Property, in its various forms, has long been considered one of the most tangible and enduring forms of wealth. Beyond its monetary value, property often holds the key to our livelihoods, our businesses, and even our communities. However, the true wealth embodied in property extends far beyond its market price. It lies in the potential for prosperity, growth, and well-being that these assets can provide, not just for today, but for generations to come.
Successfully managing your property assets, especially in times of instability, requires more than just passive ownership. You need to adopt a strategic and diligent approach.
Property stewardship comprises four fundamental elements: sustainability, efficiency, resilience, and people-centricity. Each of these facets represents a vital piece of the puzzle.
In this blog, we'll explore each of these elements, and how they manage the true wealth embodied in property. Let's get started.
The environmental impact of our actions is impossible to ignore. Which is why that now more than ever, sustainability is a key pillar of property stewardship. It's a well-known fact that buildings contribute a substantial 37% of global CO2 emissions, encompassing both embodied carbon and operational emissions.
What this means is that asset and facility managers are responsible for actively lowering these emissions. Smart building management practices are essential to achieving this. They involve not just reducing the day-to-day energy consumption but also considering the carbon footprint embedded within the very structure of the property.
This means optimising energy efficiency, utilising renewable energy sources and adopting sustainable practices across the entire lifecycle of the property. In this context, property stewardship becomes synonymous with environmental stewardship, where every action taken to minimise CO2 emissions counts.
The current climate of instability is undoubtedly making Asset Management Planning more challenging than ever. Fortunately, the SPM Assets solutions can help you navigate through the chaos and deliver more sustainable building portfolios for current and future stakeholders to thrive.
It's alarming to note that more than 30% of energy is squandered within buildings, an inefficiency that we can no longer afford. The answer lies in adopting smart building practices. Smart buildings are designed to be energy-efficient, offering a streamlined approach to resource utilisation. This efficiency can be achieved through a series of well-considered initiatives, such as:
Efficiency is about doing more with less. It's about optimising every resource and system within a property to maximise value while minimising waste.
Over 2021/22, we witnessed approximately 350 major weather events that tested our buildings and infrastructure in ways we couldn't have imagined. These events challenged not only the design of our properties but also the choices we make regarding building materials.
So the question is: is investing in resilience worth the potential added costs? While it's true that building to a higher resiliency standard may involve more significant initial expenditures, it's a choice we can no longer afford to ignore.
Resilience, in the context of property stewardship, goes beyond immediate financial considerations. It's about ensuring that our assets can weather the storm - quite literally. It means building structures that can withstand extreme weather events, ensuring business continuity, and safeguarding the well-being of occupants. To achieve this, when lifecycle components needs to be renewed or replaced, it’s essential to use resilient components that will last longer.
Resilience is not just about bouncing back; it's about bouncing forward. It's about building with a long-term view in mind, protecting not only today's wealth but also tomorrow's opportunities.
People, not just assets, are at the centre of property stewardship. When you consider that approximately 90% of our time is spent indoors, it's evident that the quality of our built environments profoundly impacts our lives. Property stewardship must evolve from merely focusing on assets or facilities to a more holistic people-centered approach.
Understanding how people interact with and adapt to buildings and spaces with changing work patterns is vital. It's no longer sufficient to view properties as static assets; they are dynamic spaces that should enhance the well-being and productivity of those who inhabit them.
A people-centric approach encourages us to design and maintain properties that adapt to different ways of working, learning, and living. It acknowledges that spaces should evolve in response to the changing needs and expectations of their occupants.
Ultimately, people-centricity enriches the value and purpose of properties. It's an investment in the well-being and satisfaction of those who use these spaces, creating environments that contribute positively to their lives.
We provide the tools to assess, analyse, operate, and maintain building portfolios by building lifecycle connections. Specifically, our solution offers:
Asset lifecycle management software
Planon integrated workplace management solution
Now that you've had a look at the four key elements of sustainability, efficiency, resilience, and people-centricity, you'll have a clearer idea of what's involved in responsible property management.
Sustainability teaches us the necessity of safeguarding our planet while enhancing property value. Efficiency reminds us that optimisation is not just about cost savings but also about maximising resources. Resilience compels us to future-proof our assets, acknowledging that in an era of climate uncertainty, the cost of inaction can be staggering. Finally, people-centricity underscores the truth that properties exist not merely as assets but as dynamic spaces that enrich human lives.
Each of these elements is interconnected, forming the foundation of property stewardship that goes beyond monetary wealth. It's about creating a legacy of sustainable, efficient, resilient, and people-centric properties that transcend generations.
Keen to see the SPM Assets solution in action? Book a demo today.
Our monthly newsletter featuring asset management tips and insights, and the latest SPM Assets news.