In a significant development for India’s real estate sector, Bengaluru has emerged as the city with the highest green-certified office space. This achievement is part of a broader trend showcased in the ‘Indian Real Estate: Taking Giant Strides – 2023 Mid-Year Outlook’ report jointly released by real estate consultant CBRE and industry body CII during the CII Realty conference.
Green-Certified Office Space Growth:
The report highlights a remarkable 36% growth in green-certified office space across six major Indian cities over the past three and a half years. In 2019, the total green-certified office stock stood at 251 million square feet, but it has now surged to an impressive 342 million square feet.
Bengaluru’s Leading Role: Bengaluru has taken the lead in this green revolution, showcasing the most significant growth in green office space. This trend underscores the city’s commitment to sustainability and eco-friendly workplaces.
- Report Launch: The CBRE-CII report, titled ‘Indian Real Estate: Taking Giant Strides – 2023 Mid-Year Outlook,’ was unveiled during the CII Realty conference. It serves as a comprehensive overview of the real estate sector’s progress and prospects in the current year.
- Green-Certified Office Stock: The report emphasizes the substantial expansion of green-certified office space from 2019 to 2023, reflecting a strong industry response to environmental concerns and evolving global and domestic Environmental, Social, and Governance (ESG) regulations.
Sustainable Business Practices: The report underscores the growing importance of ESG considerations among businesses, driving a “flight-to-quality” wave among occupiers. This shift reflects a preference for modern, premium, and sustainable office spaces in the medium to long term.