Businesses must be open to change. It is essential to survive in the business world, regardless of the industry. This goes hand-in-hand with the necessity to change along with consumer needs and values as well.
With the increasing emphasis on sustainability across industries, many businesses have had to make their processes and products more environmentally friendly. However, in terms of real estate construction, there are some challenges.
SUSTAINABILITY IN NEW CONSTRUCTION IS NOW A MATTER OF LAW – NOT JUST A PREFERENCE
The push to become greener comes from many fronts. Property owners, potential buyers and even lawmakers all expect the real estate industry to go greener. For example, homeowners and businesses often want their properties to meet their personal values of sustainability.
Indeed, the emphasis on going green is nothing new for the real estate construction industry. In fact, the American Institute of Architects highlights sustainability as a focus – and responsibility – for architects.
Additionally, California design and real estate firms must comply with CALGreen rules for new construction. Lawmakers made this change in the building code in 2019.
MAINTAINING SUSTAINABILITY COMES WITH NEW CHALLENGES EVERY DAY
Ecological matters affect almost all levels of real estate development. For example, it impacts:
- The sourcing of materials
- How companies obtain materials with continued supply chain issues
- Design and building innovations
- The changing market
In turn, this affects the success of development projects, which can also disrupt the overall success of the business.
Another challenge is the urgency behind these efforts. Concerns about the climate are only increasing. Consumers expect businesses to share those concerns and reflect them in their practices as well. However, business owners can face serious legal risks if they make promises or advertise green efforts without adhering to those claims.