EDITOR’S COMMENT Great Portland Estates – sorry, GPE as it’s now known – has given us a little bit of hope. Something uplifting that might just put a smile on your face and give you that feeling that there’s still some good in the world.
I’m not talking about the seven-song, data-themed Spotify playlist that workplace and innovation director James Pellatt put together for EG readers this week after he took part in our recent webinar on technology in real estate. Don’t get me wrong, that will do all those things too. But, no, I’m talking about the company’s social value framework.
Social value, certainly in real estate, is one of those topics that is easy to talk about but harder to truly take action over. However, a large, listed property owner and developer such as GPE making the kinds of commitments that it has shows that it can be done. And with GPE showing the way, there is no reason others won’t follow.
The goal is for GPE to deliver £10m of social value across its estate by 2030 through commitment to an impressive variety of measurable targets.
Nick Sanderson, GPE’s chief financial and operating officer and chair of its social impact committee, said the aim is “to build a sustainable legacy for our great capital city with positive social impact at its heart”.
That, the company hopes, will happen through four channels: enabling healthy and inclusive communities; championing diverse skills and accessible employment opportunities; supporting the growth of local business and social enterprise; and connecting people with urban nature. Targets include organising events to support skills sharing between its employees and local communities, providing match funding to encourage staff in charitable activities and opening up its buildings to community organisations.
Could we see an industry-wide commitment develop from GPE’s own initiative? After all, GPE is putting its own targets out there for others to see. And it is easy to see the attraction as we all debrief from COP26. In this week’s issue you can read our coverage from the event itself and EG’s neighbouring Sustainability Live event. That includes some reflections from Sarah Ratcliffe, chief executive of the Better Buildings Partnership, whose Climate Commitment initiative has now been signed by 28 property owners representing more than £375bn of real estate asset under management.
So many of our commentators made the point that what real estate needs as it faces the climate crisis is collaboration. If a social value commitment with the kinds of targets and tracking that GPE proposes was set up, how many billions of pounds of AUM might end up aligned with that?
So thanks to GPE for putting something concrete (sorry) in place that should inspire others. Putting pound signs on social value is no walk in the park, but GPE has mapped a route, and the company’s willingness to allow employees, investors and others to hold it to account is a big move.
And, OK, I said I wasn’t talking about Pellatt’s playlist, but please do check that out. I have long been a fan of his playlist picks on Twitter and love having an EG-endorsed selection. Get the headphones on while you read this week’s issue. You won’t regret it.
To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews
