Last year, I had the opportunity to work in communications at QuadReal which is a global real estate company headquartered in Vancouver. If you’re unfamiliar with the company, their projects include the historic redevelopment of The Post in downtown Vancouver and the new Oakridge Park!
Net Zero Commitment
QuadReal recently announced their commitment to net zero across their entire portfolio by 2050 which includes a 50% carbon reduction by 2030. Not only does this allow them to meet their responsibility to stakeholders, but it also sets an example in the real estate industry in terms of sustainability and innovation.
Product at the heart of sustainability
As we discussed in class and saw in the So Right So Smart film, tying sustainability to a company’s core business is crucial. Rather than traditional sustainability strategies focused on operations and cost reduction, QuadReal’s net zero strategy includes focus on its products (ie. properties) – putting product at the heart of sustainability. For instance, QuadReal has an increasing amount of large-scale solar rooftops at their industrial properties as a way for the buildings to produce energy themselves. Their zero carbon strategy also includes reducing emissions through energy efficient upgrades and smart technology as well as switching to clean or renewable energy at the property level. Sustainability also serves as a competitive advantage for QuadReal as they “believe net zero buildings will outperform the market in the coming decade”.
During my time there, it was evident how sustainability was a top priority across the organization and was ingrained in the company values. Having leaders that recognize the importance of sustainability is so crucial for a company to take meaningful action. As the population increases, we will need an increasing number of residential, retail, and industrial buildings so it is vital that we integrate sustainability within these buildings. Real estate companies, like QuadReal, play a significant role in shaping where we live, work and play and therefore have a lot of influence in creating greener communities. It is so incredible to see QuadReal moving towards a net zero model and I hope other companies in the real estate industry and beyond follow suit.
Miranda Yang
March 19, 2023 — 11:56 pm
I’m not too familiar with how real estate businesses value sustainability in their operations so it was really interesting learning more about the development in this sector through your article! I know there are a lot of opportunities for emission reduction through increased building efficiency and use of renewable energy- it’s great that QuadReal is recognizing these shortcomings and working to address them through its usage of solar panels, smart technology, and clean electricity. Overall, a very interesting read!