The Real Estate Institute of Australia (REIA) has today announced two new pioneering National Awards for Excellence (NAFE) in the field of sustainability.
The Real Estate Institute of Australia (REIA) has today announced two new pioneering National Awards for Excellence (NAFE) in the field of sustainability.
Speaking from REIA-REIACT ESG in 2023 event today to more than 70 real estate practitioners, REIA President, Mr Hayden Groves said that the two new awards will recognise those in the industry achieving outstanding impacts in sustainable real estate.
“The new awards, Sustainability Leadership Award – Practitioner and Sustainability Leadership Award – Agency will recognise those in Australia’s industry that are embedding sustainable practices throughout their businesses and communities to achieve Australia’s NetZero 2050 commitments.
“It will be open to residential and commercial practitioners and agencies and will seek to uncover those in our sector who are achieving best and leading practices in ESG.
“Consumers, governments and the industry itself are all demanding that we step up and embrace sustainability and recognising champions in the industry is a critical part of this.”
Mr Groves said there are many challenges to adopting more sustainable practices in the built environment, but the emerging evidence is clear that it commands premium outcomes for property owners.
“For example, in 2022, the price per square metre for an ACT house with an EER of excellent was 99.3% more compared to one with a poor EER.[1]
“The REIA State of the Industry: Australian Commercial Real Estate also demonstrated the opportunities on offer: 70% of occupiers are willing to pay a premium to lease sustainability-certified buildings with 72% of investors believing that green certifications drive higher occupancy, rents, tenant retention and overall asset value.[2]
“The opportunity sits with industry to lead in this field and expanding our prestigious REIA NAFE program is just the beginning.”
How to apply
Practitioners and agencies that are members of State and Territory Institutes will be eligible to compete with entries for the two categories opening in 2023 as follows:
Expanding the NAFEs to recognise individual and business excellence in sustainability was an initiative stemming from REIA’s Getting Real – Sustainable Real Estate strategic priority.
[1] Source: Domain. Available: Domain Sustainability in Property Report 2022
[2] Source: REIA. Available: Final_REIA-CRE-Report-1.pdf