The S in ESG relates to social, and it refers to an organization's ability to satisfy the needs of its stakeholders, including employees, clients, suppliers, and local communities, and ensuring that social justice, equity, and fundamental human rights are sustained.
When considering commercial real estate around the world and in Greater China, and the social side of things, social value is simply when value is produced when commercial buildings and places improve the quality of life of people.
There are a number of reasons why social value in a commercial real estate context is increasingly being taken seriously. Some example reasons include:
- The contribution and size of the real estate sector
- The impact of the COVID-19 pandemic
- Millennial and Gen Z priorities
- Socially inspired investors
When considering social value best practice for real estate, the stakeholder and his/her social value requirements need to be examined. Recognizing these needs can allow for the identification of pertinent interventions and concentrate commercial real estate-related activities and actions in areas that generate the greatest social value.
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