Operational performance has moved to the centre of the asset value conversation, with energy efficiency increasingly determining whether value is protected or eroded. The Sustainability Tribe at CREAM UK 2026, sponsored by Bueno, examined how owners turn operational gains into measurable value - and why "performance" means little until tied to the right metrics. The conclusion was that the returns are real and substantial, but capturing them demands better data, clearer frameworks, and an honest reckoning with a fragmented UK market.
Tribe Host: Hugh Amoyal (Bueno)
Co-Hosts: Caroline Hill (BlackRock), Kathryn Barber (Orchard Street), Angeliki Krania (The King's Cross Group), Samantha Carlsson (Derwent London), Charles Owen (The Crown Estate) and Ariane Ephraim (Workspace)
Summarised by: Khaleed Aremu (The Land Collective)
Energy Efficiency as the Engine of Value
Asset value rests on a familiar set of fundamentals - financial strength, location, operational efficiency and the age of the building - but the link between operational performance and value is now too direct to ignore. The important caveat is that performance is not one-size-fits-all: what it means changes entirely depending on which KPIs and metrics are being measured. Energy efficiency emerged as the single factor keeping the whole system moving forward, and the foundation for any credible decarbonisation strategy. That strategy cannot be guessed at; it depends on a blend of qualitative and quantitative data, with data treated as the decisive input rather than a supporting one.
The Financial Case Hides in Total Occupational Costs
The financial case is more compelling than the industry often acknowledges. Cutting total occupational costs is a significant lever for boosting revenue, and the returns on operational investment can be substantial - one example cited a $500k investment in operational performance generating $5 million in returns [figure requires verification]. The wider point is that the ROI only becomes visible when owners look at total occupational costs rather than surface-level expenses.
The Tenant Sustainability Gap
Tenant behaviour complicates the picture. The Tribe noted a recurring disconnect: some tenants satisfy every KPI on paper without any real commitment to sustainability, while others care genuinely but struggle to meet the rigid indicators set for them. Few occupiers fit a perfect definition of sustainability, so the task is less about enforcing an ideal and more about building frameworks that fit tenants' actual corporate norms and day-to-day realities. This is particularly difficult with retailers, many of whom place little emphasis on the carbon footprint of their physical stores, and where internal company politics often determines whether green practices are adopted at all.
Biggest Opportunity: Turning Operational Performance Into Asset Value
The strongest opportunity lies in treating operational performance as a direct route to asset value rather than a compliance cost. Where owners invest deliberately in energy efficiency and operational improvement - and measure the impact against total occupational costs - the returns can far exceed the outlay. Credible sustainability credentials add demonstrable value to an asset, and some banks are beginning to fund green leasing arrangements that reward it. The prize for owners who can evidence genuine performance, backed by reliable data, is a building that commands stronger demand, protects its value, and stands apart in a market still struggling to separate substance from box-ticking.
Biggest Challenge: A Fragmented Market With No Common Standard
The principal obstacle is fragmentation. The UK market is working to protect building stock value, but it lacks the centralised policy and single driving standard that would hold the effort together. EPCs remain the default tool for assessing building systems, yet they do not give the full picture. Green leasing is emerging as a promising mechanism, but the term itself is still too vague - some clauses touch on sustainability without any agreed standard behind them. Combined with inconsistent tenant behaviour and the absence of a unifying policy framework, this leaves owners navigating a highly fragmented landscape, where the value of operational performance is clear but the rules for capturing and proving it are not yet settled.
CREAM UK took place on 23 June 2026 at Fulham Pier, London.
Find out more about the event at space-plus.org/cream-uk