What's working WELL in Asia-Pacific workspaces?

Cida Ghosn

ERES from European Real Estate Society (ERES)

Abstract: Over the last decade, organizations are increasingly prioritizing employee health and wellbeing to remain competitive and attract talent, leading many to adopt certifications like the WELL Building Standard (WELL). Despite nearly 80 million square meters of WELL-certified space in the Asia-Pacific (APAC), research covering the benefits of WELL are scarce, with only 12 peer-reviewed publications to date. Therefore, understanding the drivers behind its adoption remains under-researched. This study addresses this gap by exploring the normative claims of WELL in APAC offices by understanding the expected and actual returns to be leverage from the certification adoption. Through surveys, interviews, and secondary data analysis, this research aims at identifying and quantifying the perceived benefits of WELL from stakeholders and assess the importance of health and wellbeing from employees. Preliminary findings indicate that WELL has a strong alignment with the S on ESG, particularly in light of the recent International Valuation Standard (IVS) list of ESG criteria. In addition to talent attraction and ESG reporting, using the tool as a framework for health and wellbeing practices implementation are primary motivators for tenants to implement WELL. However, there is still a significant gap in conducting financial estimations to assess the actual returns of initiatives driven by WELL adoption, as interviewees indicated that returns might be non-tangible and difficult to measure. Through the lens of the employees, providing health benefits and having supportive leadership were associated with the perception of health and wellbeing experienced by employees. Findings from this research provide valuable insights for a better-informed decision for organisation considering WELL implementation, ultimately improving workplace health and wellbeing initiatives.

Keywords: Asia-Pacific; Decision-making; health and wellbeing; workspaces (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2025-01-01
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