For real estate to be truly sustainable, the industry needs to look beyond green building design standards and consider broader interrelated impacts, a CBRE specialist says.
Using case studies such as TAIPEI 101, M&G Real Estate, and Standard Chartered Bank, as illustrations, Tim Shen, CBRE’s Head of Sustainability in Asia, proposed that leading organizations are integrating various aspects of sustainability across their operations to create a new “business as usual.”
Innovative thinking and commitment to leadership has allowed such organizations to cost-effectively realize value in new areas, a very important issue in emerging free market economies where regulation on sustainability issues is still nascent and other drivers such as energy and water pricing are too low to incentivize efficiencies, Shen said at a recent workshop in Ho Chi Minh City.
“Given the rates of urbanization in Asia, it is of course imperative that all new buildings are designed and constructed to the best available green building standards, but it’s also important to recognize that green building standards are constantly evolving and in any city, the majority of building stock already exists,” he said.
“What industry leaders such as TAIPEI 101 and Standard Chartered Bank are showing us is that there is a wealth of opportunity throughout the building life-cycle process to improve sustainability performance through aspects such as green operations and green leases,” said Shen.
The CBRE specialist said he expects to see this trend to become commonplace in key markets over the coming years.
A green lease is a lease between a landlord and tenant of a commercial building which provides obligations on both parties to minimize adverse environmental impact in areas such as energy, water and waste.