Bright future for green building

Adoption of green real estate practices in commercial and residential buildings offers very cost-effective Green House Gas (GHG) emission cuts compared to other economic sectors. This is one of the key findings in a Green Real Estate Guide compiled by global real estate services company, Colliers International.

Mr Simon Carter, author of the Guide and Colliers International Regional Head of Sustainablity for Asia - Pacific, visited Bangkok recently to discuss international best practice and current trends in green design with local architects, designers and developers.

"Everyday we are witnessing the impact of global warming in weather patterns around the world," said Mr Carter. "With residential and commercial buildings representing up to 15.4% of greenhouse gas emissions, we expect governments and economies will soon turn to buildings to achieve deep emission cuts quickly.

"While the shift to green buildings has just begun, real estate markets around Asia and the world are likely to transform quickly, adopting green standards both in developing new buildings and improving existing ones.

"The technologies of green buildings and their ability to operate efficiently have now been demonstrated in various locations around the world. What happened in Australia demonstrates that those who commit to green real estate quickly can drive down the costs of doing so and increase their returns."

Colliers International Thailand Managing Director, Patima Jeerapaet said the Thai Government had ratified the Kyoto Protocol on Greenhouse gas emissions, but had not adopted specific targets for emission reductions.

"At the moment there is a policy environment of quiet encouragement, but there may be a need for the more tangible incentives and clearer regulations similar to those adopted in other countries, if Thailand is to keep pace with other markets."

Mr Patima said initiatives by companies such as Tesco Lotus, which has built two 'green stores' in Thailand and has an extensive energy conservation programme in its facilities management, have demonstrated the business payback that is possible from following green practices.

"The winners in the emerging 'carbon economy' will typically be those who prepare early. We believe forward-thinking developers and landlords are now preparing themselves to lead, rather than follow, the change that is coming".