Welcome to the UKREiiF opinion series! We’ve gained exclusive access to the opinions of leaders from across our industry. Stay tuned to find out thoughts on the important issues that affect the UK Built Environment.

By Marcus Geddes, Managing Director for Workplace Business at Landsec

In my role as the Managing Director for Workplace at Landsec, I’ve seen first hand the nuances of sustainability within our sectors. Here’s a look at some prevalent issues that I believe demand our collective attention.

A Three-Pillared Approach

The term ‘sustainability’ is increasingly becoming a focal point in our industry. A city’s true sustainability rests on the balance of these three dimensions: environmental, social, and economic sustainability. The current trend leans heavily towards environmental concerns, specifically carbon emissions. But it’s paramount to understand that sustainability extends beyond just the environment. And similarly, the environment is not solely about carbon.

The Rising Environmental Imperative

Unquestionably, environmental issues are high on the agenda. Companies across sectors, including ours, are diligently adopting science-based targets, aiming to cap global warming at under 1.5 degrees Celsius. Given such commitments, it’s unsurprising that environmental matters take centre stage.

However, sustainability’s broad scope sometimes throws up dilemmas. For instance, the UK treasures its heritage buildings, many of which are carbon-intensive in use due to outdated designs and systems. Balancing heritage preservation with the drive for modern, energy-efficient spaces presents a challenge.

At Landsec, our commitment to the environment is unwavering. We’ve earmarked £135 million to decarbonise our commercial office and retail portfolio. This includes phasing out fossil fuel-dependent boilers in favour of more sustainable alternatives such as air source heat pumps, enhancing our buildings’ overall efficiency, and partnering with customers to mould sustainable habits.

The Social and Economic Fronts

Landsec’s emphasis isn’t solely on the environment. We’re equally invested in the social fabric of our communities. Our Landsec Futures programme, with its £20 million pledge running up to 2030, aims to deliver £200 million in positive social impact. This spans various initiatives, from internships for budding industry entrants to charity funding and higher education bursaries.

Economic sustainability is the underpinning that ensures a city or place continues to thrive. Cities inherently serve as robust and efficient hubs for economic growth. It’s imperative they have every opportunity to generate economic value, which in turn funds vital endeavours like decarbonisation and social initiatives, all crucial for our built environment’s future.

The Root of Imbalance

So, why is there a skewed focus on just one pillar? The environmental narrative, undoubtedly, has gathered immense momentum in recent times, propelled further by significant global events like the Paris and Glasgow COP summits. In the commercial real estate sector, shareholders, end-users, and financing institutions are all aligning their objectives towards strong environmental targets.

One underlying reason for this imbalance is the straightforward measurability of carbon impacts, as opposed to the more nebulous task of gauging social and economic values. Measurable metrics offer tangible goals, making environmental targets more immediate.

Yet, it’s pivotal to ensure companies don’t just “tick boxes” in their sustainability endeavours. A deep-rooted understanding and holistic approach are vital. Genuine commitment to sustainability transcends regulatory mandates; it’s about ensuring long-term business viability. Greenwashing might have short-term gains, but true sustainability strategies stand the test of time.

And Finally…

Landsec is focused on delivering its sustainability commitments and transparently tracking our progress against set targets. We advocate for a comprehensive approach, ensuring our cities are greener, cleaner, and equipped for a sustainable future. Genuine commitment will always shine through, and it’s that collective commitment we should strive for.