141103 GOT Guidebook (with cover & back)_final - page 16

CH 1
HKGBC Green Tenancy Driver for Office Buildings
The development and implementation of
Green Tenancy for companies require the
collaboration of all stakeholders which
includes Landlord, Tenant and Property
Management Companies. One of the biggest
hurdles to implement Green Tenancy is to allow
the recipients to understand that the incentives
far outweigh the costs or complications
involved. From the examples mentioned
earlier, it is seen that some companies are
conscious to their environmental footprint and
are taking active steps to reduce strain on the
environment. However, the majority of office
buildings in Hong Kong have yet to take the
initiative. In addition, there is a large variation
regarding the practices employed, and a
lack of collaboration between Landlord and
Tenant. Hence, there is an urgent need to raise
awareness and encourage Landlord, Tenant
and Property Management Companies, by
introducing a set of standard guidelines that
can be utilised by them.
Hong Kong’s
Benefits include:
• Premium rental value and occupancy rate
• Improvement in Corporate Social Responsibility and relationships between stakeholders
• Enhancing and facilitating the formulation of sustainable objectives and feedback
• Improvement in co-operation that allows for enhanced Landlord-Tenant relationships
• Recognition as an industry leader
• Early investments on reducing consumption and being more sustainable allows for future
proofing against potential increases in cost as a result of scarce or polluted resources
• Consistency and complements with BEAM Plus
• Lower overall energy and water resources consumption, and related costs
• Reduction in waste generation and cost. Through this, it encourages recycling and also
reduces load on HK Landfills
• Increase in recruitment and retention rates with Improved productive working
environments for employees
The proposed Green Tenancy will benefit all stakeholders not just financially, but also
in terms of inter-corporate relationships, corporate image, sustainability, environmental
impact reduction, and more.
Green Tenancy
Green Tenancy is a world-wide trend in sustainable development, of which no clear
evidence seems to be shown to correlate it with the rental value. Indeed, there
are some clues reflecting the benefit of the landlord-tenants collaboration. Say
for example, in United Kingdom, one of the land developer ‘British Land Co PLC’
operates its assets, Exchange House and 10 Exchange Square with sustainable
management and joint effort in implementing green initiatives among all stakeholders
in the office buildings. It, as a result, generated 7.5% rental premium on average of
the estimated rental value in its office leasing in 2012.
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