SSUD71216 Corporate Property and Asset Management Report Sample

SSUD71216 Corporate Property and Asset Management

Assignment Details

Topic:

Choose a company listed on the ASX (or other principal stock exchange) and with reference to their most recent annual report, from the perspective of a corporate property asset manager in 2024, identify and discuss the nature, impact and responses of CSR and ESG on the organisation’s approach to its property asset management role with particular consideration of climate positivity.

Requirements:

• Length: about 4,000 words; maximum contribution to semester mark 40%

• Group size: one or two, your choice

• Other formatting, referencing etc aspects as for the first assignment

• Provide a short individual commentary which aligns your learning in this subject so far to the subject learning outcomes (SLOs) identified in the subject outline.

• Due date: Friday, 4 pm Week 10 to my email

• Any problems or clarification, please contact me by email.

Suggestions:

• An international comparison may be a useful approach

• The RICS (2022) ‘Professional Guidance Notes for Sustainability and ESG’ and CBRE’s 2021 ESG report (both uploaded to the ilearn site) may provide a helpful starting point but it is not appropriate to base your assignment on them - just use them to give you some themes to develop

• Make extremely certain that, unless it is a properly referenced direct quotation, everything you write is written in your own words; ditto, the use of AI. This report needs to be submitted (once only) for plagiarism software review.

Solution

Introduction

Jones Lang LaSalle (JLL) is a real estate company that is a global brand with operations over 80 countries around the world. With more than 100,000 employees working for the company globally, JLL boasts a massive workforce which is involved in managing various jobs related to integrated solutions for property owners, occupiers and investors globally. However, with global operations of this scale, there also comes the requirement for fulfilling CSR (Corporate Social Responsibility) and ESG (Environmental, Social and Governance) responsibilities(Siniak et al. 2020).In the changing landscape of the corporate sector, there are increasing needs for large corporations to involve CSR and ESG into their operations in order to be more connected to the community and also gain positive interactions of the people. It has also become an ethical responsibility for the organisations to contribute positively towards the society in addition to their financial obligations and products / services. Focus on ESG has become a necessity in order to achieve sustainability while making sure the operations do not negatively affect the environment, the society and the governance.

In this report, the CSR and ESG activities of JLL will be discussed and the impact of CSR and ESG will be analysed accordingly.

Company Background

Jones Lang LaSalle Incorporated, or JLL in short, was founded in London, United Kingdom in 1783 and its businesses boast spanning over more than 2 centuries. While it was initially founded as a local real estate company, it has now spread around the world with presence in 80 countries (Vitasek et al. 2023). JLL is considered as one of the world’s oldest real estate companies, which are still in business. Currently, the company is headquartered in Chicago, Illinois, United States for MBA assignment expert.

The company is renowned to provide a wide range of services to its clients worldwide. Some of the main services the company provides are as follows.

Agency Leasing – JLL provides leasing services of commercial real estates and assets to the clients that also include offering strategic advice and marketing services for optimizing income.

Capital Markets – JLL offers its clients with expertise related to investment sales, acquisitions and financing.

Tenant Representation – JLL also represents tenants when they are involved in lease negotiations to help them get the best deal possible.

Property Management – JLL offers expertise and management services for overseeing daily maintenance and operations of commercial properties.

Project and Development Services – JLL offers project management services to clients looking to plan, design and construct real estate properties.

Valuation and Advisory – JLL offers expertise and knowledge regarding property valuations and insights to help the clients make informed decisions.

Corporate Solutions – JLL also offers corporate clients with solutions regarding property valuations, operational efficiency and others.

While providing a wide array of services to the clients related to real estates and property management, JLL has also shown significant level of commitment towards ESG and sustainability (jll.com 2023). The company has always been vocal about reducing environmental footprint and has started various initiatives to achieve the same along with increasing energy efficiency and sustainability performance. JLL also invests focus on CSR with ethical business practices and fostering positive social impact within the communities in which the company operates.

Financial State of the Company

JLL generated about 20.9 billion dollars in revenue in 2022, almost twice as much as the revenue reported for 2019.

Figure 3: Net Income in 2022
(Source: Statista 2023)

In 2021, JLL reported a net income of 959.3 million U.S. dollars. Net income dropped to 793.4 million U.S. dollars by 2022. Around 20.1 billion U.S. dollars was JLL's revenue in that same year.

CSR and ESG in Property Asset Management

Corporate Social Responsibility or CSR is essentially an organisation’s commitment towards the development of the community it operates in. On the other hand, Environmental, Social and Governance or ESG refers to the criteria that are used to determine a company’s sustainability performance in terms of society, environment and governance.

