The total stock of green buildings in Budapest, including certificates granted for new buildings as well as for existing buildings, totaled 262,000 sq m at the end of 2012.

8.2% of the total modern Budapest office stock. "The increasing tendency continues, since only green buildings are expected to be delivered in the near future. Skanska's recently handed over Green House was pre-certified LEED Platinum and is expected to be the first building to achieve Platinum certification in Hungary soon." - said Norbert Szircsák senior associate of valuation and green building certification teams at Colliers International Hungary.

In 2013-2014 Colliers International expects that all the significant office developments to be delivered will achieve either LEED or BREEAM certification. Váci Greens, Váci Corner Offices, Vision towers and Corvin Corner are actively pursuing BREEAM certification, Nordic Light Offices is seeking LEED certification and Eiffel Palace has indicated their intent to become the first dual certified building in Hungary. The completion and certification of these projects will likely increase the total supply of green office space by an additional 170,000 sq m by the end of 2014; bringing the total stock to more than 12% of the total office stock.

The projection through 2014 does not include the certification of existing buildings which are not currently registered for certification. As the certification of new buildings becomes increasingly common, it is becoming increasingly common for investors to certify their existing buildings under either the LEED for Existing Buildings or BREEAM In-Use rating systems.

LEED for Existing Buildings applies a holistic approach, examining the features of the given facility as well as its operation and the sustainable efforts of the tenants. To date, Váci 33 and Infopark D, have achieved LEED Silver certification, and CA Immo have registered Capital Square and R70 for certification.

BREEAM In-Use applies a somewhat different approach, with three different certifications for the asset's performance, the building management's performance, and the organizational effectiveness of the building occupants. In Budapest BudaWest achieved BREEAM Very Good certification for the asset while IVG's Stefania Park achieved BREEAM Very Good for only the building management.

As the stock of certified green buildings increases and the rating systems continue to develop, Colliers anticipates that the market will begin to differentiate between different rating systems as well as between different certification levels. As the concepts are accepted and market knowledge increases, green certification will cease to be a "yes or no" question and the impact on value will become more nuanced.

"At the same time, building owners and developers will have to learn to 'sell' the green benefits of their building, rather than simply providing a list of green features. Emphasizing the potential for energy savings is doubtless important; however, the overall impact on building service charges is limited. A healthy and ergonomic work environment, natural light, modern lighting systems, and fresh air all influence the productivity of the employees, decrease sick leave, and so generate greater profit for tenants." - added Michael Smithing MRICS, Director of Green Building Certification at Colliers International Eastern-Europe.