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By the End of 2015 the ‘Green’ Office and Industrial Stock is Expected to Grow Up to 1.2 million sq m

Moscow, 30 September 2013 - Within the XII International Investment Forum ‘Sochi-2013’ Christophe Vicic, Member of the Board of Directors of Jones Lang LaSalle in Russia & CIS, Chairman of the Real Estate committee of the Association of European Businesses, presented the ‘green’ building research results covering both Russia and the global market.

According to Jones Lang LaSalle, nowadays in Russia more than 24 buildings have been certified to international environmental standards, including 12 BREEAM, 6 LEED, 5 BREEAM In-Use and 1 project certified both LEED and BREEAM. The total area of certified buildings is 450,000 sq m.

The office segment leads in terms of the ‘green’ buildings amount (43% of the total real estate volume certified in Russia), the industrial sector is ranked #2 (31%), the third position is represented by such specialized schemes as educational facilities. The shopping centres and residential properties share of the total ‘green’ market volume in Russia is not significant.

Certified real estate buildings in Russia, by sector
Certified real estate buildings in Russia, by sector_30_09_2013.png
Source: Jones Lang LaSalle

Christophe Vicic commented: “In the two years to come we expect a significant growth of the ‘green’ building market. Thus, until the end of 2015 the total stock of certified offices and warehouses in Russia will reach 1.2 million sq m, and 1.7 million sq m of sport and infrastructure schemes are to be certified as well. As one of the key market drivers we consider the coming international sports events – the Olympic Games 2014 in Sochi and FIFA World Cup 2018; majority of schemes integrated into these events have to be certified to LEED and BREEAM. Besides, the Skolkovo Innovation Centre projects are also implemented in accordance with the ecological standards.”

While the ‘green’ building market is just emerging in Russia, it is already quite developed globally, and provides the opportunity to analyze ‘green’ technologies impact on the real estate market.
“According to the RICS research conducted in the USA – the most developed market in terms of ecological certification – rental rates in ‘green’ building are on average 3% higher than in the similar class, but not certified schemes. The asset investment value is on average 7% higher when ‘green’ technologies are applied, - Christophe Vicic said. – Having said this we need to clarify – it’s not ‘green’ buildings that increase in price, on the contrary it’s uncertified projects that lose their value as they become less demanded by occupiers and investors.”
Christophe Vicic also said that the ‘green’ technologies influence on a property development cost is highly overestimated. “According to the market perception, the cost of implementation of the energy saving solutions increase the overall development cost by 0.9-29% when the real experience shows that this indicator does not exceed 0.4 to 12.5% which is at least twice lower. With the green market development this index will only fall thanks to new technologies and experience gained in already implemented projects. It ultimately shows the growing expertise in the field,” – he concluded.

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 242 million square meters and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management.
In Russia and CIS Jones Lang LaSalle have offices in Moscow, St. Petersburg, Kiev and Aktau. Jones Lang LaSalle, Russia was voted Consultant of the Year in 2004, 2006, 2007, 2008, 2009, 2010, 2011, 2012 and 2013 at the Commercial Real Estate Awards, Moscow and Consultant of the Year at the Commercial Real Estate Awards 2009, St. Petersburg.
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