Over the past decade, Social Value has become a cornerstone of responsible business practices in real estate.
This is no surprise – the sheer scale and complexity of the real estate landscape offers an unparalleled opportunity to deliver positive outcomes for local communities and society.
In our new report, Social Value Success Stories in Real Estate, we show how our real estate clients are capitalising on this potential and making Social Value core to their operations.
Read on for a snapshot of their inspiring work:
Measuring Social Value in developments and in-use assets
Unibail-Rodamco-Westfield
A trailblazer and household name, Unibail-Rodamco-Westfield (URW) is a real estate enterprise committed to creating positive outcomes for the communities it serves.
URW employs the Social Value TOM System™ to measure its Social Value initiatives. Additionally, our Real Estate Social Value Index (RESVI) enables URW to analyse, monitor, and amplify Social Value across its in-use real estate assets.
This work has been ongoing, and in 2022, RESVI revealed impressive increases in Social Value creation at both Westfield London and Westfield Stratford City.
Landsec
Another beacon of Social Value in the built environment, Landsec creates sustainable spaces that foster community connection and growth.
Our partnership with Landsec on its 55 Old Broad Street development has focused on the development of a robust Social Value strategy. As the asset progresses into the use phase, the collaboration will centre on measurement of impact.
Social Value Portal’s analysis forecasts that 55 Old Street could generate an incredible Social Value figure – nearly tripling its construction costs.
Embedding Social Value in Planning Processes
Southampton City Council
With our support, Southampton City Council has devised an innovative Local Plan Social Value Policy which ensures that all future planning submissions demonstrate their contribution to Southampton’s social and economic prosperity and inclusivity.
Our team also assisted in crafting Local Plan Policy Guidance (LPPG), outlining key Social Value recommendations across four TOM System Themes.
Islington Borough Council
Faced with high office space costs, Islington Borough Council initiated the Affordable Workspace Program to ensure that businesses were not priced out of the area. Leveraging our expertise and the TOM System, the program measured delivery of £1.24 million of Social Value at a single site, alongside numerous opportunities for local residents.
Social Value opportunities in construction
Galliford Try
Galliford Try’s commitment to Social Value in its £6.7 million contract with the Ministry of Justice centred on rehabilitation and reskilling programs for prisoners in HM Prison High Down.
The construction leader delivered a Construction Mentorship Partnering Scheme (CMPS) – the first of its kind in the UK – which offered life-changing opportunities for participants. The ‘second chances’ created by the programme should serve as inspiration to the whole sector.
Grasping the Social Value opportunity
These success stories underscore the innovative ways that stakeholders, from developers to local authorities to suppliers, are creating a more sustainable real estate sector.
They also illustrate the pivotal role of measuring and validating Social Value delivery. This step is key to understanding needs, developing place-based strategies, and evaluating success.
Learn more about Social Value in real estate
Get the details on these pioneering initiatives by accessing the full report.
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