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NAREIM Dialogues: Fall 2016

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NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT MANAGERS 10 NAREIM THE COMPETITIVE ADVANTAGE THAT ADDS AND PROTECTS VALUE SUSTAINABLE By Amy Price President and COO, Bentall Kennedy U.S. In a recent study, we found that sustainable buildings, whether newly created or retrofitted, are having a significant impact on tenant satisfaction. The 2016 Tenant Satisfaction Survey┬╣ conducted by Kingsley Associates on our behalf revealed that tenants are more aware of green building programs in 2016 than they were in 2014 and that a healthier work environment and cost savings are driving interest in green programs. According to the Kingsley IndexSM, Kingsley's national database of office tenant survey results┬▓, nearly 35% of tenants now see green practices as a high priority when conducting a space search. An academic study we commissioned found that sustainable office buildings also deliver both higher income and greater value. Dr. Nils Kok of Maastricht University in The Netherlands and Dr. Avis Devine of the University of Guelph in Canada studied nearly 300 office properties we manage S ustainability has been a buzzword and an aspiration for decades, and a company's ability to demonstrate purpose and a commitment to stewardship has become an increasingly important driver of reputation. But a sustainable approach yields value well beyond brand perception, and real estate investors seeking an edge will find that a green approach to property management not only increases the value of assets that showcase sustainable features, it also helps to mitigate the risks should a downturn come. PUTTING A VALUE ON SUSTAINABLE PROPERTY Having a focus on sustainability is more than good citizenship and public relations. Through our experience at Bentall Kennedy we've upheld that a sustainable approach to property development and management adds quantifiable value as well as a powerful and often overlooked risk management benefit.

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