The recently released CBRE-CII joint report titled ‘Indian Real Estate: Taking Giant Strides - 2023 Mid-Year Outlook’ highlights the growing focus of developers and occupiers on sustainability, green-certified office stock in India, which has increased by over 36% since 2019 to about 342 mn. sq. ft. across top six cities in India. Bangalore, Delhi-NCR, and Mumbai are among the top 3 cities spearheading green-compliant office spaces with a cumulative share of ~68% of the total, green-certified office stock in India as of June’23. Certified green office stock also increased substantially, growing at a CAGR of ~7.1% in the last ~5 years.
Enhanced focus on global and domestic Environmental, Social and Governance (ESG) regulations are driving occupiers’ flight-to-quality wave towards modern, premium, and sustainable spaces in the medium to long-term. Sustainable building features and operations are increasingly becoming the most sought-after building attributes. As per the report, Bangalore tops all Indian cities with the highest green-compliant office stock, accounting for ~30% of the total pan-India stock, followed by Delhi-NCR with ~21% and Mumbai with ~17% of the total certified office stock in India as of June ’23. Green office stock in Hyderabad accounts for ~15%, Chennai 9%, and Pune 8% of the total pan-India stock.
Global and domestic occupiers are prioritizing sustainability and have committed to targets with far-reaching impact. Global and national mandates, including the Corporate Sustainability Reporting Directive (CSRD), Enhancement and Standardization of Climate-related Disclosures, and India’s Business Responsibility and Sustainability Reports (BRSR), push occupiers to continue leasing in next-generation, green-certified office spaces.
Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, said, “As the economy gains momentum and the real estate sector thrives, there is a growing emphasis on ESG and its compliance. We anticipate accelerated demand in modern, tech-enabled, and green-compliant spaces in the upcoming quarter. Additionally, we also expect alternative segments such as GCC’s, data centres and flexible workspaces to play a pivotal role in bolstering real estate growth.”
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