13.10.2026
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How important is decarbonisation in the current macroeconomic environment?

Interview with Joël Gorsele, CEO of Intervest
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To mark the 2026 edition of the Belgian Low-Carbon Investors Barometer, Pulse Check invites a real estate professional each week to address a question shaping the sector’s transition to a low-carbon future. This week, Joël Gorsele, CEO of Intervest, a pan-European logistics real estate investor, shares his perspective.

The barometer is an initiative by Pulse, in collaboration with Expertise and BGBC. The results will be presented on 19 November.

How important is decarbonisation in the current macroeconomic environment?

Decarbonisation is not the priority today

Frankly, decarbonisation is not the priority today. With higher interest rates, slower growth and an energy market that presents its own challenges, returns and access to financing come first, except perhaps for some contractors and consultants. At the same time, much of it has simply become business as usual. We have been developing buildings without gas heating for years: this is now standard for new developments, and we are improving our existing portfolio step by step. Not out of ideology, but because it makes economic sense: lower energy costs for tenants and greater protection of long-term asset value.’

Regulation, not market demand, drives decarbonisation

The market is not pushing as hard as is often claimed, either. Tenants ask about sustainability but rarely pay extra rent for it. Banks offer a discount of a few basis points at most for green financing. The real driver is regulation. Europe keeps raising the bar, though hopefully with fewer rules and more clarity going forward. Either way, a building that falls behind today will be harder to let, finance or sell tomorrow.

Grid congestion: the biggest obstacle

The biggest obstacle lies elsewhere: grid congestion. Installing solar panels on the roof of a logistics building or charging infrastructure for electric trucks is technically straightforward, but securing a grid connection can take years.’

So the hype has faded, but the work has not. Decarbonisation is built into how we invest and develop, which may be the best sign that it is here to stay

Joël GorseleCEO Intervest

The Low-Carbon Investor Barometer 2026 Barometer results will be revealed on 19 November.

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