Archive for the ‘Sustainability’ Category

Are Savings Just Thin Air?

Thursday, April 25th, 2013

On a trip back to Scotland a couple of weeks ago, what jumped out at me was how much better the air quality was in comparison to Hong Kong.

This is far from a new topic, but realistically how do we address air quality in emerging Asia? In thinking of the interest groups and stakeholders involved this reminded me of the dilemma originally raised by ecologist Garrett Hardin. His theory tackled the socio-economic dilemma of a group of individuals when sharing a common resource. Known as “the tragedy of the commons,” this theory can be applied to a myriad of scenarios when society shares a common resource – in this case the wider environment.

In its simplest sense, the theory references the practice of medieval common grazing by herdsmen for their cattle. It goes something like this. Any single herder will have a personal motivation to add one more cow to his herd, because even if the results of adding additional cattle to his herd cause overgrazing and damage to the pastures, the herdsman receives all the economic benefit of adding those additional cattle, whilst the damage to the lands is shared by all.

Now, I’m not going to solve the air quality issues in Hong Kong in 500 words, but what is clear is that we all have a stake and responsibility in tackling these issues and this applies as much to real estate professionals just like myself. With a significant proportion of energy consumption being taken up by real estate, globally we have a duty and a responsibility to drive forward change to improve the impact we have on our “pastures.”

Now what Hardin did not address in his paper was technology. Technology provides solutions to problems. Yes we can legislate, but the winning argument in relation to real estate in this debate in my mind is simply the bottom line. When businesses start to see the savings and benefits to their bottom line of adopting more sustainable new technologies in real estate, adopting new best practice will just become the natural course. Technology is already moving fast and the real estate industry has some brilliant technologies at hand already.

The savings from sustainability are very real, not just on the impact we have on our “pastures” but on the bottom line. A great example is our new LEED Platinum office in Hong Kong. Our new office consumes 13% less energy per sq ft and better air quality has greatly improved the environment, indeed we’ve seen a 32% reduction in absenteeism.

I’m not saying technology has all the solutions now and that the payback times and the investment are not prohibitive at times. However, what is true is that the more it’s adopted, the more the costs will come down making it a more viable option.

A project we undertook in New York on the Empire State Building is a great example of how savings can be made even today. Not only did we deliver a project to improve sustainability which would pay for itself in three years by saving US$4.4m per annum in energy savings, the energy reduction and thus the impact on the planet, was in the region of 38%.

So the lesson is this, not only is the technology here to save us from a similar “tragedy of the commons,” but it’s improving every day. The savings to the bottom line are real and it’s up to us as real estate professionals to promote best practice in our industry. We can’t solve transport and factory pollution; however, with a little effort from all stakeholders, there will be some very tangible benefits for the wider environment and also the bottom line of developers, tenants and landlords – our clients.

About the author
Roddy Allan is a Director, Asia Pacific Research for Jones Lang LaSalle, based in Hong Kong.

Posted in Affordability, Air Quality, Asia Pacific, Asia Pacific Economy and Property Markets, Commercial Property, Corporate Real Estate, Economic Research, Economy and Real Estate Markets, Finance, Hong Kong, Occupier Strategies, Pollution, Real Estate Research, Sustainability, Technology, Urban Issues, Workplaces | No Comments »

Dodging A Bullet – How Meteorites Affect Real Estate

Friday, March 1st, 2013

A few weeks ago a 50-metre wide meteorite named 2012 DA 14 passed a mere 17,000 miles from Earth. We can be grateful that this wandering space traveler came to pass, and didn’t come to stay. But a few days later the much smaller Cherbakul Meteorite did collide with the Ural Mountains, injuring an estimated 1,200 people.

The Earth, astronomers observe, is in a bad neighbourhood from the meteorite perspective. But at least we can expect some advance notice of a major collision. It’s instructive to contemplate the impact on real estate of, say, a two-week warning that civilisation was about to be obliterated.

A buyers’ market would emerge. Values and leasing activity would fall. Spending on some discretionary items – hotels, casinos, for example – would rise sharply, as would overtime rates for waiters and croupiers. Other discretionary retail outlets – furniture stores, health clubs, for example, would stand empty. Some service providers such as dentists would suffer mass cancellations. Online retailers might experience a short-lived boom. And, with a spike in credit card use, interest rates would rise: but who would care?

