5 minute read
Editor’s note
from CPM August 2022
by MediaEdge
VOL. 37 NO.3 SEPTEMBER 2022
Editor-in-Chief Barbara Carss barbc@mediaedge.ca
Publisher Sean Foley seanf@mediaedge.ca
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editor’snote
KNOWLEDGEABLE SOURCES interpret the 2030 target date as December 31 (not January 1), leaving about 100 months until the greenhouse gas (GHG) output of Canada’s building inventory is expected to be about 38 megatonnes (Mt) lower than it was in 2019. Arguably, the second biggest challenge of that objective — after the sheer enormity of reducing emissions to that degree — is for the average person to envision the form that a megatonne of carbon dioxide equivalent (CO2e) takes and to grasp its consequences for the environment and economy.
The currently favoured equivalencies compare achieved GHG reductions to a number of cars taken off the road or a certain number of trees planted. If such a thing were feasible, plotting GHG emissions on a misery index might convey a more forceful message — i.e. a megatonne of CO2e: erodes this much waterfront property; sparks this many wildfires; unleashes this much extreme weather; backs up this much sewage; and pushes up insurance premiums by this amount.
There are likely no straightforward computations for calculating that, but highly sophisticated metrics and accounting systems are now emerging to help quantify the risk and impact of climate change in every sector of the economy. Let’s hope there is also a task force somewhere working on a basic yardstick that can provide the general public with more meaningful context.
Because here is an equivalency that’s probably easier to grasp. More than 132 months have elapsed since construction began on Toronto’s still-to-be-completed Eglinton Crosstown light rail transit (LRT) line. There is much, much more to accomplish on a vast, nationwide scale in approximately 76% of that amount of time between now and the close of 2030.
Perhaps with an eye on that countdown, the Canadian government is indicating that new clean electricity regulations and a green buildings strategy are imminent. In this issue, we look at the preparations for both, and how investment in buildings and infrastructure could align with emissions reduction targets.
New construction and retrofit/renovation projects will need to minimize GHG emissions and better withstand climate volatility and extremes. The Urban Land Institute is also prioritizing infrastructure investment that supports equity, affordability and sustainable economic growth through the expansion of public transportation, broadband availability and a range of housing types for owners and renters of all incomes.
Speaking during an online media briefing this spring, Arshad Mansoor, President and Chief Executive Officer of the U.S.-based Electric Power Research Institute, underscored the urgency of transforming the archaic status quo.
“We are not ready for the climate that we are facing today and that we will be facing tomorrow,” he asserted. “The drought that we’re seeing — one in a hundred years. The flood happening in Germany last year — one in a hundred years. The wildfires in Australia, the wildfires in the [U.S.] west — one in a hundred years. Getting our planning processes, getting our infrastructure to be climate-ready, is a Herculean effort that we have to start working on now.”
Barbara Carss barbc@mediaedge.ca
FOR BUILDING OWNERS, ASSET AND PROPERTY MANAGERS
VOL. 37 NO. 3 • SEPTEMBER 2022
Publication Agreement #40063056
FUTURE-PROOF FORMATS
Digging In for Disruption
On the Cover:
Cover image
PART OF THE courtesy of Mason PART OF THEStudio. See story, page 12.
contents
Focus: Capital Planning, Investment & Upgrades
6 Investment Appetite: Food-anchored retail continues to be a preferred real estate asset, while other retail formats climb up from the depths of the COVID-19 pandemic. 12 Reimagining Retail: EV charging stations, omnichannel intersections and outdoor spaces offer hooks to draw in shoppers. 17 Infrastructure Priorities: Urban Land Institute urges investment that will drive equitable, sustainable economic growth and support community culture and identity. 24 Clean Electricity Regulations: Fossil-fuel-fired power plants to mostly go offline by 2035. 28 Real Estate Transparency: Global metrics assess regulatory certainty, market governance, transaction oversight, data availability and ESG factors.
30 Healthy Returns: Study finds a positive correlation between occupant well-being and building value.
Articles:
20 Extreme Weather Preparedness: Canadian Centre for Occupational Health and Safety advises: assess risk; develop plan; communicate intent. 22 Twisted Threats: Canada’s vast territory is the world’s second most common stage for tornado destruction.
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3 Editor’s note
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