The growth opportunity behind building reuse: Richard Nelson, Don’t Waste Buildings

At the International Retrofit Conference, BE-ST Fest East 2026, one of the keynote speakers, Richard Nelson, co-founder of Don't Waste Buildings, will be talking about retrofit beyond carbon reduction. He will talk about the opportunity (when done right) it offers to generate economic growth, housing delivery, skills development and community regeneration. 

Now in its fourth year, the International Retrofit Conference brings together policymakers, housing providers, local authorities, contractors, consultants and innovators to explore how we can accelerate retrofit at scale.  

In his keynote address, Richard is looking to move discussions about existing buildings from focusing on what they cost to upgrade rather than the value they can create. 

The problem isn't buildings. It's incentives.

The UK faces seemingly disconnected challenges: a housing shortage, struggling high streets, skills gaps and legally binding net zero commitments. But according to Richard, argues building reuse can help address all of them simultaneously. 

He argues, the biggest obstacle is not technology or industry capability – it’s finance. 

Current market conditions often make demolition and rebuild appear more attractive than refurbishment. In some cases, tax structures and grant funding can significantly reduce the cost of new build projects while retrofit schemes continue to attract full VAT. The result is an unintended system that can reward demolition over reuse. 

Developers are responding rationally to the incentives in front of them. The challenge is ensuring those incentives align with the wider economic, social and environmental goals we want to see. 

The Reuse Dividend

To help change the conversation, Don't Waste Buildings published ‘The Reuse Dividend: How to Unlock Economic Growth Through Britain's Existing Buildings’. 

Rather than focusing solely on embodied carbon, the report explores the economic benefits of reuse. Looking at successful international examples, it demonstrates how retrofit can stimulate investment, create jobs, support housing delivery and generate returns for national treasuries. 

The message is of the paper is simple: building reuse should not be viewed as a cost to government but as an investment in economic growth. 

International examples show what is possible. France has used reduced VAT rates on renovation projects to stimulate retrofit activity and employment. Germany has introduced favourable finance mechanisms to help overcome upfront investment barriers. The United States has demonstrated how tax credits for historic building reuse can generate economic returns while preserving valued assets and creating jobs. 

These policies provide something the market needs: long-term certainty. 

A powerful local economy

Don’t Waste Buildings believe that one of retrofit's greatest strengths is that it is inherently local. 

Unlike many forms of construction that depend heavily on global supply chains, retrofit work must be delivered where buildings already exist. That means creating work for local contractors, tradespeople, engineers, architects and specialist consultants. 

Every retrofit project supports a network of local businesses and skills. 

As governments increasingly focus on resilience, domestic supply chains and regional growth, retrofit presents a significant opportunity. It creates jobs that cannot be offshored while helping to build expertise that communities will need for decades to come. 

Retrofit is more than carbon reduction, it’s social impact

Across the UK, vacant and underused buildings contribute to declining town centres and weakened community confidence. Yet many of these assets could become homes, health facilities, workspaces or community hubs with the right support. 

The UK's existing building stock represents an enormous opportunity. Rather than seeing older buildings as liabilities, policymakers and investors should view them as assets capable of delivering multiple outcomes at once: reducing carbon emissions, increasing housing supply and revitalising local economies. 

Richard is keen to stress that this is not an argument against new build development. 

New homes and new infrastructure will remain essential. The principle advocated by Don't Waste Buildings is simply that existing assets should be properly assessed before demolition becomes the default choice. 

Creating a ‘reuse-first’ culture

Richard argues, the future should be based on a simple principle: reuse first, demolish last. 

That means better alignment between planning policy, taxation, finance and skills development. It means removing disincentives that inadvertently favour demolition. And it means providing businesses with the confidence to invest in training, innovation and new delivery models. 

The built environment sector already has much of the expertise required. What is needed now is a framework that enables that expertise to scale. 

Join the conversation at BE-ST Fest East 2026

These themes will be explored in depth at the International Retrofit Conference, BE-ST Fest East 2026, where Richard will deliver a keynote address alongside other leading voices from across the retrofit sector. 

Through expert presentations, panel discussions and real-world case studies, the conference will examine how policy, finance, skills and innovation can work together to accelerate retrofit delivery at scale. 

For anyone involved in housing, construction, local government, policy or sustainability, it offers an opportunity to engage with one of the most important conversations shaping the future of the built environment.