Philippines: Green Construction Is The Latest Pre-requisite in Real Estate Development

Zuellig Building - Makati Philippines

The property development sector is being encouraged to consider green construction as it is now deemed as the latest pre-requisite of property buyers and renters particularly in the commercial and industrial division prior to leasing or buying.

Leading commercial real estate services firm CBRE Philippines said that more occupiers and developers prioritizing flight to quality, with green buildings is fast becoming more the norm than the exception.”

Rick Santos, CBRE Chairman & Founder shared that across Asia Pacific, the scale, pace and general trend of recent construction has been geared toward efficient commercial real estate that is in compliance with green building codes.

“Green is the new gold in real estate development.”

While there are still a few certified LEED and BERDE office developments in the country, occupancy rates are significantly high: BTTC Center, located in San Juan Greenhills, and launched only last November 2012 is now 40% occupied; the Zuellig Building is at 70%, and Nuvali One Evotech is at 93%.

LEED certified buildings provides lower operating costs and increase asset value, conserve energy, water and other resources, healthier environs for  building occupants, in a number of  countries qualify for money-saving incentives, like tax rebates and zoning allowances

Santos further emphasized that the sustainability agenda will continue to grow in importance in the real estate sector.

“As the outsourcing and offshoring sector gains strength in the country, we see having a certified green building tag will create a bigger advantage for building owners to secure a continuing and much higher occupancy rates for their properties.

Source: ManilaStandardToday

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