With the region boasting some of the world's fastest growing property markets, green building practices are regarded as a prime area for further growth.
Governments should urgently consider introducing new policies, regulations and incentives, according to Asia's first green real estate guide.
'There is an urgent need for the real estate industry to address the challenges of climate change and sustainability,' says the guide, r.e.Design.
'We would like to see a quick transformation to the adoption of green building practices in new buildings and in terms of improving existing ones. Governments have a key role to play by introducing new policies and regulations,' it adds.
It also makes good financial sense. According to the report a savings of between 40% and 50% is possible in terms of energy costs.
It points out that the real estate industry can offer very cost-effective Greenhouse Gas (GHG) emission cuts compared to other economic sectors, as a result of which it should play a leading role.
It aims to assist investors, developers and occupiers design strategies that manage the risks and leverage the greatest long-term value for their real estate. It also helps understand why and how the change in buildings and real estate is occurring, where the value in green buildings lies, current best practices and mistakes that can be avoided. 'Green buildings are set to become standard practice and we need to quickly understand them, including how they deliver value to us,' said Simon Carter, Regional Head of Sustainability Asia Pacific for Collier International and author of the report.
India is leading the way according to his research. 'The uptake of green building practices in India is now quick and real estate practices are changing accordingly', he said.
India currently has about 26 built green buildings covering close to 11 million square feet. Five buildings have secured a platinum or gold rating.
