Each economic value is then added up to provide a total social value for a property or portfolio. The Sustainable Development Goals are a call for action by all countries — poor, rich and middle-income — to promote prosperity while protecting the planet.
They recognise that ending poverty must go hand-in-hand with strategies that build economic growth and address a range of social needs, including education, health, social protection, and job opportunities, while tackling climate change and environmental protection. More important than ever, the goals provide a critical framework for Covid recovery.
Despite the lack of measurability and standardisation around Social value in real estate, this should not hold back investors from demonstrating impact considerations in their strategies. The UN Sustainable Development Goals is a high-level framework that is becoming a tool of common understanding amongst stakeholders of how to deliver value to society. Buildings should enhance the safety, health, well-being and the positive prospects of inhabitants and surrounding places. Understanding local socioeconomic needs requires an analysis of the local economy and demographics and engagement with local authorities and residents.
New development projects may have some negative impacts on the surrounding communities, such as gentrification, disruption to the existing social fabric and exclusion. When design and operational principles serve a social purpose, development can support the interests of the community. Some of the positive outcomes that can be achieved include: new jobs and internships for local people, affordable homes, high-quality public and green spaces, and thriving local businesses.
A social value approach is a process that requires ongoing monitoring of outcomes. This should be based on a selection of measurable indicators relevant to the specific building and its surrounding community, such as employment creation, hours volunteered, mentoring programmes, sustainable transport, health and well-being, amenities and infrastructure.
Organisations that prioritise the social value of their investments, support effectively the viability of their operations, even in uncertain times. During Covid we have witnessed a change in the way businesses operate, with greater attention towards long-term collaboration between stakeholders and an increased focus on environmental and social impact.
We present a few examples where developers and investors have incorporated Social Value initiatives in their schemes with direct and measurable benefits to the local community. There are six completed buildings and 2 currently under construction, as well as consent for a tower to be built in the future.
The estate management team has developed a long term community engagement programme, including partnership with a local school and biodiversity initiatives. The management team partnered with the Royal College of Art, a tenant on the estate, to create a temporary art exhibition. The winning artist of a competition between students was commissioned to develop a large scale public art piece and has since been shortlisted for awards and offered a teaching position at the college.
The White City Place team has a long term partnership with the Jack Tizard School, a local school for children with severe learning difficulties. Over the years, initiatives implemented include:. White City Place has had incredible feedback from the school. Engagement included tenant and supply chain participation and all stakeholders are willing to take part in future initiatives. White City Place also has a strong biodiversity programme, which includes:.
The management team is also looking to secure an additional area to install more planters to be used by this education programme and to create a community garden for the estate occupiers. The management team regularly engages with the tenants and supply chain to make sure the social value programme is long-lasting and has as much positive impact as possible. As a reuse scheme, the team worked hard with the design, to maintain as much of the existing infrastructure as possible to minimise waste, capture locked-in carbon and deliver an efficient building for the future.
Our operational objectives ensure our environmental impact is mitigated as much as we are able. In , 4, people worked and studied onsite and the campus was visited by about 95, people. Since , the Here East team has carefully curated a targeted tenant mix and has become synonymous with awards in design, architecture, marketing and FM Services. Here East leads its diverse mix of tenants to participation which creates real social value.
Some of the programmes the team has run in collaboration with its tenants and local institutions include:. Galeria Katowicka is a shopping centre in Poland with 50, sq m and occupiers, managed by Savills Investment Management. The centre is visited annually by over 16 million customers and has made active environmental, social and governance considerations throughout, most pointedly socially. The social needs of customers are a primary consideration of the operations of Galeria Katowicka, and it is the first shopping centre in Europe to introduce a comprehensive programme for autistic visitors.
The World Health Organization revealed there are 5 million people with ASD in Europe alone, who are socially excluded due to their disorder. Shopping centres were identified as the most inaccessible place due to an excess of visual and auditory stimuli. The facade of the shopping centre is also illuminated in blue on international autism awareness day. Occupier engagement and involvement was crucial for the implementation of the autism programme, and over tenants have adopted the autism stimuli amendments within their stores and undergone specialised training.
As well as supporting social outcomes, energy savings have been made by replacing all lighting with LEDs and adding motion sensors to all escalators. Bicycle stands, repair stations and e-charging stations for electrical vehicles are available in the shopping centre car park. The Windmill Quarter is a vibrant business and cultural district, regenerated by Hibernia, which also contains Hibernia's head office.
The Quarter already includes a large gym with public access in one of the buildings redeveloped by Hibernia. This multifunctional space is also due to be made available to the local community for their use. Hibernia runs periodic online well-being programmes for its staff to encourage a healthy work and life balance and to provide support as we transition out of the pandemic.
The Townhall used during working hours for staff and occupiers, and with a coffee shop also open to the public, is regularly used in the evenings for gigs and movie nights. Hibernia has brought Dublin-based photographer, Jeanette Lowe, into its buildings as an artist in residence. The partnership with the RIAM involves exposing young people from disadvantaged communities to classical music.
Hibernia is also looking to install rooftop garden allotments for the tenants at the Windmill Quarter and to install more beehives. These amenities offer a way to encourage our tenants to gain a better understanding of ecosystems, eco-services and biodiversity. GLP seeks to be a good neighbour, bringing a positive impact to local life and supporting the communities in which they operate. To understand the broader contribution that their projects make to society, GLP measured the social value of the construction of Magnitude , a logistics warehouse in Magna Park, Milton Keynes.
The project delivered a number of benefits to the local community, including:. Each of the measures is assigned a proxy value, allowing organisations to report in both financial and non-financial terms. The measurement process involved three main stages, which include understanding the local needs, regular data collection and reporting aligned to the UN SDGs. Savills was responsible for undertaking a local needs analysis and creating an action plan to maximise opportunities to generate social value by focusing on initiatives that addressed the needs of the community.
Savills was also responsible for collating all social value data and measuring the social value generated. Encuentra a un experto en tu mercado. Calcula tu espacio. Encuentra un experto en el mercado local Encuentra tu oficina. Contamos contigo. Programa Alumni. This might be possible for residential property but is out of the reach of most investors for commercial property. There is the added risk of exposure to a single property and the on-going management, maintenance and tax costs of managing your own property.
All of the life assurance and pension companies have some form of property fund in their suite of investments. These funds hold a range of commercial properties across regions and hold these properties for the long term. If the investment is done on a nil commission basis they have a 6 month notice period to withdraw funds, but are priced at least monthly.
All rents and income are kept within the fund so there are usually no distributions paid out. The Irish Market saw the launch of two new Real Estate Investment Trusts in , following legislation introduced by the Government to support investment in commercial property.
Investors can buy shares in the company through the Irish Stock Exchange and they are priced daily. More will follow. Once the structural changes have been approved, non-pension investors will be able to get access, along with more liquidity and lower initial investment levels being accepted. For more information on property funds, relative performance and the advantages and disadvantages of each type of property investment, please contact us.
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