So, why is this relevant? Because right now official interest rates in many economies are at, or close to, zero. Bond yields are near multi-decade lows. It’s the meteorite thought experiment in reverse. Low interest rates have many, and sometimes unexpected, impacts on real estate.

Low interest rates imply low investment hurdle rates and long pay-back periods. It is precisely these trends that monetary authorities hope will tempt companies and households back into investment and spending mode.

Sustainability is a front-line topic right now, and low interest rates favour the environmental argument. Low interest rates encourage construction, which is energy intensive. But, by extending payback periods, the type of construction is also altered. Longer payback periods support investment in structures with longer life cycles. One reason why the 1970s is now widely regarded as a decade of poor design is because it was also a decade of high interest rates.

But not all construction is encouraged. Option prices also fall along with interest rates. So owners of vacant land are in no hurry to get into development mode – the opportunity cost of waiting is low. But many existing buildings, designed for a higher interest rate economy, will now seem under-specified. So look for a cycle of refurbishment and upgrading of existing assets.

Low interest rates also have locational impacts if they are regarded as permanent. Mining companies adjust, where they can, to exploiting lower grades of ore or reducing the rate of extraction, therefore extending mine lives. Exploration is encouraged. So investment in infrastructure, houses and shops in mining communities becomes more viable.

Low interest rates encourage investment in human as well as physical capital. More years of study increases demand for student accommodation. But it takes longer for workers to build up retirement savings. So people enter the work force later, and leave it later. Demand for retirement accommodation may be postponed.

The impact of today’s low interest rates is complex, diverse and likely to be with us for a long time. But be warned: at any time 2013 DA 15 could emerge from the cosmos and throw all these trends into reverse.

About the author
David Rees is the Head of Research for Jones Lang LaSalle in Australasia, based in Australia.

Posted in Capital Markets, Student Housing, Sustainability | No Comments »

Green Building Value In The Philippines – An Appraiser’s Perspective

Friday, October 26th, 2012

Sustainable development is one of the new trends in Philippine real estate, which aims to minimise the adverse environmental impact of continuous property development.

Nevertheless, is sustainability considered a key factor in property selection in the general Philippine market? Moreover, do green building technologies increase property value? From a valuer’s point of view, we can determine this using the three approaches to property value.

The Market Data Approach compares the transacted rents or sales prices of properties comparable to the subject green building. These prices are adjusted upwards or downwards, based on such considerations as size, location, transaction timing and amenities, among others. These are key considerations commonly regarded by prospective property tenants and/or buyers. Unfortunately, green building features are not necessarily among these factors, at least not within the current Philippine context.

Under the Cost Approach, we estimate the cost to construct a green building, net of estimated accumulated depreciation. Given that construction methods and materials for green buildings are not applied to conventional projects, there is a definite premium applied to their development cost. Project consultants peg this premium as high as 30% over conventional constructions. For depreciation rates: consultants estimate that environmentally sustainable buildings will last longer than traditional counterparts. However, since green building advocacy is still in its early stages here, there is a dearth of useful actual useful benchmarks to determine this rate.

In the Income Approach, operating income of the property is first determined. Based on what we have seen so far, the rents and associated lease terms for green buildings in the Philippines are well within the range of those non-green buildings of the same development grade (i.e. Grade A). Operating expenses which are then deducted are generally within the normal range charged by the non-green buildings. As mentioned earlier, green building generally involves higher development costs translating to higher initial capital expenditure (capex) for developers. Then again, green building technologies are generally more cost effective than conventional constructions, in the longer term the capex for non-green buildings could subsequently be higher as these developments age. Thus using this approach and in the absence of reliable local benchmarks, the net cash flows of green and non-green buildings could have minimal difference when you factor in the higher initial development costs associated with green buildings.

Although there is no palpable rental rate premium directly associated with green building features in the Philippine market, there are fundamental and intrinsic values to adopting green building technologies. Presently, green building developments provide a viable option for occupiers at immaterial price differentials given the substantial supply coming into the market. In the long run, benefits of these technologies are projected to be more cost effective to occupiers and developers alike due to efficient and lower management costs. Correspondingly, rental rate differentials directly associated with green building technologies can become increasingly more acceptable.

As sustainable real estate development in the Philippine market gains more ground and as the cost effectiveness of this approach becomes more apparent, we are optimistic that stakeholders will likewise elevate green building features among primary considerations for property selection; in turn making price premiums directly associated with green building technologies well-founded.


