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Green office building boom in Asia?

Property Report
Green technology is used throughout the 108 floors of the International Commerce Centre in Hong Kong.

Green technology is used throughout the 108 floors of the International Commerce Centre in Hong Kong.


Asia may go through a boom in construction of green commercial buildings as demand for ecologically friendly office space grows, a global commercial real estate association has predicted.



“A lot more companies are looking for green space, and Asia is growing, with more multinational corporations coming here,” said Michael Zamora, CoreNet Global board member and vice-president of communications in Asia, according to The South China Morning Post.

CoreNet has about 7,000 members from the real estate sector worldwide.

A survey conducted by CoreNet and Jones Lang LaSalle found that about 50 per cent of companies were willing to pay more for “greener” offices. Of the 143 industry executives interviewed around the world in the annual survey at the end of last year, 48 per cent said they were willing to pay up to a 10 per cent premium for sustainable office space. And 2 per cent said they would even pay 10 per cent more.

Zamora, who is also a Hong Kong-based architect and real estate broker, said that multinational corporations particularly seek out green office space because they’re more aware of corporate social responsibility and image.

Green features have also helped them significantly lower expenses, he said.

“Depending on where you are talking about in the world, probably about 30 to 35 per cent of the operating expenses of a building is electricity … for air-conditioning to keep us cool, or machines to keep us warm, and run our equipment,” said Zamora, citing the new Pearl River Tower in Guangzhou’s Tianhe district as an example.


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