How can decarbonisation planning for existing large offices create value and co-benefits for corporate occupiers and owners?

Amir Rezaei-Bazkiaei and Sonny Masero
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Amir Rezaei-Bazkiaei: Cyclone Energy Group, USA
Sonny Masero: Hines, UK

Corporate Real Estate Journal, 2024, vol. 14, issue 2, 187-201

Abstract: For Ivanhoé Cambridge, the global real estate group of CDPQ, and Hines, decarbonisation is not merely an environmental stance, it is an innovative approach to long-term real estate value. Through rigorous research, it is known that high-tier green buildings are truly the ones that stand out. They consistently perform better, attracting more occupants and ensuring sustainable financial returns. Stepping into an office that embodies green ideals is more than ever a necessity from the business standpoint — a dream in the making in places like Chicago, as the owner and management team embark on a research and analysis phase to better understand the implications of practical decarbonisation. Chicago is much more than a cultural hub; it is taking significant strides in urban sustainability. The team represented in this paper is leveraging the city’s momentum. The goal? To navigate the complexities of decarbonisation planning, however daunting it may sound. This paper sheds light on the approach taken in the journey of decarbonisation planning for two major Ivanhoé Cambridge assets in Chicago. The focus is to highlight opportunities rather than solutions and to offer a few examples of what has been successful, even though the implementation phase of the capital projects for these assets is nowhere near completion. The vision is laid out in the local context and from the vantage point of tenants, local energy sources and practical solutions at building level. At the end, a dash of colour is added to the numbers and strategies: visual storytelling. Translating intricate carbon data into comprehensive visuals brings clarity. As we embark on this path, each graph and chart becomes a pivotal chapter in our unfolding narrative toward realising decarbonisation across the entire portfolio.

Keywords: decarbonisation; existing buildings; cold climate; storytelling (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2024
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