Social Value that stands up to scrutiny

In real estate, emphasising social value is crucial because property developments can have significant impacts on local communities and environments. By focussing on Social Value, developers can enhance community well-being, promote sustainability and build positive relationships with local stakeholders, potentially increasing the long-term success and acceptance of projects.

For real estate developers, the SVP workspace, measurement tools and strategic consulting offerings provide ways to assess the impact of their projects on the community, set targets for improvement and create measurable social value objectives. This can help in developing a clear, strategic approach to maximising the positive impacts of their developments, and in demonstrating their commitment to corporate social responsibility.

A place-based Social Value strategy involves tailoring development projects to the specific needs and priorities of the local area. Key components include:

• Needs assessment: Understanding the specific needs of the community where development is planned.
• Partnership building: Identifying and collaborating with local organisations and stakeholders.
• Target setting: Establishing clear, measurable goals for social, economic and environmental outcomes.
• Impact measurement: Using tools like Social Value Portal to track progress and impact.
• Continuous improvement: Regularly updating the strategy based on feedback and impact assessments to enhance benefits over time.

Maximising Social Value in real estate projects offers several benefits:

• Enhanced reputation: Improving public perception and stakeholder trust, which can lead to smoother project approvals and increased business opportunities.
• Community support: Gaining support from local communities, which can reduce resistance and foster a cooperative environment.
• Sustainability: Contributing to environmental sustainability and meeting regulatory standards, which can attract investors and customers interested in sustainable development.
• Economic benefits: Potentially increasing the economic viability of projects through incentives like tax breaks or expedited permitting processes associated with Social Value initiatives.