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This impact-led approach is underpinned by four key principles that can be expressed as four ‘Cs’: community, commercial, collaboration, and catalytic. We first think of the specific needs of the community, which includes local people, including the underserved in the community rather than simply our tenants. We also consider how the commercial operations of our buildings can enhance the economic vitality of the local area. By understanding the needs of the community, we seek to collaborate with partners that can help us have the biggest impact, such as universities.
“If we understand the needs of the community, we can be more strategic in finding local partnerships to address those needs, rather than simply sponsoring a local school,” explains Chan. “That’s great but does it really address the needs of the local community?”
The new toolkit is catalytic because it enables teams right across our business to take on the challenge of creating positive social outcomes at scale by empowering the teams across the portfolio to drive the social outcomes rather than relying on a central sustainability team.
The whole real estate industry needs to consider both the commercial implications and the total impact an asset could have throughout its lifecycle, including the building’s impact on its end users and surrounding communities. This is not only the right thing to do but contributes to the long-term business case for a development, ensuring it is both profitable and drives positive outcomes throughout its lifetime.
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This article was originally published by a group.legalandgeneral.com . Read the Original article here. .