CSR and ESG obviously are quite different with respect to different industries and sectors in which the companies are operating. For instance, a company manufacturing medicines should focus on supplying low-cost high efficacy medicines and also promoting awareness among the community regarding various medicines that can be beneficial, as a part of CSR and use of natural raw materials and reduction of bio wastes as a part of ESG (Liang, Jain and Wu 2021).On the other hand, a technology company may donate electronic devices like laptops and tablets to the students in need as a part of CSR whereas may use renewable energy sources for powering their data centres as a part of ESG.

Similarly, in property asset management industry, there are certain CSR and ESG aspects that need to be fulfilled by the companies operating in the industry. Some of the aspects of CSR and ESG associated with this industry are as follows.

Sustainability Initiatives – Some sustainability initiatives that the companies in this industry may adopt include use of energy efficient lighting, HVAC systems, energy efficient appliances and others that reduce energy consumption and carbon emission while enhancing energy efficiency. Implementation of renewable energy sources like solar panels, wind turbines and others can also be done to generate clean energy for properties (Yin 2023). Adoption of green building technology and use of green materials in construction can also allow the company move a step forward towards environmental sustainability. Other sustainability initiatives include water saving measures, waste disposal measures and others.

Community Engagement and Development – Companies that operate in the property asset management industry can fulfill their commitments to the community through building low cost housing for the needy, providing donations to volunteer programs offering food and shelter for the homeless, sponsoring local events and others. Additionally, the companies can offer more to the community through upgrading local amenities like parks, bus stops, recreational facilities, child and old care centres and others (Hübel and Scholz 2020). Additionally, they can raise awareness among people regarding asset and property valuation so that they are no cheated by fraudsters and scammers trying to purchase properties at cheap rates.

Governance Practices – For any organisation operating in any industry, complying with the governance is necessary. It is a part of ESG that the organisations have to fulfill. For property asset management industry as well, there are specific guidelines and governance standards that all organisations operating in the industry must comply with (Karwowski and Raulinajtys‐Grzybek 2021). The organisations also have the responsibility to comply with ethical business practices and promote transparency, integrity and accountability.

Industry Standards and Guidelines – There are various international standards and guidelines in property asset management industry that look to establish fair and transparent operations with view to providing ethical and high quality business offerings. International Property Management Standards Coalition (IPMSC) and the Global Real Estate Sustainability Benchmark (GRESB) are two examples of such industry standards that are accepted globally (Polli 2022).United Nations developed the United Nations Sustainable Development Goals (SDGs) that aim to guide the organisations achieve sustainability through CSR and ESG initiatives.

Nature of CSR and ESG Initiatives

JLL provides sustainability consulting services at end to end level and JLL’s aim is to develop sustainability requirements of clients to reach the highest level of satisfaction. There are some plans that JLL aims to develop as sustainability programs. These sustainability programs can achieve value with providing a clear path towards reaching client’s goals. The plan of sustainability strategies are:

Foundation of Sustainability Strategy: JLL aims to establish an extended foundation of sustainability with strategy-based objectives and actionable policies in real estate business.

Decarbonization Strategy:JLL plans to develop a data-driven strategy for decarbonization and it is primarily created for action-taking purpose. This strategy is to understand risks with future-proofing your assets and providing investment for choosing right steps so that it can optimize performance and provide necessary financial returns (Vitasek et al. 2023). JLL can offer dynamic technology powering the strategy in order to forecast climate transition risk with creating decarbonization roadmaps so that data can be used to prioritize and ensure capital investment decisions.

JLL’s Carbon Pathfinder is considered as “Next Big Thing in Tech” by Fast Company in 2023 list of strategies. This concept is one of the honorees in the category of buildings and real estate technology. Carbon Pathfinder by JLL can navigate the journey of decarbonization using data that can help with decision-making along with carbon pathfinder so that client can assess performance against the targets, produce insights at portfolio and individual projects’ level, and conduct cost/benefit analysis of decarbonization actions (JLL launches decarbonization strategy offering: JLLT 2023). JLL plans to continue the requirement of decarbonizing corporate real estates. Decarbonization investment decisions can help clients to build a commercial real estate portfolio and this is considered as a complex process. JLL can help corporate real estate owners and investors understand carbon footprint and JLL can guide them towards a decarbonization journey. JLL can help with building a clear baseline foundation for decarbonization journey (JLL launches decarbonization strategy offering: JLLT 2023). Strategic objectives can be developed and those objectives can be validated with scenario modelling. Actionable set of investments and roadmap for change can be developed as well.

Green Lease Strategy:Moreover, JLL has a strategy of creating transparency of lease and aligning it with landlords so that leasing process can be leveraged in order to drive sustainability programs.

Electric Vehicle Charging Solutions: JLL aims to set objectives of analyzing charging requirements with outlining commercial model with delivering investment proposal so that path to decarbonization can progress.

As actions from JLL, the organization drives towards direct progress over sustainability goals so that initiatives can be executed using capital projects and transactions. JLL plans to take actions along these initiatives of projects as;

Renewable Energy Projects – JLL ensures transitioning clients’ portfolio towards renewable energy with new revenue generation with renewable energy.

