Trends in Leasing Environmentally-Friendly Office Spaces in India
With a considerable rise in the share of green office spaces in India and the emergence of important industry leaders in sustainable practices, the green office spaces in India, and leasing sector in India has experienced significant expansion and adoption in recent years.
Table of Contents:
- Increase in Green Office Spaces in India
- Market Leaders and Location Trends
- Analysis of Office Spaces in India
- Driving Factors and Challenges of Office Spaces in India
- Key Aspects of Green Leasing of Office Spaces in India
- Future Outlook and Mission of Office Spaces in India
- Which Are The Top 10 Green Office Spaces in India?
Increase in Green Office Spaces in India
Share of Green Office Spaces in India: Compared to the pre-COVID years, the share of green office spaces in India increased significantly, reaching 16% in the 2022–2023 era.
Growth Predictions: According to the JLL – CRE Matrix research, there is increasing momentum towards sustainable leasing methods, with a forecast that the percentage of green office spaces in India will reach 20% in the upcoming year.
Market Leaders and Location Trends
Global Capability Centers (GCC): Making up 76% of all leases, Global Capability Centers and institutional landlords have been in the forefront of promoting sustainable practices.
Leading Markets: Hyderabad and Bengaluru, which together account for 64% of India’s green lease market, have emerged as the country’s top markets for green office spaces in India.
Analysis of Office Spaces in India
Comparing the 2022–2023 period to the pre–COVID years, the data showed a significant increase in leased area, rising by 132% from 3.7 million square feet to 8.6 million square feet.
Driving Factors and Challenges of Office Spaces in India
Sustainable Practices: Encouraging ethical leasing practices in the sector has been made possible by the combined efforts of occupiers and asset owners.
Obstacles: It has been determined that split incentives, legal complexity, a lack of industry-wide guidelines, and transparency are what prevent green leasing techniques from being widely adopted.
Key Aspects of Green Leasing of Office Spaces in India
Focus Areas: Waste management, energy efficiency, and data sharing are the main areas of attention for green leasing provisions, with a particular emphasis on lowering carbon footprints and encouraging sustainable activities.
Energy Efficiency: Throughout the provisions, energy efficiency is emphasised as a key tool for lowering the carbon impact of buildings.
Future Outlook and Mission of Office Spaces in India
Environmental Sustainability: Over the next 20 years, a move toward green leasing will likely be a major area of concentration for the real estate industry, which is projected to play a significant role in accomplishing environmental sustainability goals.
India’s emission reduction targets are to attain net zero emissions by 2070 and a 45% reduction in GDP emissions by 2030. The real estate sector is projected to play a major role in achieving these goals.
Which Are The Top 10 Green Office Spaces in India?
1. ITC Green Centre, Gurgaon
The ITC Green Centre, which occupies a vast 1,80,000 square feet, has become the standard for green buildings in India. The building, which is situated in Sector-32, Gurgaon, is the first corporate home in India to receive the Platinum Green Building rating from USGBC-LEED (Green Building Council-Leadership in Energy and Environmental Design).
2. Suzlon One Earth, Pune
“One Earth” is another LEED Platinum certified structure that can hold up to 2300 people. Because the building is made of low-energy materials, its carbon footprint is smaller. Ninety percent of the building’s inhabited space is exposed to daylight. While LED street lighting powered by renewable energy is used on the building’s outside, it uses about 25% less power overall. With the help of jet fans, which are part of the ventilation system, 50% less energy is used when old air is frequently replaced with fresh air.
3. Patni (i-GATE) Knowledge Center, Noida
The Patni Knowledge Centre, which has been granted the esteemed LEED Platinum grade, comes next on India’s list of green buildings. The structure, which spans 4,60,000 square feet and is situated in a suburban area of Noida, was planned with a depth that allows sunshine to enter 75% of the occupied interior spaces. Open green space occupies about half of the total area. Furthermore, the campus uses effective water management techniques like drip irrigation, solar water heating, and rainwater collection. All sewage is cleaned up to a hundred percent, and the recycled water is used for flushing, gardening, and tower makeup cooling.
4. Olympia Tech Park, Chennai
The Olympia Tech Park, one of the largest and most sought-after IT parks in Chennai, is situated in the city’s centre (Guindy). Energy-saving measures and an environmentally friendly setting become essential because the tech park is home to multinational corporations that are open around-the-clock. The building, which has one of the highest gold LEED ratings in the world, uses recycling and rainwater harvesting as well as other energy and water-saving measures to achieve zero percent discharge. The building’s dual plumbing line, which aids in the treatment of greywater, is utilised for irrigation or flushing.
5. Infinity Benchmark, Kolkata
The following building on the list is Infinity Benchmark, a 20-story, 5,60,000 square foot green building with LEED Platinum certification. Intelligent humidification controllers and CO2 monitoring devices keep the building’s air quality in check. The building’s exterior walls are composed of brick wall blocks, and for improved insulation, the roof is covered with thick polyurethane foam under the deck. Along with energy-efficient machinery and a waste water recycling system, the facility employs environmentally friendly practices like the usage of electric vehicles.
6. CRISIL House, Mumbai
CRISIL House is considered one of India’s greenest commercial buildings, featuring 14 gardens within the property. Recycled building materials were used to construct the building’s interior, and 70% of the work area is lit naturally by the atrium in the middle of the structure. Energy-efficient artificial lighting is employed at night, lowering carbon emissions. The use of natural lighting has contributed to a 40% decrease in power usage.
7. Indira Paryavaran Bhawan
This eight-story building, which is situated in Jor Bagh, New Delhi, has received five stars on the Green certification for Integrated Habitat Assessment (GRIHA) from The Energy and Research Institute and a platinum certification from LEED. The building recycles all of its water, which lowers water consumption by more than 50%, and uses a geothermal heat exchange technology to lower the power needed to run air conditioning.
8. ITC Maurya Hotel, New Delhi
Parabolic solar concentrators are being used by the first and biggest LEED Platinum-rated hotel in the world, the ITC Maurya. This stunning edifice recycles over 99 percent of its solid waste (either recycling programs or composting), and it was named the “Best Eco-Friendly Hotel” at the India’s National Tourism Awards. More than thirty percent of the food and drinks utilised are produced, harvested, and processed locally, all within a 160-kilometre radius. The building’s usage of low VOC (volatile organic compound) paints is another unique characteristic.
Conclusion
The real estate industry’s increased dedication to sustainable practices is reflected in the rise in green office spaces in India. Despite obstacles, the cooperative efforts of stakeholders and the possibility of large rental arbitrage show that green leasing in the nation is headed in a favourable direction.
Adoption of green leasing methods is anticipated to be crucial in promoting operational efficiency and environmental sustainability in the commercial real estate market as the industry develops.
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