Developers and architects are also aware of the need to make towers as sustainable as possible to attract buyers to apartments. There is high demand for towers that deliver focused environmental, social and governance policies.
Cities in Australia and Japan are the most resilient to environmental risks in a new CBRE report, Ranking Asia-Pacific Sustainable Cities.
As the region continues on its path of rapid urbanization and economic growth, the variability in the environmental performance of Asia-Pacific markets requires commercial real estate occupiers and investors to adapt their ESG strategies to local market factors rather than adopting a one-size-fits-all approach, according to CB Richard Ellis.
Brisbane, Canberra, Melbourne, Sydney and Perth were all named leaders, with Su-Fern Tan, head of ESG at CBRE Pacific, pointing to a significant increase in the use of sustainability benchmarking tools.
However, Ms Tan said opportunities in the form of green leases remained unrealized, with landlords across Asia-Pacific threatening to “do better” or face costly physical and transformational risks
“Given that most countries have net zero targets for 2050, our supply of renewable energy is currently limited. On the plus side, this presents a huge opportunity for utilities to accelerate our transition to a clean energy future, ’” Ms Tan said.