Social Sustainability in Real Estate for lasting impact

Advancing social sustainability in real estate is crucial for building resilient and inclusive communities. By focusing on the social aspect of ESG, establishing clear measurement criteria, and responding to regulatory and industry pressures, the built environment can contribute positively to society.

RICS's ongoing efforts, led by Sybil Taunton, Head of Diversity, Equity and Inclusion (DEI), are crucial in fostering a more inclusive, equitable, and diverse industry. Through collaborative action, comprehensive guidance, and a commitment to continuous improvement, organisations prioritising DEI and social sustainability are increasingly attractive to both employees and clients.

A free suite of guidance delivered by RICS provides a roadmap for achieving these goals, guiding professionals towards a more socially sustainable future.

Additionally, the Access4You initiative stands as a powerful example of how personal experiences can drive social change. By establishing a common language and standard for accessibility, it addresses critical needs in the built environment, demonstrating the importance of data-driven, user-centric approaches to improving accessibility in buildings.

The Importance of the Social Aspect in ESG

While environmental and governance aspects of ESG are well-developed, the social dimension remains underrepresented. Social sustainability encompasses far more than affordable housing, although that is a crucial element. It includes various facets that are yet to be fully regulated or measured across a consistent standard, highlighting the need for a comprehensive approach to social responsibility.

A significant part of the DEI conversation centres on creating inclusive spaces. Creating accessible environments extends beyond mere compliance to shaping workplaces and delivering projects with inclusivity at the forefront. RICS is dedicated to ensuring that the built environment is accessible to all, thus creating better neighbourhoods and cities. This commitment aligns with global initiatives like the UN Habitat Programme, highlighting the universal importance of inclusive and sustainable development.

Social Taxonomy and the Role of Regulation

Regulation is crucial in promoting social sustainability. The EU's new European Bauhaus initiative (of which RICS is an official partner https://new-european-bauhaus.europa.eu/about/official-partners_en ), which emphasises beauty, sustainability, and community, offers a framework for integrating social considerations into funding criteria. However, the development of a social taxonomy is still ongoing. There is also significant pressure from industry stakeholders—tenants, customers, communities—demanding greater accountability and social impact.

The need for a common language – the genesis of Access4You

The Access4You initiative represents a groundbreaking effort to tackle the accessibility hurdles encountered by individuals with all types of disabilities, who represent a significant percentage of the population. Its core objective is to establish a unified language and set of standards for enhancing accessibility in various settings.

Recognizing the prevalent disparity in understanding accessibility between building proprietors and users, this initiative was born out of the need for a standardized approach. Thus, Access4You was conceived to bridge this gap and promote inclusivity across all environments.

Identifying the Problem and the benefits for users

1. Incomplete Accessibility: Many buildings are not fully accessible to all stakeholder groups, including individuals with physical, visual, and cognitive impairments.
2. Lack of Reliable Information: Often, there is no detailed, valid, or trustworthy information about a building’s accessibility features.
3. Absence of a Common Language: A standardised framework is necessary to ensure consistent communication about accessibility requirements.

Access4You addresses these issues through a comprehensive auditing process. The initiative collects data on various aspects of a building’s accessibility, such as entrances, pathways, staircases, elevators, hotel rooms, and bathrooms. Supported by specialised software, the data collection is digital, objective, and detailed. This rigorous process involves more than a thousand questions, along with measurements and photographs to ensure accuracy.

1. For Users: Detailed accessibility information is made available through a website and mobile app, allowing users to filter and personalise the data according to their needs. This transparency empowers individuals with disabilities to plan their activities with confidence.
2. For Building Owners: The audit report provides building owners with a clear picture of their building’s accessibility status and suggests areas for improvement. The certification and scoring system also facilitate benchmarking and help owners understand how their buildings compare to others in terms of accessibility.

On 4 June 2024, an expert panel of speakers, moderated by Susanne Eickermann-Riepe FRICS, Chair of the European World Regional Board, discussed how the shift towards making buildings more accessible is being driven by a combination of regulatory changes, tenant expectations, and the realisation of financial and social benefits.

Both landlords and investors are recognising that accessibility is not just a moral imperative but also a strategic advantage. As the industry continues to evolve, those who proactively incorporate accessibility into their buildings will likely see significant benefits in terms of marketability, tenant satisfaction, and long-term value.

Here below the full recording of the webinar RICS in Europe: Social Sustainability in Real Estate for lasting impact, with the participation of: Tamás Méri, Access4You; Tewfik Sabongui, Colliers Czech Republic; Mátyás Gereben MRICS, CPI Property Group; Sybil Taunton, RICS and in collaboration with Access4You.