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The real estate market is undergoing a quiet revolution. Once, developers and investors chased the “green premium” - the idea that sustainability could boost rents and asset values. Now, the conversation has shifted: unsustainable buildings are being left behind. From rising vacancy rates in inefficient London offices to higher borrowing costs for carbon-heavy assets, the “brown discount” is reshaping investment strategy. This article explores how ESG performance now drives returns, finance, and long-term value - and why building green is no longer optional, but essential.