The Hungarian real estate market is getting greener
October 21, 2016
Today one quarter of modern office buildings in Budapest have a sustainability evaluation certification, and even among the older office buildings a growing number apply new technologies. Almost all new real estate entrants offer architectural and environmental management solutions to their future tenants. Held by the world's largest real estate advisor, CBRE’s Green Week campaign, organized each year, aims to raise the awareness of the global real estate industry about social responsibility towards the environment by reaching its more than 70 thousand employees as well as its customers.
The Hungarian real estate industry is also becoming more committed to sustainability: today every fourth office building has a BREEAM or LEED certification, which in the case of Budapest means that now 56 buildings with about 830 thousand square meters of office area provide a sustainable working environment for their employees and their environment as well. The vast majority of newly built or under construction office buildings is green certified: in the case of areas pre-leased before construction the share of green-rated sites in Budapest is 91 percent. CBRE's real estate asset management business in Hungary operates office buildings and shopping centers - in the case of properties where it is possible - taking into maximum account the green, sustainability aspects.
In order to call the attention of the real estate professionals to the importance of sustainability, CBRE launched the Green Week initiative in 2013, in which "green aspects” come into the forefront both in the employees' own work and in their relations with their clients. CBRE's Sustainability Advisory business unit provides strategic advice about the minimization of the risks to sustainability to one thousand properties - around a total of 4.4 million square meters of area - of 30 real estate funds around the world managed by CBRE Global Investors Asset management. CBRE's Green Week initiative also draws attention to the well-being of the staff; that their mental and physical health must be a priority for every company.
According to CBRE's own internal standards, it is preferred to operate its offices only in green-certified office buildings all around the world. The Budapest office operates in a building with LEED New certificate. CBRE also emphasizes to its clients the initiatives applied in the name of sustainability and based on the individual responsibility (efficient commuting, recycled office equipment, energy-saving, greywater re-use, paperless solutions, etc.): both in the case of real estate operations and in the field of real estate development.
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