Only 40% of Hong Kong’s premium office spaces are green-certified, compared with more than 70% in Singapore, Sydney and Tokyo. — Bloomberg
A LACK of green offices is posing a fresh risk to Hong Kong’s beleaguered property sector amid a slump that’s already wiped billions of dollars from real estate values.
Faced with record vacancy rates and dwindling revenues, developers are reluctant to invest in expensive building upgrades to boost climate credentials and are as a result falling behind competing financial centres across Asia – just as demand picks up for more sustainable office space.