About the author
Sharon Saclolo is a Research Manager for Jones Lang LaSalle in Philippines, based in Manila.

Posted in Philippines, Sustainability, Valuation | No Comments »

The Rise (Of Flood) In Metro Manila: Lessons And Opportunities

Friday, August 24th, 2012

Metro Manila experienced heavy flooding again following days of torrential rain in the recent weeks. The amount of rainfall rivaled that brought about by the tropical storm Ondoy three years ago. The widespread flooding in Metro Manila in 2009 not only affected the real estate values but was instrumental in reshaping urban development trends consequently.

Physical damages and emotional stress from such continual flooding have added to the strong demand for high-rise accommodation. As of August 2012, the total number of new residential condominium units which will be made available within the next three years is more than 142,000 units. As high-rise accommodation presents a better housing alternative for urban dwellers, the developers are also looking for locations that are less prone to flooding. This has led to an observed increase in real estate values in certain areas, where new communities could be established.

While the flooding and the need for high-rise accommodation seem inevitable, a more balanced and holistic development should be advocated. The infrastructure (including adequate drainage) and support facilities and services should be sufficient to provide a more sustainable growth of these high-density developments/precincts. Indiscriminate development without concern of the local social and environmental impact could not only result in further degradation of the community and quality of the environment, but led to imbalanced sprawl and artificially inflated real estate values, which could have far more damaging repercussions in the future.

At the same time, this phenomenon presents a new venue to review and look at how other neighbouring countries have resolved the issue of balanced development in providing affordable and safe accommodation, especially for the low- and middle-market segments. Flood-prone areas are not necessarily ineffective to rebuild, but new technologies and measures to minimise the adverse impact of frequent and damaging flooding on property developments should be introduced in the process.

With a more conscious commitment to providing balanced urban and property development, the movement of real estate values is sure to follow a steady, long-term growth path, while the inefficiencies that may be brought forth by indiscriminate building will also be minimised.

About the author
Claro Cordero Jr. is the Head of Research, Consulting & Valuation Advisory for Jones Lang LaSalle in the Philippines.

Posted in Philippines, Residential Research, Sustainability, Urban Development, Urban Issues | No Comments »

Clouded Value of Green Real Estate – India

Thursday, May 31st, 2012

The ever rising cost of energy and water along with the growing concern for the environment is gradually strengthening the need to develop green buildings. However, the concern over the additional capital cost and uncertainty over the return are the daunting the investment sentiments in green buildings. In empirical terms green buildings have been observed to be profitable ventures due to savings in energy and other operational costs. However, most of the benefits are intangible and cannot be translated in terms of cash flow which can be used to assess the value of the buildings or project viability. For example, better working conditions cannot be translated directly into money and so there is always the risk that the green aspects or the sustainability measures will be over or undervalued.

There are various methods of valuing buildings. But every method has its own challenges when it is used to value the green or sustainable aspect of a building. In the following discussion we will talk about the most popular methods of valuation such as the Direct Comparison Method, Rent Cap Method and Discounted Cash Flow (DCF) Method. If we want to use the direct comparison method to value a green building, the challenge is to find a similar building that has been transacted. If we value it against any conventional building the sustainable aspect of the building cannot be valued. If we consider the rent cap method of valuation, which uses the cap rate driven by market dynamics to find the value of a building based on total earned rents that drives the cap rate, it neglects the green aspects of the building. This method can only be successful in valuing a green building if the rent also reflects the sustainable aspects.

The discounted cash flow method, which is one of most accepted methods of valuation, considers the cash inflow and outflow. Thus, for a green building, the sustainable aspects of the building can be considered to a large extent in this method of valuation. There are few standard mechanisms to assess the energy savings and water savings of green buildings. However, DCF method has challenges of translating all benefits in terms of cash flows. For instance, there may not always be a rent premium for green buildings as rents in most cases are driven by demand-supply dynamics.

So there are many uncertainties regarding the valuation of green buildings due to lack of data and information. However, it is just a matter of time before change comes. The growing demand from occupiers, due to increased energy cost is putting pressure on developers to develop green buildings. The increase in numbers of green buildings will automatically increase awareness of them and as the market matures there will be benchmarks, comparables and databases to show the value of the green aspects of buildings. This will bring in more clarity and transparency in valuation of green buildings. Thus the investor’s confidence in green buildings will improve.

