14.10.2026
Blog

Is your money going out with the air?  

In 70% of the office buildings analysed by Pulse, ventilation systems recover little or no heat. Air handling is rarely the first measure investors consider. Yet our analyses suggest it should often be among the first they assess.
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Pulse key figures building efficiency results

1. Most office buildings throw heat away, even recently renovated ones

When investors plan to improve an office building's energy performance, they usually start with insulation, heating or solar panels. Air handling rarely makes the shortlist. Yet in 9 out of 13 office buildings Pulse has studied, the ventilation has no heat recovery, or only partial recovery. The most surprising finding is that age predicts almost nothing: one of these buildings was built in 2010, another renovated in 2023. This is not an old-building problem, but a choice made at design stage or during the last major renovation. For an investor, it means that a recently renovated asset can still hide a large source of waste. 

2. A single ventilation unit can waste the heating of forty homes

The principle is simple. A balanced ventilation system extracts stale air and supplies fresh air. In winter, fresh air can enter at 0 °C and must be heated to around 20 °C before it reaches the offices. At the same time, the extracted air leaves the building at around 22 °C. Without a heat exchanger between the two flows, all that heat goes out through the roof, throughout the heating season. A modern exchanger recovers 75 to 85% of it. For a typical 10,000 m² office building with a 50,000 m³/h air handling unit, this could translate into annual savings of approximately €14,000 (200 MWh of gas), based on a gas price of €70/MWh. That is the heating consumption of some forty houses. Electricity adds to the bill: older fans often run on belt drives, at full flow all day, whatever the actual occupancy. 

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3. Cutting Carbon for a fraction of the cost of insulation

In the four buildings where the upgrade was costed in detail, replacing the air handling unit cuts gas consumption by 10 to 32% and carbon emissions by 5 to 23%. 

For investors, the cost-effectiveness of this intervention is particularly compelling. At approximately €824 per tonne of CO₂ avoided, air handling upgrades are six to seven times more cost-effective than roof insulation or window replacement in the buildings studied. Beyond carbon savings, the impact on energy performance can also be significant. In one building, upgrading the air handling system alone was sufficient to improve its EPC rating from D+ to C. 

On the CRREM pathway, the picture is more sobering. Without works, 10 of the 13 buildings fall off the 1.5 °C pathway before 2033. Upgrading air handling alone buys one to two years. No single measure is enough, because the pathway tightens every year. But this one buys time at a lower cost than most.

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4. The best time to act: when the unit is due for replacement 

On full project cost, the business case looks modest: €17 to €47 per m² of investment, €10,500 to €29,800 of annual savings, and a payback of 9 to 19 years in buildings without heat recovery. The decisive factor is the starting point. Where the existing system already recovers some heat, the payback stretches to 33 years: the potential has largely been captured. 

The real question, however, is when the unit will need replacing anyway. Many of these units will reach the end of their life within five to ten years, for maintenance reasons alone. In that case, the energy investment is only the extra cost of a high-performance unit over a like-for-like replacement, about half of the project. The payback then falls to 5 to 10 years, for equipment that will run for twenty. Lighter options exist, but they need care. Optimising ventilation controls without replacing the entire unit pays back in about 11 years and produced no EPC gain in the six cases studied. On a unit with only a few years left, it buys time rather than value. 

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5. Heat recovery, not building age, shows where to invest

Upgrading air handling is not always the first priority. But leaving it out of a decarbonisation strategy can mean missing one of the most cost-effective sources of value in an office building. Three criteria identify the best candidates: no heat recovery on the existing ventilation, high gas consumption, and high airflow relative to floor area. The benefits likely go beyond energy: better control of fresh air, fewer cold draughts, less noise. Our studies did not measure them. The EPC gain, however, is documented, and it increasingly shapes access to green finance and tenant demand. Decarbonising an office building is  not about doing more works. It is about choosing the ones with the best energy, carbon and financial impact. That is why Pulse reviews energy line of a building, air handling included, before recommending works. Is the air in your buildings part of that analysis?

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Figures are calculated from Pulse energy studies on 13 Belgian office buildings, 4 of them costed in detail for this measure. They are projected savings, not measured results. Investments exclude grants. Energy prices: gas €0.061/kWh, electricity €0.22/kWh (sample averages).

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