A sustainability survey conducted by Jones Lang LaSalle in collaboration with CoreNet Global
reveals that almost two out of three respondents from the Asia Pacific
region are prepared to pay a premium for greener real estate.
Although the survey's authors admit that actual adoption rates of
“sustainable real estate” across the region are low, EngagingChina is
glad to see that at least awareness of sustainability as an issue for
the property sector is on the rise in AsiaPac.
But there is a lot of distance to cover to translate the intentions
into greener buildings and more sustainable building methods,
particularly in China, where 95% of buildings are regarded as “high
energy consuming” according to this story in the China Economic Review story.
Examples of sustainable buildings are almost non-existent in China's
smaller cities, while first-tier cities only have a handful of examples
of green properties. One ambitious project is Dongtan, a new green suburb taking shape outside Shanghai, but it is the exception rather than the rule.
In a recent white paper on sustainable development, Jones Lang LaSalle argues that with
16 of the world's 20 most polluted cities located in China,
environmental awareness should to be one of the top concerns for
developers and investors in this market.
Despite growing support for greener development, Linda DeMars, Vice
President for Programme Development at CoreNet Global points out that,
in reality, many companies in China and elsewhere in Asia experience
difficulties in sourcing viable sustainable development options.
As the survey points out, sustainable real estate solutions are
generally more widely available in mature markets so there is an
opportunity for greener workplace practices from the US, US and
Australia to be exported to Asia.
While it is easy to write off the real-estate industry's professed
support for sustainable real estate as bandwagon-jumping, it makes
commercial sense. More buyers in the west are prepared to seek out and,
in many cases, pay a premium for greener property development. Let's
hope a similar trend takes place in China.
More on green building in China here.
More news on China's real estate market at this website run by Williams, Allen, Turgel and Associates.