About the author
Trivita Roy is the Manager of Research and Real Estate Intelligence Service, for Jones Lang LaSalle in India, based in Hyderabad.

Posted in India, Sustainability | 1 Comment »

What Really Is A Green Office Building In China?

Tuesday, March 20th, 2012

A key theme of the 12th Five Year Plan in China is environmental protection and energy use reduction. As green becomes a prominent trend in the real estate sector, many newly constructed office buildings here have jumped on the bandwagon and started advertising their green credentials. New construction certifications go a long way towards making a building green, by requiring advanced design features. However, it is the total resource consumption during the building’s lifetime that has the biggest environmental impact. The emphasis has thus far been on developing new buildings with green design features and certification in order to make them marketable. Some might even call this “green washing”. The next step is to ensure that those buildings operate consistently in an energy efficient way. These are the real green buildings.

Processes and management practices are equally, if not more important than green design features. Proper operation and management translate into lower energy consumption over the building’s lifetime. To use the analogy of an environmentally friendly car, one would not say that a car was “sustainable” because it was designed with fuel efficient tires or electricity-saving headlights. It would be called environmentally friendly if it was fuel efficient and could drive many miles to each gallon (or kilometres to each litre) The overall impact of this car would be the amount of fuel that it consumed during its lifetime, a function of how much it was driven.

In China today we are seeing a lot of “eco-bling”. The main focus for a building’s construction and management should be process driven rather than feature-driven. Rather than installing a complicated new design feature that may be operationally inefficient, existing technologies should be optimised to perform in the best possible way. To read more on this topic, our upcoming white paper on green office buildings in Shanghai will explore these issues in-depth.

About the author
Steven McCord is an Associate Director in Jones Lang LaSalle’s research team in China, based in Shanghai.

Posted in China, Office Research, Sustainability | No Comments »

Towards Sustainable Green Development In The Philippine Setting

Tuesday, March 13th, 2012

In recent weeks, the Philippines was in the headlines again when cnbc.com ran a story entitled, The Best Countries for Long-Term Growth, which was based on a report from HSBC, The World in 2050, citing the country as the world’s fastest growing economy in terms of the absolute size of its GDP over the next 40 years. The study prepared by HSBC examined the different economies which possess strong growth prospects in the future driven by inherent competitive advantages such as demographics, natural resources or geography.

This bright projection of the economic performance of the Philippines is complemented by the country’s efforts to introduce green or sustainable means of development. With the rising initiative to introduce environmentally-sensitive methods and technologies in construction, local stakeholders are now aware of the countless benefits which will result, not only in addressing the problems of climate change, but also in reducing construction and long-term property management costs.

In the quest to introduce improved systems of development, locally-available and ecologically-sustainable building materials to support effective construction designs have been re-discovered. The degree of energy efficiency and the ability to recycle other resources have increasingly become incentives to developers, as property management costs are significantly reduced.

The serious move to encourage sustainable development designs and buildings prompted the creation of a local ratings system called the Building Ecologically Responsive Design Excellence (BERDE) – the local counterpart of the US Green Building Council’s Leadership in Energy and Environmental Design (LEED) design standards, in promoting green architecture and design. BERDE is aimed at considering the management (or upkeep) and heritage conservation of developments as well as formulating a unique metric – with emphasis on land use, storm water management, and access to mass transport systems – to measure the environmental impact in the context of the Philippines market and standards.

Various developers have decided to join this movement and several local governments have also given it their support by providing certain tax credits to encourage the development of effective and sustainable architectural designs, construction technologies, and property management systems. The success of this new type of development will certainly encourage more developers, with the help of local governments, to build better cities and communities. As the country is poised to become one of the more important players in the global economy, what is clear, for now, is that the success factors in maintaining the country’s competitive advantage are being enhanced by concerted efforts towards sustainable development.

About the author
Claro Cordero Jr. is the Head of Research, Consulting & Valuation Advisory for Jones Lang LaSalle in the Philippines.

Posted in Economic Research, Philippines, Sustainability, Urban Development | No Comments »

Green Rating For Small Projects In India!

