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Updated – August 14, 2024 at 09:11 AM.
The green leasing in the city has increased by 22.85 per cent year-on-year (YoY) to 12.9 msft in Q2FY24 from 10.5 msft in the corresponding quarter preceding yearBengaluru leads the green building adoption with 16.5 million square feet leases between January 2023 and July 2024 totaling to 68 per cent of total leasing in the city, as per Colliers Report. Engineering and manufacturing firms are driving this trend in the city and show a strong preference for these sustainable spaces.
The green leasing in the city has increased by 22.85 per cent year-on-year (YoY) to 12.9 msft in Q2 FY24 from 10.5 msft in the corresponding quarter preceding year.
“Over the last few quarters, developers, investors & occupiers in the office market have increasingly embraced the adoption of sustainable elements in their portfolios reflecting occupiers’ strong commitment to align their sustainability goals with the broader sustainability targets of the country, noted Arpit Mehrotra, Managing Director, Office services, India, Colliers.
In the second quarter, 13 msft of office spaces leased in the top six cities were green-certified buildings. This represents a 24 per cent YoY and accounts for 82 per cent of the total leasing activity during the quarter.
In response to this surge in demand, developers are retrofitting aging office buildings and integrating sustainable features into their designs and constructions, remarked Vimal Nadar, Senior Director and Head of Research, at Colliers India.
Approximately 300-350 msft of commercial properties that are over 10 years old hold the potential to be refurbished in the coming years, he added.
The green buildings accounted 78 per cent of all office space leasing’s since January 2023. Over the next two to three years, the Grade A green stock is expected to touch over 600 mn sq ft.