The last two and a half years have served as a stark reminder that stability is not something to be taken for granted. The world has grappled with a global pandemic, waves of political and social unrest with international consequences, not to mention the hottest summer since records began. As a result, how we live, work and connect with one another and, subsequently, how we interact with the places and spaces around us has shifted perhaps irrevocably.
As a major protagonist in these unfolding crises, the commercial real estate industry has its own role to play. The industry is one of the largest contributors to our global carbon emissions; a fact that never becomes easier to swallow. While this is the reality, it’s not all bad news. Yes, there is a challenge here to limit this contribution to carbon emissions from continuing to climb, but looking at it positively, there is a real opportunity here for the industry to rally together to ensure that these emissions are reduced to science-based targets that limit climate change to 1.5 degrees, as well as create spaces that are resilient in this future world.
To help limit this increase, owners and operators are using ESG as a framework to prioritize initiatives and measure progress. It is only recently, however, that it’s become apparent that ESG alone is not sufficient if we are to prepare our sector for potential future shocks and therefore the flexibility that these may demand of us. Enter resilience.