In recent months, the Covid-19 pandemic has highlighted the importance of considering social value, not just when making business decisions, but across all facets of everyday life.

From a real estate perspective, this is not just about financial outcomes. Crucially, it is about reducing inequality, promoting wellbeing and decreasing our impact on the environment by working collaboratively and continuously engaging with stakeholders.

This can include everything from generating economic value by employing local people to supporting nearby independent businesses. Simple initiatives such as holding employer fairs and advertising in the local press, to procurement that prioritises local suppliers are all beneficial to the communities that are often negatively impacted by new development.

For example, when it comes to reducing inequality, organisations may look to hire people who were previously unemployed, such as armed forces veterans facing barriers transitioning to civilian life, or perhaps mothers returning to work. Not only does this produce fiscal savings for society as a whole, but more importantly, can create a positive impact on individuals.

There is also the benefit of investing long term. Offering apprenticeships and work experience to get young people interested in working in the sector, or perhaps inviting local school children to come and visit the premises in order to help them understand what is involved in managing these types of properties could help to inspire the next generation.

Ultimately, companies that prioritise local economic and social value are well suited to continue operating, even in uncertain times such as these.

Local employees, for instance, may be able to commute to work without using public transport, while supply chains composed of smaller businesses have proven invaluable in delivering produce to the vulnerable who were unable to get supermarket delivery slots.

There has also been increased volunteering across the country, with many businesses working with their local communities to support those in need.

In the past, the thought of a new housing estate or a large warehouse being built nearby has often caused consternation to local people, but how a property is managed can play a significant role in the amount of social value it can add to a community. Especially in times of crisis, volunteering, providing remote healthcare and wellbeing support and even paying invoices on time can make all the difference.

Covid-19, while catastrophic in many ways, has been a catalyst for an increase in long-term collaboration. It has changed the way businesses operate in a very short space of time and allowed us to see both the environmental and social impact slowing down can bring.

We now have a unique opportunity to rethink how we operate and what we prioritise, especially as you often get back what you put in.

Further information

Read more: How to calculate the social value of your building