Tuesday, January 17th, 2012

The conceptual execution of green buildings in India is still considered to be in its emerging stages, while the Indian vernacular architecture focuses on construction of climate friendly houses. However, in recent times the popularity of green buildings in India has found more favour on account of the green rating that the buildings achieve. Most of the green buildings are marketed based on the rating they have achieved, be it IGBC LEED India or GRIHA – the two major rating systems in the country or international rating system LEED by USGBC. Interestingly, these rating systems are not only for large projects such as townships and industrial buildings but also for small projects such as residential buildings and other small size commercial buildings.

IGBC (Indian Green buildings Council) launched Green Home Rating System for residential projects which include individual homes, high rise residential apartments, gated communities, row houses and existing residential buildings which retrofit and redesign. GRIHA (Green Rating for Integrated Habitat Assessment) by TERI (The Energy Research Institute) launched SVAGRIHA (Small Versatile Affordable GRIHA) for projects with built up area less than 2500 sqm. SVAGRIHA includes design and evaluation of individual residences and small commercial buildings. Projects with small area have a cumulative effect on the environment as they the use a significant amount of energy and water. The rating system is expected to help these buildings to earn carbon credits based on their energy savings. This will add to the value of the building along with a reduction in operational costs. Therefore, these ratings are expected to generate more encouragement for the development of green buildings.

IGBC Green Home Rating System focuses on residential buildings. It evaluates on criteria such as sustainable sites, water and energy efficiency, indoor environment and innovation for certification. SVAGRIHA is an affordable rating system and a design and rating tool. SVAGRIHA will help a registered project with sustainable design solution where required and rate it accordingly. It evaluates on criteria such as passive architectural design, fenestration (the design and placement of windows in a building) design, artificial lighting, rainwater harvesting, innovation and usage of renewable energy.

The green foot print is increasing consistently in India. The increasing awareness about sustainability and increasing energy costs are driving the development of green buildings in India. From a mere 20,000 sq ft in 2003 it has increased to about 1 billion sq ft in 2011. This is expected to increase even further with the introduction of rating for small projects such as IGBC Green Home Rating System and SVAGRIHA. Small real estate projects form a very large part of real estate development in India and have a significant impact on the carrying capacity of land and its resources. If these small projects consistently and slowly start adopting sustainability principles in their design to get rated so that they can earn carbon credits, this will definitely have a significant, positive impact on the efficient usage of resources and reduce carbon foot print and in turn increase the green foot print.

About the author
Trivita Roy is the Manager of Research and Real Estate Intelligence Service for Jones Lang LaSalle in India and is based in Hyderabad.

Posted in India, Sustainability | 1 Comment »

Fooling the Space Index: Strategic Densification of Mumbai

Monday, January 9th, 2012

Per the recent census of 2011, the Mumbai Metropolitan Region has over 23.5 million people. To house this population on the ground floor, assuming a household size of 4 and dwelling units of 900 sq ft per family which are laid wall to wall, we would need 121,384 acres of contiguous land. If all these houses are built facing the street (for access), providing a frontage of 20 ft to each unit, the total length of the street would be 35,606 kilometres!

Being the commercial capital, the city attracts not only migrants from all parts of India, but also has a high floating population which commutes to the city for work everyday. This high density calls for developments to be vertically stacked by design, with multiple functions layered one over the other. Still the case for increasing the Floor Space Index (FSI) in the city, which would enable more construction over the same land area, has always been met with stiff resistance on practical, sustainable and ethical grounds. Permissible FSI in South Mumbai is 1.33, while that in the suburbs has recently been increased from 1 to 1.33. Additionally, developers can purchase Transfer of Development Rights (TDRs) and construct up to a FSI of 2. However, this is low compared to global destinations, such as Singapore, New York and Hong Kong Island Urban Area, which have FSI of 5, 10 and 12 or above respectively within a radius of 10 kilometres from the city centre. What does this imply for Mumbai real estate?

Real estate developmental density in Mumbai has not kept pace with the growth in population density. Due to the huge pressure on its already scarce land resource, market forces have tended to circumvent the base FSI regulations and build more through ‘discretionary approvals’ in lieu of construction of civic amenities such as parking structures. Also, certain construction features, which were excluded from FSI such as balcony, flower-bed, voids and niches, were manipulated so that they could be utilised as habitable spaces post construction. These innovative circumventions of building regulations are nothing but ‘creative feedbacks’ by the industry.

