Regardless of the pandemic, corporates still remain resolute in achieving their environmental targets by committing to become carbon-neutral with zero emissions.

Of course, this has significantly increased the demand for green-certified office buildings to rent and own.

Currently, in South Africa’s commercial property sector, R4.7bn worth of buildings meet the CBI criteria, but it is estimated that R100bn of new or refurbished buildings could potentially qualify as green buildings as per the Green Buildings Principles. 

According to Muhammad Gattoo, Head the real estate practice at Cliffe Dekker Hofmeyr (CDH), these green buildings are going to provide a much-needed spark to reignite interest in the commercial real estate market. “The last 18 months has put the commercial property market through a lot of twists and turns.

It is no secret that lockdown has put seriously dampened the commercial property market, but as things clear up and vaccinations continue to bolster confidence, much interest has been seen in revitalising plans to redefine this sector.”

There are a few things to consider, such as the following:

· The challenges faced by the commercial property sector over the last 18 months?

· How green buildings work from a legal perspective?

· How does South Africa compare to the rest of the world when it comes to green commercial property?

· Regulations and compliance issues in South Africa

· How does a business need to approach purchasing a new or refurbished building?

CDH’s real estate team is available to share their insights.

ENDS