Awards will recognise those who achieve outstanding impacts in sustainable real estate
The Real Estate Institute of Australia has announced two new National Awards for Excellence (NAFE) in the field of sustainability.
Speaking at the REIA-REIACT “ESG in 2023” event Thursday, REIA President Hayden Groves said the awards will recognise those in the industry who achieve outstanding impacts in sustainable real estate.
“The new awards – Sustainability Leadership Award - Practitioner and Sustainability Leadership Award - Agency – will recognise those in Australia’s industry that are embedding sustainable practices throughout their businesses and communities to achieve Australia’s NetZero 2050 commitments,” Groves said. “It will be open to residential and commercial practitioners and agencies and will seek to uncover those in our sector who are achieving best and leading practices in ESG.
“Consumers, governments and the industry itself are all demanding that we step up and embrace sustainability, and recognising champions in the industry is a critical part of this,” Groves said.
Groves said that while there are challenges inherent in adopting more sustainable practices, there is clear evidence that it commands premium outcomes for property owners.
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“For example, in 2022, the price per square metre for an ACT house with an EER [energy efficiency ratio] of ‘excellent’ was 99.3% more compared to one with a poor EER,” he said. “The REIA State of the Industry: Australian Commercial Real Estate also demonstrated the opportunities on offer: 70% of occupiers are willing to pay a premium to lease sustainability-certified buildings, with 72% of investors believing that green certifications drive higher occupancy, rents, tenant retention and overall asset value. The opportunity sits with the industry to lead in this field, and expanding our prestigious REIA NAFE program is just the beginning.”
How to apply
Practitioners and agencies that are members of state and territory institutes will be eligible to compete for the awards, with entries for both categories opening in 2023 on the following dates:
- REIACT: Early July
- REINSW: 24 March
- REINT: Mid-June
- REISA: 21 July
- REIT: 3 July
- REIV: 19 June
- REIWA: To be announced
The expansion of the NAFEs to recognise sustainability is an initiative of REIA’s “Getting Real – Sustainable Real Estate” strategic priority.
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