Makati City has shifted 11 of its largest government-owned facilities to run on 100% renewable energy, in what Mayor Nancy Binay cast as a defining step in her first year in office and a signal of the financial and environmental direction she wants for the country’s premier business district. The facilities, which include city hall complexes, a public university, a hospital and several schools, have a combined average monthly peak demand of 5.76 megawatts, making them among the most energy‑intensive in the city’s portfolio.

The first phase of the transition is anchored on a Renewable Energy Supply Contract with ACEN Corporation and covers the New Makati City Hall, which alone accounts for 2.09 MW of peak demand, the University of Makati at 1.33 MW, and the Makati Coliseum at 0.46 MW. Also included are Makati City Hall Building 2, the Old City Hall Building, two power meters at Ospital ng Makati, and three public schools: Nemesio I. Yabut Elementary School, Makati High School and Pio del Pilar Elementary School. According to the city government, the switch means Makati has already reached 60.92% of its clean energy target for the year, part of a broader plan to eventually power all municipal buildings with renewable sources.

Binay described the move as both an environmental and fiscal strategy, saying that every kilowatt shifted to clean energy is expected to lower emissions and reduce electricity costs, with savings to be redirected to public services. She framed the initiative as an extension of the governance style of her father, former Vice President and Makati mayor Jejomar Binay, crediting him with encouraging the city to adopt innovation while maintaining a focus on social needs. During the switching ceremony at Makati City Hall, she emphasized that the transition is intended to balance progress with long-term quality of life for future generations.

To track and communicate the impact of the program, Makati and ACEN launched a Renewable Energy Leaderboard, a public dashboard that shows real-time, hour-by-hour electricity consumption and estimated carbon emissions avoided by the 11 facilities. Available in both English and Filipino and to be displayed in public spaces including city hall, the tool translates emissions reductions into everyday equivalents such as trees planted or vehicle miles avoided, and into metrics tied to an average individual’s carbon footprint. The initiative has drawn support from national energy regulators and industry, with the Energy Regulatory Commission recognizing Makati in March as the first local government unit in the Philippines to adopt 100% renewable energy utilization under the Retail Competition and Open Access framework.

New World Development Co. and Ares Management Corp. have sharply cut asking prices for units at their grade-A office project in Hong Kong’s Cheung Sha Wan district, in one of the deepest discounts seen in the city’s commercial property market. According to people familiar with the matter and local media reports, prices at 83 Wing Hong Street have been reduced by as much as 57% from levels when the project first launched sales in 2024, with some units now offered below the developer’s original land cost.

After factoring in discounts and rebates, certain floors at the 28-storey tower are being marketed at about HK$5,600 per square foot, with other units around HK$7,000 per square foot, the people said. That compares with initial asking prices of roughly HK$13,000 per square foot at the start of the year and is lower than the about HK$7,996 to HK$8,000 per square foot New World paid for the site in 2017. The aggressive pricing underscores the pressure facing owners of commercial assets outside Hong Kong’s core business districts, even as sentiment in the broader property market has started to improve.

The building, completed in 2023 and branded “83 Wing Hong Street,” is located near Lai Chi Kok MTR station in Kowloon, about a five-minute walk from the railway and around a 20-minute train ride from Central. It comprises office space from the fifth floor upward, with a total gross floor area of roughly 440,000 square feet and includes both office and retail components. While the steep reductions have helped lift transaction momentum in recent weeks, they also highlight how landlords in non-core locations are having to adjust expectations to clear inventory.

Hong Kong’s office sector remains weighed down by high vacancies, particularly outside the traditional Central business district. Data from CBRE show the citywide office vacancy rate stood at 16.8% at the end of March, close to a historic high, amid a wave of new completions. That contrasts with signs of a broader recovery in the residential segment, leaving some investors reassessing exposure to commercial assets. Ares declined to comment on the pricing moves, while New World did not respond to requests for comment, according to earlier reports.