EDITOR’S COMMENT It’s the first proper week back in the working world for many, a first full week of remembering exactly what it is we do and why we are here. Which makes it the perfect time to put down on paper, right here, what it is we want to do here at EG for you and why we’re here. And, of course, what we will be hoping to see from you, from this market and from the wider world. It’s resolution time.
We finished 2022 at EG with a big resolution, a pledge born out of our Future Leaders Summit, to see, listen, do. To take notice of everything going on around us, and to listen (to learn really), to hear, to understand, and then to take action. To do something positive, to make a change. To nudge that dial a little bit. To progress, to be a little bit better.
And that is exactly what we will be doing this year. We will be making sure we see what is going on in the market. From the deals that happen – and those that don’t – to the key trends driving the market forward.
We will be focusing on the transactional and the transformational. The deals, moves and data that enable you to do your job better every day, plus some deep dives into the things that will help you ensure the sector, your business and, ultimately, your career are able to succeed in this ever-changing world. Expect more from us on how to deliver a truly sustainable real estate sector, from the role it can play environmentally, to how it can deliver places, spaces and communities that enable everyone to thrive.
We will also be pushing harder on ED&I, making sure good intentions become real actions. There has been progress on diversity in the sector, but what we really need to see now is positive action on inclusivity. There are still too many stories being told of exclusionary, racist, sexist and transphobic behaviours. I’m not going to draw attention to a piece of writing that was pushed out early this year that delivered some shocking, hateful and hurtful comments around our trans brothers, sisters and non-binary friends in this industry as the author is enjoying the notoriety. But we cannot allow this small-mindedness, hate and behaviour in our industry or any industry.
I know ours has it in it to lead. Every leader in this sector I talk to cares about inclusivity, but at every one of those businesses – and here too no doubt – some will feel excluded. We have to keep our eyes open for that exclusionary behaviour, we have to listen to why people are being excluded and we have to take action. All of us.
And because I know this industry has it in it to be an exemplar, we at EG will be banging our drum louder than ever to show the true value this sector has to deliver – economically, environmentally and societally. We will be working hard to show others that this is an industry that deserves the ear of government, that deserves the very best talent to flock to it, that deserves to be the hero.
We know there are tough times ahead. Redundancies have already started to be announced from some of the big firms, Amazon has put more than 1m sq ft of warehouse space at risk of closure, investors are being advised to stay “sober” and listed landlords are being warned they face a new chapter when it comes to financing costs, with looming debt maturities set to dent earnings per share.
In tough times we have to do tough things. We have to tell people we can’t employ them any more, we have to walk away from deals, we have to count the cost. We have to make hard decisions.
It will be a bumpy ride this year but the one thing that costs nothing and that cannot get the chop – no matter how tough times get – is this industry’s decency. So if there is one thing we can all resolve to do in 2023, let’s be decent. Let’s do the right thing, care, be compassionate and understand the needs of others and show everyone the role this industry can play in creating an equitable future.
To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews
