Achieving sustainability goals in a multi-tenant office building
Achieving sustainability goals in a multi-let office building can be challenging. But it can also pose an opportunity to strengthen relationships and engagement in overall building performance.
Taking a community-based approach where landlords and occupiers work together to achieve the shared goal of low-carbon building operation can lead to numerous benefits for all those involved. Possibly, the most significant is the opportunity for shared publicity from ESG activities. For one, you can help your occupiers promote the cost efficiency and ESG credentials of their building and report the efforts toward communal net-zero targets they are involved in.
Multi-let office buildings often have occupiers with varying priorities, energy consumption patterns and operational practices. This diversity is logical and unavoidable, and it can make it difficult to implement sustainable practices uniformly throughout the building. Yet, with the right incentive, anything is possible.
Reaping the benefits of a community-based approach
Adopting a community-based approach regarding reaching sustainable practices and net-zero targets enables the sharing of best practices and results – which surely all those involved will appreciate. The result?
- Reduced energy consumption: working as a community toward a Grade-A sustainable building can reduce energy consumption and lower utility costs for all parties involved. The cost savings on a building level can positively impact a building’s financial performance and provide a competitive edge for commercial property investors.
- Proud occupiers: engaging occupiers in sustainability initiatives fosters a sense of community and shared responsibility. Occupiers are more likely to be satisfied with their office space when they feel part of a larger effort to reduce environmental impact. That said, a sustainable office is a comfortable one.
- Increased building value: Sustainable buildings are becoming increasingly attractive to occupiers, investors and other stakeholders. By actively pursuing sustainability goals, commercial property investors can differentiate their assets in the market and increase their overall building value.
- Context and understanding: Allowing occupiers to compare and benchmark their own energy performance against their neighbours will help to highlight best practices, flag issues, provide much-needed context for their data, and promote the sharing of ideas and activities.
Strategies for success
There are quite a few strategies that will help us achieve sustainability goals in multi-let office buildings. It all starts with educating occupiers about the benefits of sustainable practices and providing resources and guidelines on how to reduce energy consumption and improve overall efficiency. Offering incentives to occupiers actively participating in sustainability initiatives, such as helping them reduce their costs, promoting ESG activities, aligning with their own ESG goals (such as a low energy office) or sharing their progress in your magazines, will offer the needed external motivation.
Integrating occupier and landlord heating, cooling and ventilation systems allows the opportunity to root out energy waste across the entire building. This type of project will be on the upper end of the investment range. However, it should offer a lower ROI than on-site renewable projects with much less embodied carbon.
But most importantly, monitor their performance. Implement building monitoring systems that allow you to track individual tenant energy usage and identify waste areas. This data can help both you and your occupiers to discover areas for improvement – and encourage healthy competition among occupiers to reduce their environmental footprint.
Achieving sustainability goals in multi-let office buildings may present challenges, but the benefits far outweigh the difficulties. Embracing sustainability not only contributes to a greener future: it also just makes good business sense.