Since 2005, China’s green building market has more than doubled every year. Ever since the first building in China was awarded a gold rating by LEED, the popularity for green buildings has soared exponentially in China.
According to Manish Kashyap, regional managing director of CBRE, there’s 320 million square meters (3.44 billion square feet) of total floor area in Chinese green buildings which have been certified by both CGS and LEED. Last year, around 2,500 building projects – more than 290 million sq meters total floor area – have been certified with China Green Standards (CGS), and will inevitably increase in number in 2016. For LEED, at least 627 projects with a total floor area of 28 million square meters have been certified – to date. In a report issued by the US Green Building Council, by 2015, China had 7 percent of the LEED market. China has become one of the biggest overseas markets in green building construction outside of America.
However, Henry Chin, head reseracher of CBRE Asia Pacific, mentioned that the green buildings floor area per capita in China is still far behind that of United States. For each person in China, there is only 0.58 square meter of green building area. America, on the other hand, has about 6.44 sq meters. Hence, the green buildings sector in China is a lucrative market yet to be largely tapped.
Moreover, mixed-used developments are starting to be more common in China, where many neighborhoods are picking up sustainable practices and embracing residential eco-friendly designs to enhance the quality of life of its surrounding community. i.e. places reached within walking distance to limit transportation use. LEED-Neighborhood certification, a rating system focused on the greenness of a residential district, will further boost the sustainability goals for that particular area.
On the whole, the green building market will play a big role in meeting the future of China’s sustainable city. The potential market remains optimistic, and no doubt that it will continue to grow in the coming years.