Change isn’t just coming in real estate, it’s here

EDITOR’S COMMENT There’s something very special happening in the built environment at the moment. Change. Real change. Something has shifted. The dial has been nudged for a little while now, but something is starting to feel different. It’s not just me is it? You feel it too. I’m not talking about the change in sentiment, the return (slowly) of investment, of deals and confidence. I’m talking about purpose. I’m talking about pride and a change in what “value add” really means. Now, I do get a bit like this after every EG Future Leaders grand finale, but can you blame me? This is a moment every year when the next generation of leaders in our industry gets up on stage and talks powerfully and beautifully about the impact real estate can and does have on all of our lives. This is a moment where we see the passion that exists in this industry to make change happen. This is a moment that everyone in our sector – and, quite frankly, outside of it – should be a part of. Because this is a moment that showcases that real estate is the place to be. That it’s a place that has a unique power to make the world a better place. Now, I know that might sound a bit woo-woo, a bit flimsy, a bit McClary, perhaps, but it is ultimately a truth. If you listen to all the Future Leaders talks, launched online today and free to watch, you’ll see what I mean. In real estate, we have the ability to showcase how development can create better lives for people, can create a place where a kid doesn’t have to do his homework at a desk next to a wall covered in black mould. In real estate, we have the ability to create places where people can come together, find peace and happiness and combat loneliness. In real estate, we have the ability to showcase personal strengths, to build powerful teams that can collaborate to make those changes, provided we make this industry open. In real estate, we have the power to deliver accessible, inclusive and safe places and through better use of data and technology, we have the tools to do it right at our fingertips. This is real estate, and this is why it is the place to be. But it’s not just our amazing Future Leaders that have me feeling confident that a change has come, it is the actions of some of our biggest and most established leaders too. I was massively impressed by Landsec this week as it secured Baroness Casey of Blackstock as a non-executive director. Baroness Casey was the author of a review into the Metropolitan Police which found it was misogynistic, homophobic and institutionally racist. I remember writing a leader when the review was published saying there were elements in that report where you could replace “Met” with “real estate” and I encouraged everyone in this sector, from CEO to apprentice, to read the Met report and take its findings to heart. “If we want to be a better industry,” I wrote, “if we want to attract the best talent, if we want to serve our communities and if we want to be able to hold that mirror up to ourselves and, as a whole sector, be happy with what we see, there are plenty of takeaways in the report.” Now, I’m not going to attempt to take credit for this appointment by Landsec (although the power of EG is strong), but one of our biggest developers of place appointing one of the best known advisers on social impact and responsibility is impressive. It shows a company understanding the positive impact that development can have and taking it very seriously. This is the change. It is not me banging my drum. It is business doing the right thing. “Modern businesses face ever increasing scrutiny to demonstrate how they are contributing positively to the country’s social fabric,” said Landsec chair Sir Ian Cheshire on announcing the appointment. “Landsec is already active in this area, and Louise’s appointment strengthens the board’s expertise – there are few people more expert than Louise in understanding how corporate decision-making impacts people’s lives,” he said. “We look forward to benefiting from her perspective as we shape the future of places around the country.” This is one of our biggest REITs putting the impact it has on society at the heart of its business. This is the change. And I know others will follow.