Is there a greener pasture in the Philippine real estate market?
Adopting green and sustainable features can play a crucial role in future-proofing offices and residential towers beyond the pandemic.
The COVID-19 situation has accelerated the adoption of sustainable office spaces and residential units and we see this trend complementing the recovery of the real estate market beyond 2022.
As part of occupier retention and attraction strategies, Colliers Philippines believes that existing landlords and developers should focus not only on wellness attributes, but also on green retrofitting activities. Green and sustainable homes meanwhile will also be the trend moving forward.
We see developers embracing green technology for their projects as the pandemic highlighted the need to be in a healthy space—a trend that will redefine residential demand within and outside Metro Manila.
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Prioritizing wellness
Colliers believes that landlords should maximize wellness features of their buildings and prioritize wellness certifications such as LEED (Leadership in Energy and Environmental Design) and WELL building standards. LEED buildings will likely account for 37 percent of new office supply from 2021 to 2023.
Landlords should also be more discerning with design considerations (e.g. filtered air circulation, lower density ratios and high glass ratios for natural sunlight) and strengthen property management capabilities including sanitation (e.g. implementation of measures to avoid disease transmission) and emergency preparedness.