Energy efficiency or building decarbonization modifications – JLL can implement energy efficiency and modification can be developed for decarbonization support in projects.

Resiliency projects – It can ensure uninterrupted energy and resiliency in terms of micro-grid and storage development to handle critical environments.

Audits for energy and waste – JLL can conduct optimization of building controls and identification of energy improvements and waste management systems.

JLL aims to optimize the projects that are already implemented and the organization can rely on programs optimization (Raco and Brill 2022). Critical data should be measured and monitored so that continued progress and compliance reporting can be developed. JLL can offer management of these types:

Sustainability Program Management: JLL can provide management support to portfolio-based programs so that clients’ real estate operations can align with clients’ sustainability goals.

Data Management and Insights: The collection should be streamlined, organized and cleaned so that processed data can be used in a professional portfolio baseline.

Performance Optimization Establishment: JLL can identify and prioritize waste, water and energy projects so that most impact can be driven in performance optimization.

Carbon Disclosure Reporting: Carbon transparency and compliant reporting submissions can be developed.

As Global Sustainability Program, JLL’s strategy includes sustainable building certifications where the organization pursues and promotes certificates for sustainable building so that worldwide JLL’s sustainability commitment can be validated(Vitasek et al. 2023; Brill and Raco 2021). Community engagement and education can be a major role where JLL prefers to engage the local communities and activists in the projects. This action can improve the awareness among sustainability issues and it can strengthen positive changes. Educational programs can help JLL to increase outreach among community and it can seek more opportunities among the community. JLL supports participation among the people so that collaboration can be achieved. JLL encourages in continuous innovation and improvement goals where JLL can dedicate their work towards development and improvements of sustainability practices (Siniak et al. 2020; Raco and Brill 2022). Data analytics and emerging technologies can be leveraged for identifying industry’s best practices. JLL believes in enhancing environmental performance with driving towards positive results.

Impact of CSR and ESG on Property Asset Management

Asset selection and acquisition

CSR and ESG guidelines are changing JLL's approach to asset selection and acquisition in a world where sustainability and climate risk are of growing concern. The business is aware of the many advantages that come from giving priority to properties with excellent sustainability records. First off, investors who place a higher priority on ESG performance are beginning to expect sustainable assets (Balp and Strampelli 2022). JLL can avert long-term risks associated with unsustainable properties while attracting more investment interest by acquiring assets with features like energy efficiency, water conservation measures, and healthy indoor environments.

Green certifications (LEED, BREEAM, etc.) are highly valued by JLL, increasing their marketability by displaying to clients a dedication to ethical real estate practices (Grzegorzewska and Kirschke 2021; JLL 2022). Eco-friendly buildings frequently fetch higher prices for rentals and assessments. Renters are looking for spaces more and more that support worker well-being and align with their own sustainability goals.

Risk management

Physical dangers to real estate resources are various as a result of climate alteration. In expansion to long-term contemplations like extraordinary climate occasions like storms and flooding, JLL carefully explores the potential vulnerabilities of the properties it manages. Short-term changes like rising sea levels and temperature increments are moreover considered.

One component of JLL's hazard management is the physical climate risks. Regulatory dangers related to stricter environmental regulations are too quite high. Through proactive property distinguishing proof, JLL creates long-term methodologies to relieve compliance dangers and associated financial consequences, for example, future building code updates, carbon taxes, or energy efficiency regulations (Kobayashi 2023; Lertpunyaroj 2023). JLL is a forward-thinking company that protects its clients' investments.

Tenant relationships

Because JLL adopts CSR and ESG principles, tenant relationships are becoming more cooperative and based on common sustainability objectives. The idea of "green leases" has gained momentum due to the growing need for healthy and ethical workspaces. By adding provisions to lease agreements that encourage waste minimization, energy efficiency, and sustainable practices in tenant spaces, JLL serves as a facilitator. The goal of this strategy is to maximize the property's environmental performance while balancing the interests of the landlord and tenants.

JLL makes itself more appealing to potential tenants while fostering stronger ties with current ones by practicing green leasing (Ciaramella n.d). More and more, renters are looking for landlords who are as committed to reducing their negative effects on the environment. Because of JLL's experience in green leasing, tenants can be more satisfied and loyal to the company because of its proactive approach to working with them to meet sustainability targets. Consequently, JLL's focus on sustainability becomes necessary in a market where competition is intense. A further advantage of collaborative projects like resource efficiency plans, tenant education campaigns, and data sharing on sustainability is the strengthening of tenant-landlord relationships.

