Cities brace for shortage of net-zero carbon office stock

In some cities, governments have already been playing a crucial role in addressing the supply-demand gap for NZC-ready office spaces.

Some have implemented legislation while others have dished out incentives to bolster the pipeline of NZC-ready buildings through retrofitting initiatives.

In June this year, Australia formally incorporated an energy performance measure in its National Australian Built Environment Ratings System (NABERS) to reward electrification of buildings and the procurement of renewable energy for building operations.

Similarly, Singapore’s government last year provided subsidies to building owners to lower upfront capital costs for energy efficiency retrofits, depending on the level of energy standards attained.

In the absence of sufficient NZC-ready buildings, proactive government support will determine how quickly cities can achieve their net-zero built environment goals.

“Only a handful of office buildings in Asia Pacific matches the criteria of a zero-carbon building today,” says Miglani. “The involvement of governments, coupled with corporate demand and action, will fuel the momentum and ensure a steady pipeline of NZC-ready office stock in the future.”