According to CBRE Philippines, office space take-up in Manila’s first LEED-certified tower for commercial interior, the Sun Life Centre in Bonifacio Global City, is at 100 percent, while the Zuellig Building, a Gold LEED Core pre-certified tower in neighboring Makati, saw take-up of at least 70 percent just months after it was unveiled in late 2012.
The success of these two prime properties only shows that going “green” is quickly becoming the buzzword in the Philippine real estate sector. In fact, in an interview with GMA News Online, CBRE Philippines president and CEO Rick Santos said that Fortune 500 companies, multinational corporations, and even local firms now consider green initiatives as prerequisites in their day-to-day maintenance and operations.
Santos said,Developers are thus becoming more keen in meeting these demands.
He added that property developers will give the phenomenon a priority, with green buildings becoming more the norm than the exception.
CBRE data show that there are now 13 LEED-certified buildings in the country. These include the Asian Development Bank in Ortigas Center, Ayala Land’s Nuvali One Evotech, Shell Shared Services Office, and Texas Instruments in both Baguio and Clark. In addition, data from the global estate firm also show that 85 projects are now pre-registered for LEED certification, from 45 in 2010.
There is now an increasing attitude toward going green among companies and property developers, said Pablo Suarez, an architect and board member at the Philippine Green Building Council (PHILGBC), the local version of the U.S. Green Building Council. He added that climate change mitigation, resource conservation, and improving the overall health and well-being of building occupants have become part of many companies’ CSR programs.
According to studies conducted by CBRE International, qualifying for an entry-level LEED certification would cost an additional 2–3 percent on top of the development price tag if implemented properly. However, positive effects on a company’s bottom line include savings from energy and water bills, and earnings from selling waste materials for recycling, not to mention quantifiable benefits, including greater productivity of employees, less sick days, higher employee satisfaction rate in work–environment conditions.
