Winter Issue 2022 - 59

OUTLOOK2022
Other asset managers agree that tenant behavior
will play a crucial role in the success of efforts to
reduce emissions. " As a landlord we have control
over a lot of the building's performance. . . . but we
don't have control over the way tenants use their
own space. . . So to maximize performance, we have
to work with tenants to influence their use of the
building and to help them to be more efficient, " says
Simone Pozzato, manager of the Hines European Core
Fund, which has won awards for its ESG performance.
At Hines, managers try to emphasize their shared
interest in reducing energy consumption, Pozzato
says. " The way we do this is by bringing our tenants
in on a common interest we have. For example, we
monitor the consumption data for our own buildings, "
he says. " Now we don't just keep this for our
own use. We share the findings with the tenants, and
we say, 'Well, look at your consumption curve. Could
we bring this down? Do you really need to have the
lights on from 7 p.m. 'til 10 p.m.? How many people
do you have in the office at that time? If you turn the
lights down or off where they are not needed, maybe
you can reduce your energy consumption.' Most tenants
have their own net zero objectives, and so they
are very receptive to these suggestions. "
But even getting the data needed to make that
nudge is not automatic. Tenants' lawyers can still
sometimes strike out Nuveen's green lease clauses,
which guarantee access to energy use data, not
understanding why the property managers need it,
Dean says.
New Year, New Rules
Another challenge is that although the goalposts
have not moved, the scoreboards and the rules
keep changing. Every year, the number of ESG
benchmarks grows and the benchmarks themselves
become more nuanced, complex, and sometimes
more complete, market watchers say.
" There are a lot of numbers and scores, and they
are not all correlated, " says Fulya Kocak, senior vice
president in charge of ESG issues for the National
Association of Real Estate Investment Trusts (NAREIT).
" It's our impression that many investors are still
uncertain about what it all means to implement a
holistic ESG approach, " says Peter Epping, global
head of ESG for Hines.
Vrensen argues that it is time to take stock of
existing benchmarks. " It's madness and counterproductive
to just keep adding new measures. Let's
consolidate and focus on what's most important, "
he says.
Most of these shortcomings seem to be the result
of growing pains related to the limited amount of data
available. " The market is still struggling to get tenant
data, " says Julia Wein, an associate at the Institute of
AEW redeveloped
Ancienne Comedie, a
17th century building
in Paris. This 2018
project required
transforming an office
building to sustainable
mixed use.
WINTER 2022
URBAN LAND
57
© RAF LITOWSKI

