Going Green: Sustainability in the Built Environment

Panelists

• Michael Beckerman: CEO, CREtech
• Greg Smithies: Partner, Fifth Wall
• Michael Rudin: SVP, Rudin Management
• Trista Miller: Associate Director, Sidewalk Labs
• Joshua Moinian: Proptech & Innovation Chair, NYU REISA

Most people agree with the idea: buildings perform better if they aren’t on fire or under water. Then, why isn’t everyone jumping on the sustainability bandwagon? 

Joshua Moinian kicked off the event discussing the triple bottom line – economic, social and environmental evaluation of sustainability on investments. The real estate industry has an opportunity, and many would argue a responsibility, to produce a favorable impact on the environment. Buildings contribute greatly to climate change – in fact, buildings equate to 40% of all greenhouse gas emissions. Through education, connectivity, and innovation, we can become the change agents. 

Here’s what we learned: 

• Opportunities: Decarbonizing buildings could become one of the largest venture capital opportunities in the coming decades.
• Data: We need the right data. Life cycle analysis and transparent information will allow developers and contractors to make more informed decisions.
• Demand: Tenants need to drive the “green” demand. We have seen many Fortune 500 companies make a sustainability commitment, inclusive of occupying spaces that are more sustainable. 
• Financial “No-Brainers”: There is a perception that “greener products” are more expensive. In reality, companies are manufacturing new products that are less expensive than traditional products. Knowledge is power. 
• Innovation: The greater the investment in sustainable technologies, the more efficient the product will be, which means fewer inputs and costs. There is powerful momentum to make sustainable materials the norm. 

In the end, sustainable business is good business, but many people need a wake-up call. We, the next generation, must tell the story now. We do not have 10 years to wait for the alarm clock. It must come from within — from tenants driving demand to green buildings, to developers seeing financial advantages of energy efficiency, and local and federal government support. 

Sustainability is not about the newest trend, or a flashy ad, it will become normal and routine. When one walks into a building, you do not question fire safety, so why should you question if a building is sustainable. Let’s continue the momentum to build sustainably.