

large-scaledecarbonizationandcollectivelyforms

thefoundationoftheMTAA.ItsstructurehasthreeleversthatbuildonthefoundationalprinciplesoftheMarketTransformationLeversforaNetZero

BuiltEnvironment,developedbytheGlobalAlliancefor

BuildingsandConstruction(GlobalABC):3→Lever1focusesonadoptinglife-cyclethinking

andwholelifecarbonassessmentacrossthe

fullvaluechain,andaligningkeyindicators,metricsandtargets.→Lever2aimstointegratethecarboncostand

reflectitinthepriceofproductsandservices

throughoutthevaluechain,includinginprocurementandtaxonomy.→Lever3seekstotransformsupplyanddemanddynamicstoincentivizelow-carbonsolutionsbasedonthewholelifecarbonapproach.The3leversandthe11

intervention

points

provide

acollectiveroadmapandaglobalnarrativeforbuiltenvironmentstakeholdersspanningtheentirevaluechain.Theseincludebusinessandfinancestakeholders,cities,nationalgovernments,

regulatorsandendusers.Variousinitiativesandongoingworkalreadyaddresssomeinterventionspartiallyorfully.WeprovideadetailednarrativeandoverviewoftheMTAA,alongwiththecurrentstatusofongoingwork,inourlatestreport,DrivingtheAmbitionLoop.Theaccompanyingthree-minutevideoshowcasesindustryleadershipandthepoweroftheambitionloop,wherebusinessactiondrivespolicyand,inturn,wherepolicyacceleratesindustrytransformation.Together,theyillustratehowbusinessesactiveinthebuiltenvironmentcan

halveemissionsby2030andhowtheycanachievenet-zero

emissions

by2050.OurTransformingSupply&DemandforNet-ZeroAssetsworkformspartoflever3.It

hasaspecificfocusonacceleratingtheretrofittingof

commercialrealestatethroughtheincreaseddeploymentoflow-carbonsolutions.Positioned

withinabroadersystemofparallelinitiativesonwholelifecarbon(asmentionedabove),this

workaimstoclosetheloopbylinkingsupply-side

capabilitieswithdemand-sidesignals,supported

bymarketframeworksandpolicymeasuresatotherlevels.02.Transformingsupply

&

demandUnlockingSharedValue:RetrofittingCommercialRealEstateasStrategicOpportunity

11Drive

harmonization

in

wholelifecarbonaccountingAgloballyconsistentandtransparentapproachHarnessingthedataOpen,shareddataecosystemforWholeLifeCarbon&Scope3innovationStandardsalignmentAlignnet-zerotargetsandmetricsacrossmajorcertificationsandstandards(public&private)Thechallengeoftransforming

supply&demandatscaleinthebuiltenvironmentMTAA’slever3addressesthefundamentalmarket

andstructuralbarriersthatcurrentlylimitthescaleandspeedofdecarbonizationinthebuiltenvironment.Whilemanylow-carbonsolutionsalreadyexist,fragmentedvaluechains,misaligned

incentivesbetweenstakeholders,limitedrisk-sharingmechanisms,andinsufficientoruncertain

demandsignalsareconstrainingtheiruptake.Lever

3seekstocorrectthesemarketshortcomingsbyreshapinghowoccupiersexpresstheirdemands

andhowbusinessesallocaterisksandmobilize

capitalthroughoutthebuildinglifecycle.Byenablingnewapproachestosharingperformanceanddeliveryrisks,theleverreduces

riskaversionandencouragesinnovationindeepdecarbonizationprojects.Throughadvancemarketcommitmentsandoff-takeagreements,itaggregatesandsignalscredibledemandfromcities,assetownersandinvestors,helpingsolutionprovidersmaturefasterandreachcostparitythrougheconomiesofscale.Atthesametime,itmobilizestargetedfinancial

mechanismstopreventassetstranding,particularlyinlowervalueassetsinnon-primelocations,ensuringthatthetransitiontonet-zeroemissionsisbothinvestableandjust.Finally,

byactivatingoccupiers’demandsthroughimprovedb