Tuesday, 19 May 2026
During the first panel held at CEDER 2026, dedicated to the bankability of Office developments, the panelists agreed that in the current real estate market, the concept of bankability has undergone a fundamental shift: while location and occupancy remain vital, financial institutions and tenants alike are increasingly prioritizing ESG (Environmental, Social, and Governance) elements and sustainability performance as non-negotiable pillars of a successful project.
Lenders are no longer just looking for a “green certificate” as a checkbox; they are diving deeper into the technical and operational reality of assets. Doron Klein, Group Deputy CEO of AFI and CEO of AFI Romania, notes a decisive trend in how banks approach financing: “It goes to more green elements that need to be incorporated in the project”, specifically highlighting the importance of the EU Taxonomy and comprehensive ESG reporting. For developers, these green credentials translate into direct financial benefits. Klein points out that in many regions, developers can “even get certain discounts in the spread, in the margin, financing assets with clear ESG component”. This “clear preference” from banks makes sustainability a core requirement for any project seeking competitive financing.
The push for ESG is equally driven by the tenant side of the market. Maria Jianu, Leasing Director at Speedwell, points out that, nowadays, the measurability of sustainability trends is key: “We’re all very fond of ESG. We’re all doing our best in this regard and we’re all striving to be the best in this domain. But what actually matters and what I’m seeing that tenants are looking after is results. What actually is going to impact my costs.”
Adinel Tudor, CEO of EVO Properties, also highlights the fact that it is no longer enough to have certifications: “simply having them, having a plaque on the wall that says LEED, BREEAM, whatever, it’s not enough anymore. (…) Which means that as a developer, you have to choose very carefully what amenities you implement in order to have your tenants happy and willing to remain for a longer period of time in your buildings.”
Andreea Cotigă of CPI Romania describes a “flight to quality or flight to experience over space,” where modern tenants are specifically inquiring about “ESG certification” and sustainable environments. Projects that fail to offer this integrated ecosystem—combining sustainability with high-quality services—struggle to convert inquiries into signed leases.
In a competitive landscape, ESG serves as a performance tool that enhances tenant retention and justifies premium positioning. Looking ahead, the failure to adopt a green philosophy represents a significant financial risk. Cotigă warns that building owners who “prioritize convenience and location over quality and sustainability performance” will inevitably “see their assets lose value”, while assets that manage to bring “ESG performances and superior experiences” will command the greatest market resilience.
