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Purpose — This study seeks to investigate the degree to which energy efficiency is incorporated into office building refurbishment and capital expenditure with the emphasis placed on a cost‐benefit analysis from the owner’s perspective. Design/methodology/approach – In order to develop a research framework, a thorough literature review was conducted of three disciplines being construction technology, building refurbishment and property management. The study identifies differences between varying levels of capital expenditure to ensure an existing building is more energy efficient, with the emphasis placed on the cost of implementation and the potential for tenants to acknowledge the increased energy efficiency via higher rents. Findings – Office buildings have been identified as a contributor to global warming during the construction phase, however during the building lifecycle there is a greater contribution to CO₂ omissions. Whilst various building designs and construction techniques have evolved to improve energy efficiency, the focus has largely been placed on new buildings where it is easier to incorporate change and innovative approaches. However, the proportion of new buildings constructed each year is relatively small in comparison to existing building stock, which requires regular capital expenditure to maintain and attract new tenants within a competitive marketplace. Practical implications – The increasing importance of energy efficiency affects the office market in a variety of different ways. Originality/value – This paper identifies important links between the environment and the built environment, and the implications for office building owners.