Upcoming EPC requirements, coupled with reduced occupier demand due to remote work, mean investors are shunning secondary offices, triggering a sharp decline in capital values. Our new dashboard on office EPCs across major cities will therefore be an important factor for forecasting returns. Indeed, it is already evident that those cities with a relatively low share of offices with an EPC of at least a B, such as Newcastle and Manchester, have seen a relatively large fall in capital values over the past few years.
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