Winter Issue 2022

Table of Contents for the Digital Edition of Winter Issue 2022

Winter Issue 2022 - 1
Winter Issue 2022 - 2
Winter Issue 2022 - 3
Winter Issue 2022 - 4
Winter Issue 2022 - 5
Winter Issue 2022 - 6
Winter Issue 2022 - 7
Winter Issue 2022 - 8
Winter Issue 2022 - 9
Winter Issue 2022 - 10
Winter Issue 2022 - 11
Winter Issue 2022 - 12
Winter Issue 2022 - 13
Winter Issue 2022 - 14
Winter Issue 2022 - 15
Winter Issue 2022 - 16
Winter Issue 2022 - 17
Winter Issue 2022 - 18
Winter Issue 2022 - 19
Winter Issue 2022 - 20
Winter Issue 2022 - 21
Winter Issue 2022 - 22
Winter Issue 2022 - 23
Winter Issue 2022 - 24
Winter Issue 2022 - 25
Winter Issue 2022 - 26
Winter Issue 2022 - 27
Winter Issue 2022 - 28
Winter Issue 2022 - 29
Winter Issue 2022 - 30
Winter Issue 2022 - 31
Winter Issue 2022 - 32
Winter Issue 2022 - 33
Winter Issue 2022 - 34
Winter Issue 2022 - 35
Winter Issue 2022 - 36
Winter Issue 2022 - 37
Winter Issue 2022 - 38
Winter Issue 2022 - 39
Winter Issue 2022 - 40
Winter Issue 2022 - 41
Winter Issue 2022 - 42
Winter Issue 2022 - 43
Winter Issue 2022 - 44
Winter Issue 2022 - 45
Winter Issue 2022 - 46
Winter Issue 2022 - 47
Winter Issue 2022 - 48
Winter Issue 2022 - 49
Winter Issue 2022 - 50
Winter Issue 2022 - 51
Winter Issue 2022 - 52
Winter Issue 2022 - 53
Winter Issue 2022 - 54
Winter Issue 2022 - 55
Winter Issue 2022 - 56
Winter Issue 2022 - 57
Winter Issue 2022 - 58
Winter Issue 2022 - 59
Winter Issue 2022 - 60
Winter Issue 2022 - 61
Winter Issue 2022 - 62
Winter Issue 2022 - 63
Winter Issue 2022 - 64
Winter Issue 2022 - 65
Winter Issue 2022 - 66
Winter Issue 2022 - 67
Winter Issue 2022 - 68
Winter Issue 2022 - 69
Winter Issue 2022 - 70
Winter Issue 2022 - 71
Winter Issue 2022 - 72
Winter Issue 2022 - 73
Winter Issue 2022 - 74
Winter Issue 2022 - 75
Winter Issue 2022 - 76
Winter Issue 2022 - 77
Winter Issue 2022 - 78
Winter Issue 2022 - 79
Winter Issue 2022 - 80
Winter Issue 2022 - 81
Winter Issue 2022 - 82
Winter Issue 2022 - 83
Winter Issue 2022 - 84
Winter Issue 2022 - 85
Winter Issue 2022 - 86
Winter Issue 2022 - 87
Winter Issue 2022 - 88
Winter Issue 2022 - 89
Winter Issue 2022 - 90
Winter Issue 2022 - 91
Winter Issue 2022 - 92
Winter Issue 2022 - 93
Winter Issue 2022 - 94
Winter Issue 2022 - 95
Winter Issue 2022 - 96
Winter Issue 2022 - 97
Winter Issue 2022 - 98
Winter Issue 2022 - 99
Winter Issue 2022 - 100
Winter Issue 2022 - 101
Winter Issue 2022 - 102
Winter Issue 2022 - 103
Winter Issue 2022 - 104
Winter Issue 2022 - 105
Winter Issue 2022 - 106
Winter Issue 2022 - 107
Winter Issue 2022 - 108
Winter Issue 2022 - 109
Winter Issue 2022 - 110
Winter Issue 2022 - 111
Winter Issue 2022 - 112
Winter Issue 2022 - 113
Winter Issue 2022 - 114
Winter Issue 2022 - 115
Winter Issue 2022 - 116
Winter Issue 2022 - 117
Winter Issue 2022 - 118
Winter Issue 2022 - 119
Winter Issue 2022 - 120
Winter Issue 2022 - 121
Winter Issue 2022 - 122
Winter Issue 2022 - 123
Winter Issue 2022 - 124
Winter Issue 2022 - 125
Winter Issue 2022 - 126
Winter Issue 2022 - 127
Winter Issue 2022 - 128
Winter Issue 2022 - 129
Winter Issue 2022 - 130
Winter Issue 2022 - 131
Winter Issue 2022 - 132
Winter Issue 2022 - 133
Winter Issue 2022 - 134
Winter Issue 2022 - 135
Winter Issue 2022 - 136
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2024-spring-issue-of-urban-land
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2024-winter-issue-of-urban-land
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2023-fall-issue-of-urban-land
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2023-summer-issue-of-urban-land
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2023-spring-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022-winter-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022FallIssue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022-summer-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022-spring-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/ulm-winter-2022
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/summer-issue-2021
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/uli-spring-2021-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/ULIWinter2021
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/URBANLANDFALL2020
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/URBANLANDSUMMER2020
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/URBANLANDSPRING2020
https://www.nxtbookmedia.com