Greener Living
A Rush for Greener Offices in Asia Is Leaving Hong Kong Behind
Lack of regulations and a property slump are delaying green upgrades to buildings in one of the region’s top financial hubs.
Greenery and outdoor spaces at Airside, an office building on the site of Hong Kong’s old airport.
Source: Airside
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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 centers across Asia — just as demand picks up for more sustainable office space.