Sustainability legislation, demand push Asia’s office sector to be proactive
Sustainability legislation threatens to make many office buildings obsolete, increasing the impetus for investors to implement strategies that proactively improve their office portfolios. That is one of the main takeaways from a recent podcast by Cushman & Wakefield, “Is Sustainability Causing Obsolescence?” The podcast is the third installment of the company’s series, “Rethinking the Office Sector in Asia Pacific”.
Mika Kania, senior director of sustainability and ESG, Asia Pacific, at Cushman & Wakefield, discussed the challenges facing investors as they seek to adapt to an environment where the ESG regulatory landscape varies notably from country to country but few global frameworks are in effect. Yet, many countries have set decarbonisation targets, so implications on real estate assets are significant. The built environment accounts for up to 40 percent of greenhouse gas emissions, said Kania, and governments will continue to implement further regulatio