Exploring the 'S' of ESG within office real estate: developing a framework that identifies key social factors for Multiple Value Creation
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2024-07-16
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en
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The Corporate Sustainability Reporting Directive (CSRD), introduced in 2023, mandates large corporations and listed SMEs to adhere to environmental, social and governance (ESG) standards. Naturally, this regulation also extends to the real estate sector, a market with significant economic influence. Despite extensive existing literature on ESG within real estate, there is a lack of studies that specifically focus on its social component, while the knowledge on its environmental dimension seem to be much more developed and accepted. Therefore, this research aims to develop a framework that operationalizes the ‘S’ of ESG within the corporate office environment to address this knowledge gap, and to provide real estate companies with clear directives in terms of social sustainability.
The study follows three key steps. First, it creates an inventory of social factor relevant to office leasing by using a literature review. Secondly, these factors are validated and discussed in semi-structured interviews with large companies to create the final framework. The third step includes a small case study where the framework is applied to Savills Netherlands (a corporate real estate service provider) to test its practical applicability, validity and potential for multiple value creation.
The final framework offers a valuable tool for evaluating social sustainability within office spaces, which can inform and help real estate companies with market differentiation, improved consultancy, and potential compliance with future legislation, which ultimately contributes to well-being and social cohesion in the workplace.
Key words: ESG, social sustainability, office leasing, social factors, multiple value creation
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Faculteit der Managementwetenschappen