How can you integrate ESG goals into your corporate real estate strategy?

1 Assess your current performance

The first step to integrate ESG goals into your CRE strategy is to assess your current performance on various ESG metrics. For example, you can use tools such as the Global Real Estate Sustainability Benchmark (GRESB) or the Building Owners and Managers Association (BOMA) 360 to evaluate your energy efficiency, water consumption, waste management, indoor air quality, and other aspects of your building operations. You can also measure your social impact by looking at your employee engagement, diversity and inclusion, community involvement, and health and wellness programs. And you can assess your governance practices by reviewing your policies, procedures, and compliance with regulations and standards. By benchmarking your current performance, you can identify your strengths and weaknesses, set realistic and measurable goals, and prioritize your actions.

2 Engage your stakeholders

The second step to integrate ESG goals into your CRE strategy is to engage your stakeholders, both internal and external. Your stakeholders include your employees, customers, investors, suppliers, regulators, and local communities. You need to communicate your ESG vision and values to them, solicit their feedback and input, and align your expectations and objectives. By engaging your stakeholders, you can foster a culture of sustainability and responsibility, enhance your reputation and trust, and create value and opportunities for collaboration.

3 Implement best practices

The third step to integrate ESG goals into your CRE strategy is to implement best practices that can help you achieve your targets and improve your performance. For example, you can adopt green building standards such as LEED or WELL, implement energy management systems and smart technologies, invest in renewable energy sources and carbon offsets, and optimize your space utilization and occupancy. You can also implement social initiatives such as flexible work arrangements, employee training and development, diversity and inclusion programs, and corporate social responsibility projects. And you can implement governance measures such as ethical codes of conduct, risk management frameworks, transparency and disclosure protocols, and stakeholder engagement mechanisms. By implementing best practices, you can demonstrate your commitment and leadership, optimize your resources and efficiency, and enhance your competitiveness and resilience.

4 Monitor and report your progress

The fourth step to integrate ESG goals into your CRE strategy is to monitor and report your progress on a regular basis. You need to collect and analyze data on your ESG performance, using indicators and metrics that are relevant, reliable, and comparable. You also need to report your results and achievements to your stakeholders, using formats and channels that are clear, consistent, and credible. By monitoring and reporting your progress, you can track your performance and impact, identify gaps and opportunities, and showcase your value and differentiation.

5 Review and improve your strategy

The fifth step to integrate ESG goals into your CRE strategy is to review and improve your strategy periodically. You need to evaluate your performance and impact against your goals and benchmarks, using feedback and insights from your stakeholders and the market. You also need to adjust and update your strategy according to the changing needs and expectations of your stakeholders, the evolving trends and challenges of the industry, and the emerging opportunities and innovations of the sector. By reviewing and improving your strategy, you can ensure your relevance and responsiveness, foster your continuous improvement and learning, and achieve your long-term success and sustainability.

6 Learn from the experts

The sixth step to integrate ESG goals into your CRE strategy is to learn from the experts who have experience and expertise in this field. You can seek advice and guidance from consultants, advisors, and mentors who can help you design and implement your ESG strategy, as well as provide you with best practices, tools, and resources. You can also network and collaborate with peers, partners, and associations who can share their knowledge, insights, and perspectives, as well as offer you support, feedback, and recognition. By learning from the experts, you can leverage their skills and experience, avoid common pitfalls and mistakes, and accelerate your progress and performance.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?