Last week, the Government disapproved of these discretionary approvals for construction, and has come up with amendments in the Development Control Regulations. To increase transparency and remove layers of regulations, an all-in FSI calculation has been stipulated, which includes the FSI-free design features. In lieu of lost volume of construction, developers can build 35% extra (as Fungible FSI) by paying a certain premium to the Government. This could keep the construction volumes nearly the same, as developers used to overbuild nearly 25%-30% as FSI-free features. However, now, the developers would be more inclined to include this extra 35% as usable carpet area in the properties, resulting in better efficiencies in terms of carpet area to saleable area ratios. We could see more box-like residential towers which provide a maximum habitable area to the tenant, instead of lavish architectural projections such as balconies and other design features. It would also make the industry a level-playing field for developers, due to the purge in discretionary approvals.

The moot point to debate is: Is Mumbai building enough? Should FSI be increased from its current levels of 2 to 5 or 10? The issues are as much scientific and statistical as they are ethical. Some points to ponder:

• Strategic densification through a differential FSI regime based on micro-zoning instead of the current uniform FSI system is the key for balancing densities with infrastructure.
• Construction volume is directly dependent on the carrying capacity of developed infrastructure in terms of roads, water and power. Hence, permissible FSI can be mapped with projected completions of infrastructural projects, leading to zones or corridors of high-density development.
• Urban renewal should not be blindly incentivised by higher FSI, as it might lead to congestion in zones which have older properties.
• Strategic densification of suburban nodes could be explored as development of infrastructure is convenient at low-density locations.
• Premium monies collected for higher FSI should be compulsorily ploughed back through investments in infrastructural development.

About the author
Himadri Mayank is the Senior Manager, Research and Real Estate Intelligence Service for Jones Lang LaSalle in India.

Posted in India, Land Supply, Public Policy, Sustainability, Urban Development | 2 Comments »

Smart Ideas for Eco-efficient Facilities

Wednesday, August 3rd, 2011

Recently I had an opportunity to visit the Microsoft Campus in Hyderabad. I was really excited and curious to visit a company’s campus which has a 3R sustainability policy (reduce, reuse and recycle). As I walked into the well maintained campus, a thought crossed my mind: I wanted to know how they implement the 3R policy and whether it was cost effective.

As Jones Lang LaSalle manages the entire Microsoft campus, I met the facility managers. I was really pleased to know that from landscaping to waste management in the building, sustainability policies are followed. Moreover, facility managers definitely can’t go high on spending as this affects their margins. So they have to implement green ideas in a cost effective way. Facility managers at the Microsoft campus were actually successful, to a large extent, in implementing the 3R policy in a cost effective way through “simple ideas”.

Yes, the ideas were actually very simple yet eco-friendly. Let me share a few instances where simple ideas made big changes. For example, facility managers de-weeded a lake within the Microsoft campus by using a species of fish which feeds on water weeds. They were successful in clearing the lake without affecting the ecosystem of the lake. In another instance, the boundary wall of the campus was to be moved to widen a road under instructions from the Government authorities. Facility managers managed to save and replant about 98% of the plants and trees that were landscaped around the boundary wall of the campus.

In addition, facility managers were also successful in reducing energy usage in the buildings. As the facility managers detected that there was energy wastage due to the air conditioning in partially occupied spaces, they introduced a VAV (Variable Air Volume Controllers) in the HVAC (Heating, Ventilating and Air Conditioning System) which is space-, location- and occupancy-specific. This resulted in an 18% reduction in energy usage by the HVAC. The lighting system was also retrofitted with LED lamps to reduce energy usage for lighting by about 50%. These ideas were not only eco-friendly but also very cost efficient.

Similar ideas to manage commercial facilities so that there is energy efficiency and conservation of the environment are being implemented in other corporate facilities such as IBM, Computer Associates and Accenture etc. It was a really good experience to know that these facility managers are actually making the triple bottom line (people, planet and profit) happen through simple but important changes in their approaches to managing facilities. Napoleon Hill, quite rightly, said that “Ideas are beginning points of all fortunes.” Simple ideas can really give smart approaches towards sustainability in managing commercial facilities. These can bring stark changes in saving energy and the environment which can be converted to tangible and intangible benefits.

About the author
Trivita Roy is the Manager of Research and Real Estate Intelligence Service, for Jones Lang LaSalle in India, based in Hyderabad.

Posted in Facility Management, India, Sustainability | No Comments »