Office tenants embrace green initiatives

At the CB Richard Ellis annual Market Outlook breakfast this week, senior negotiator Lorne Somerville said that occupiers, especially the Government, were becoming increasingly focused on sustainability issues.

The Minister for Climate Change, David Parker, has announced that all A grade office buildings to house government staff in central business districts must have a five star green rating, and a four star rating is required for all B and other grade office buildings, says Somerville.

He noted that central and local government occupy over 161,000sqm of office space in the Auckland market, and that as leases expire, they will be required to locate to green buildings.

“Currently there is in excess of 112,000sqm of office space due to come available in the next 24 months in Auckland city fringe. With this level of supply it will become increasingly important to offer this type of property in order to secure tenants,” Somerville says.