Local government agencies and business leaders are working hard to ensure that cities remain livable and sustainable as the Philippine economy gains momentum entering into 2016. In Metro Manila, 22 buildings in Makati and Bonifacio Global City are either applying for the Leadership in Energy and Environmental Design (LEED) certification, or have been pre-certified as LEED, with over 75% of these green buildings located in Bonifacio Global City in Taguig.
KMC MAG group managing director Michael McCullough told The Standard that going green is a welcome trend.
“There are a lot of benefits to building or investing in green buildings, such as being able to provide a healthier workplace for employees and increasing savings and cost-efficiency,” said McCullough. “Green buildings use 25% less energy, allow organizations to save up to 19% on operational expenses, and have an average increase in return of investment of about 19.2%. These benefits make these buildings more attractive to multinational companies, which are increasingly looking for spaces that will reflect their own sustainability commitments.”
Redevelopment as a driver
Another development that will drive the future of the office market is redevelopment. Redevelopment involves upgrading older buildings, which can help increase their asking prices, especially for buildings located in high-demand CBDs.
McCullough stressed that beyond increasing investors in Metro Manila’s key central business districts, redevelopment can also be the key to spreading growth to other cities in the Philippines.
“We’ve seen in Manila that a push from the local government and support from both businesses and ordinary citizens can inject new life into a megacity,” McCullough said. “We hope that local government units would learn from the experience and start thinking about what they can do to revive old and forgotten areas, create new business districts, and encourage locals and foreigners to visit their part of the country.”