Health and well-being rapidly emerging as important area of opportunity for the industry
March 14, 2016 (Amsterdam)—GRESB, the global standard for environmental, social and governance (ESG) assessment of real estate portfolios and infrastructure assets, today announced the launch of the GRESB Health and Well-being Module. This new module is an optional supplement to the GRESB Real Estate Assessment, which is an annual survey on behalf of a large group of institutional investors that captures information regarding the ESG performance of property companies, fund managers and developers.
The new module evaluates and benchmarks actions by property companies and funds to promote the health and well-being of employees and their strategy to create value through products and services that promote health and well-being for their tenants and customers.
“The design, construction and operation of our built environment has a profound impact on individuals and populations,” said Chris Pyke, COO, GRESB. “GRESB’s vision is to ultimately create better places for people and communities—places that reduce environmental impacts, improve social practices and set high standards for corporate governance—in profitable ways that make good business sense and reward innovation. This new Health and Well-being Module adds an additional component to the annual GRESB Assessment and sends a signal that human health and well-being plays a critical role in assessing the value of real estate portfolios and other assets.”
Real estate development can serve to create superior places—places that enhance productivity, support physical activity, promote social interaction, provide access to vital services and contribute to happiness.
As interest in health and well-being in the built environment grows, the industry has recognized the need for practical tools for systematic assessment, objective scoring and peer benchmarking of health and well-being.
The GRESB Health and Well-being Module includes 10 new indicators providing investors and property companies and funds with new insights on leadership, needs assessment, implementation action and performance monitoring. The module has two primary areas of focus: (1) the promotion of health and well-being for employees and (2) the provision of products and services that help promote health and well-being for tenants and other customers. This parallel focus allows investors and property companies and funds to differentiate action to benefit internal operations (employees) from value-creating products and services offered to others.
“The GRESB Health and Well-being Module will make real estate companies and funds more transparent and make comparative information more accessible and actionable for investors. This represents an important step toward resolving long-standing market failures and making health an investible attribute of real estate,” says Dr. Matt Trowbridge, Associate Professor, Associate Research Director, Department of Public Health, University of Virginia School of Medicine
The GRESB Health and Well-being Module is now available in pre-release via the GRESB website and will be open for submission starting April 1, alongside the GRESB Real Estate Assessment.