Optimism high on green property market

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Malaya Business Insight

05 Dec 2012

http://www.malaya.com.ph/index.php/special-features/property/19272-optimism-high-on-green-property-market

Amidst the shopping and commercial district of Greenhills, San Juan, an iconic structure is raising the standards of development in the area. BTTC Centre, a 12-storey office development by Hantex Land Corp., was recently inaugurated and is now open to tenants looking for premium spaces.

BTTC Centre is the first green building in the area to receive a Gold pre-certification for Core & Shell under LEED. It is also the first PEZA IT Center in San Juan.

This milestone in San Juan is reflective of the growing interest in developing sustainable and green buildings in the Philippines. CBRE Philippines shared that the surge in green buildings will support the robust growth of the country’s property market.

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.  In addition, landlords are retrofitting and upgrading existing buildings to improve its energy efficiency and environmental performance, among other things. In the Philippines, there are only six LEED certified buildings to date, which includes the Asian Development Bank, Nuvali One Evotech, Shell Shared Services Office, Sun Life Centre in Taguig, and Texas Instruments in both Baguio and Clark. Additionally, 48 projects are currently registered for LEED certification, including the BTTC Centre.

According to Rick Santos, CBRE Philippines chairman and chief executive officer, the benefits of going green are evident not only for landlords, but also for tenants/occupiers. 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 more occupiers and developers prioritizing flight to quality, with green buildings becoming more the norm than the exception. Fortune 500 companies, multinational corporations, and even local firms now consider green initiatives as prerequisites in their day-to-day maintenance and operations,” says Santos.

While the development of green buildings are on its pilot stage in the Philippines, proven benefits maybe drawn from a study conducted by the CBRE Global Network. For instance, while development of green spaces may entail additional cost at the onset, this investment in green building is recoverable and is expected in the long run through decreased operating costs, increased ROI through higher tenant/customer retention and renewal, rental premium, and increased building/asset value.

Developers are thus becoming much keener in meeting these demands and are seen to be more willing to incorporate “green” features into their buildings, making them cheaper to occupy. This is made possible by technological advances, making it easier and cheaper to build sustainable buildings. Even if such features are not seen as “standard” for now, the same study believes that they will be a few years from now. Green buildings are therefore increasingly seen as “future-proofed” investments.

Regent Parkway

To all the administrative, security and management personnel at Regent Parkway:

I’d like to take this opportunity to THANK YOU sincerely for all your hard work.Every day we come home to clean, well maintained and safe building, and it is thanks to the contributions of each and every one of you.

I’ve had the pleasure to be a tenant of this building for the last couple of years, and I have never, ever had a single problem, not ever one. Everything is managed with the utter most professionalism, and many times we take that for granted. I know that it doesn’t happen by magic, but because of the effort from each and every one of you.

Unfortunately, I am being relocated to my home country, reason for which I will stop living here by the end of the month. Believe me, if it was up to me, I would never leave; since my stay here has been very happy and fulfilling.

I’ve had the opportunity to live in many places, but the upkeep and operation in this building, together with the warmth from every member of the personnel, are unparalleled.

I didn’t want to leave without sharing with you my appreciation for all you have done for me; your friendly smiles, the cheering in the early mornings when I drag myself up for a run, making me feel safe and taken care of, but mostly, for taking an otherwise ordinary job and making something extraordinary out of it.

I wish you all the best and thanks again.

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