8 of 10 SG businesses see real estate as critical for sustainability goals
80% of Singapore’s 60.7m sq. ft. of office space has been certified green.
Real estate has been identified as a key driver in reaching sustainability goals, as pointed out by eight in 10 businesses in JLL’s latest survey.
The report, titled JLL’s Road to 2030: Greening Singapore’s real estate, is a response to the Singapore Green Building Masterplan, a nationwide commitment to improve sustainability standards by 2030.
“Sustainability has grown increasingly important, as 72% of businesses here have adopted or are planning to adopt net-zero carbon goals by 2025. With the built environment accounting for 40% of carbon emissions globally, real estate presents an effective opportunity for responsible businesses to reduce their carbon footprint,” said Chris Archibold, Country Head, JLL Singapore.
Findings in the survey also show that sustainability is one of the top considerations by Singapore-based businesses. Seven of 10 occupiers are willing to pay a rental premium to lease green-certified buildings. 56% of corporations also plan to adopt green leases by 2025, more than the current 36% who have adopted green leases currently.
Despite this interest, however, the study also found that change is not the sole responsibility of businesses alone, as 82% of businesses see partnerships between landlords and occupiers as essential. Over one-third of respondents cite a lack of support from landlords as a key obstacle.