An interview on sustainability with Stéphan Sonneville, CEO of Real Estate Development company Atenor
In a time of economic uncertainty, regulatory change, and environmental urgency, real estate development is under pressure to transform. We spoke with the CEO of Atenor to better understand the sector’s key challenges, the push for circular buildings, and what the next decade may bring.
Why is it important to be a front-runner in sustainable real estate development?
“Pioneering sustainability is no longer a choice—it’s a strategic advantage,” says Stéphan Sonneville. “It allows us to reduce emissions, lower operational costs, and access green financing. But more than that, it positions us as a reliable, forward-thinking partner.”
There’s also a clear reputational value. “It helps us attract responsible investors and collaborate with innovative stakeholders. By setting the pace, we can influence broader industry practices and contribute to systemic change.”
What are the biggest challenges the sector is facing right now?
The sector, particularly development, is experiencing significant challenges and may need to reconsider its business model is Sonneville’s answer.
“The traditional development cycle is under strain,” the CEO explains. “Permitting processes are slow and unpredictable. Legal appeals and administrative barriers are creating uncertainty.”
At the same time, costs are rising. “Raw materials, labor, operations—it’s all more expensive. Liquidity is tighter, and valuation gaps between buyers and sellers are slowing the market.”
“Market uncertainty is reducing transaction volumes and making asset pricing more complex.”
Liquidity is becoming a real challenge. Uncertainty is reducing transaction volumes, and pricing assets has become more complex. Valuation gaps between buyers and sellers are also slowing down deal flow. The market is hesitant—buyers and sellers are speaking different languages when it comes to value.
But deeper shifts are underway as well. “We’re being pushed to redefine the product.
What are the difficulties when it comes to defining the building itself?
Sonneville explains the sustainable building product is under pressure on multiple fronts and the challenges are all interconnected. “Regulations are getting stricter, especially around energy performance and sustainability, which increases compliance costs. Retrofitting older assets to meet these standards requires major investment.
At the same time he sees that user expectations are changing. “There’s a growing demand for flexible, hybrid, and experience-driven spaces, which means traditional asset types are no longer sufficient.”
Digital transformation is another key shift he mentions. “PropTech is reshaping how we manage, operate, and invest in real estate. ESG compliance, meanwhile, has become non-negotiable—it’s a core investment criterion now.”
Add to that global instability—from the war in Ukraine to inflation and interest rate swings—and the challenge becomes clear.
“It’s no longer just about building spaces—it’s about delivering adaptable, compliant, and tech-ready environments in an increasingly unpredictable world.”
What is needed to develop circular buildings at scale?
“We need clear and measurable standards across the sector. Circularity must be recognised and valued—not just certified.”
Internally, Atenor is focused on developing benchmarks, running pilot projects, and using its Total Cost of Ownership (TCO) tool to assess both environmental and financial performance. “We also need robust technical expertise—especially around energy autonomy and biodiversity—and legal tools like green leases to ensure long-term alignment.”
“None of this works in silos,” he adds. “Cross-functional collaboration is essential, as is transparent communication. If we can get this right, circular buildings will move from niche to norm.”
How do you see the sector evolving over the next decade?
Sonneville has a clear take on the future. “Fundamentally, we expect real estate to transform along five key dimensions,” he says. These are the key trends we see:
- Sustainability: Net-zero buildings will be standard. Materials, design, operations—it will all be circular and climate-resilient.
- Technology: AI, digital twins, and smart systems will be fully integrated into the life cycle of a building.
- Urban design: Cities will move toward 15-minute models, with mixed-use, modular spaces that support local living.
- Financing: ESG will be central to investment decisions. Ownership models will evolve—possibly through tokenization and fractional access.
- Social impact: Developments will need to reflect demographic shifts and social expectations. Inclusivity, flexibility, and community value will be crucial.
Quick Take
What’s the first thing you do in the morning?
“I spend the first hour catching up on the news and exploring political and social topics in depth.”
Who inspires you?
“Winston Churchill. His determination, clarity, and mindset—beyond military strength—helped shape history in a time of crisis.”
Circulair Real Estate Belgium
During this years edition of Circulair Real Estate Belgium, Stéphan Sonneville, CEO Atenor will share his views on the challenges concerning sustainable building. Register on www.circulairrealestate.com and join the event on 16 October 2025
Deel dit artikel
