The People Holding The Purse Strings In Real Estate Have Made Social Impact A Top Priority

How far we are from the end of the cycle is a permanent topic of conversation in real estate. What to do with defunct retail is another biggie. But another theme is starting to dominate the public discourse: how real estate can do good in the world.

Call it environmental, social or governance, call it corporate social responsibility, call it what you want, but the impact the property industry has on society is at the forefront of the minds of the people who drive profit and investment in the sector: the big corporate occupiers who take space in buildings, and the big pension funds and investors who build and own them.

“Whether it's [David] Attenborough, or Greta [Thunberg] or Extinction Rebellion, there are catalysts out there that are bringing everyone together and making us realise that we have to bind everyone together and do a better job of making capitalism inclusive,” Legal & General Chief Executive Nigel Wilson told delegates at Bisnow’s London State of the Market. “We all know it, we are starting to believe, but now we need to make it happen.”

There is a growing awareness among companies in the property sector that, as has happened in other sectors of the economy where using a plastic bag is increasingly frowned upon or discriminatory practices draw public opprobrium, real estate will come under public pressure to demonstrate its value to society.“Companies who…

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