Valuation and investment

The ESG performance of a property and its market value are intrinsically linked, as JLL acknowledges. Sustainability metrics are being taken into consideration by investors more and more. Strong environmental, social, and financial attributes, such as water conservation, energy efficiency, and positive social impact, draw more interest and are valued higher for properties possessing them. To ensure that its clients receive superior returns, JLL places a premium on sustainable assets and enhances the ESG performance of its current properties.

There may be a risk of devaluation for assets that ignore ESG factors. Entire buildings with excessive carbon emissions, wasteful use of resources, or poor indoor air quality might lose appeal to investors and tenants. For the long term to preserve asset values, JLL is aware that it is imperative to mitigate these ESG-related risks. Property ESG profiles can be accurately assessed by JLL thanks to its expertise in data analytics and sustainability consulting (JLL, 2022; Zhao, 2023). Targeted improvement strategies to increase the value of underperforming assets and well-informed investment decisions both depend on this information. JLL combines financial return maximization with the growing demand for ethical real estate investments by incorporating ESG considerations into its valuation and investment strategies.

Operations and maintenance

Beyond acquisition, JLL's dedication to CSR and ESG has a significant impact on the company's continuing operations and property upkeep. Resource-efficient methods are necessary because of the emphasis on a smaller environmental impact. JLL makes use of technologies such as smart building systems to drastically cut operating costs and energy consumption, such as LED lighting upgrades, and renewable energy sourcing (Aldhaheri 2023; Lee et al. 2024).

ESG-driven property management also includes water conservation as a key component. To minimize water consumption, particularly in water-stressed areas, JLL uses techniques like flow sensors, and rainwater/greywater reuse systems (JLL 2022). These programs protect the environment and save money for JLL's clients as well as for themselves.

Responses and Strategies

Reporting and Performance Tracking

JLL utilizes recognized detailing systems such as Global Real Estate Sustainability Benchmark (GRESB) and interfaces its reporting to the UN SDGs (Sustainable Development Goals). Standardization makes comparisons inside the genuine bequest industry simpler, and it illustrates JLL's status to assess its execution against universally recognized measures of excellence (Tirumala and Upadhyay 2023).

JLL too utilizes several performance tracking frameworks to screen the advancement of its maintainability ventures. Squander generation, water utilization, energy utilization, and other significant metrics are among the numerous measurements we routinely collect and analyze. With the help of these performance monitoring devices, JLL can distinguish patterns, set reasonable criteria, and adjust its ESG methodology as essential.

Proactive vs. Reactive: A Mixed Approach

A combination of proactive leadership and reactive elements can be seen in JLL's approach to CSR and ESG. JLL exhibits leadership in several areas. It is evident that it is committed to bringing about positive change in the real estate industry through its investment in sustainability consulting services, the creation of strategic tools such as the "Carbon Pathfinder," and its involvement in the "Building a Better Tomorrow" program (Killip et al. 2021). Setting itself apart as an asset manager with a sustainability focus, JLL acknowledges the strategic significance of ESG.

Unfortunately, there are differences in JLL's declared intentions and the scope of its projects. Setting goals for its entire portfolio of property management services could be done more proactively by JLL than it does for its operations. It appears from this that JLL is still somewhat responsive, more likely to comply with customer requests and market trends than to consistently set the standard for change. To maintain JLL's leadership position in the real estate industry, more thorough advice for clients on how to attain net zero could be beneficial.

Integration of Innovative Technologies and Sustainable Solutions

As part of their endeavors to progress their CSR and ESG execution, JLL coordinates eco-friendly arrangements with advanced innovation. A significant component of JLL's approach is information analytics. Energy information utilization, waste trends, and other sustainability metrics are assembled and analyzed by JLL to form valuable data that empowers execution monitoring and focus on interventions. JLL maximizes asset utilization, pinpoints regions for advancement, and surveys the victory of its sustainability activities by utilizing a data-driven technique.

According to Lee et al. 2024, to progress operational productivity and reduce its environmental effect, JLL searches for and uses modern technologies. Utilizing sensors and IoT (Web of Things) gadgets for real-time monitoring and optimization, coordination of renewable energy sources, and putting in keen building frameworks are some occurrences. Meeting JLL's internal sustainability objectives and advancing sustainability over the company's more extensive portfolio depend on these concepts.

Stakeholder Communication

Opening up to stakeholders about their CSR and ESG performance is something that JLL values exceedingly. As JLL recognizes in its devotion to straightforwardness, numerous stakeholders such as tenants, investors, staff, and the community at expansive need to be included to advance a sense of shared obligation. A dedicated section of the company's website is devoted to sustainability, providing easily accessible information on its goals, accomplishments, and initiatives.

Joining allows JLL to share knowledge, contribute to the creation of best practices, and remain up to date on the latest advancements and moral business conduct standards. Through its active participation in conferences, forums, and partnerships, JLL works with other leading companies in the sustainability space.

Weaknesses and Areas for Improvement

Despite having excellent practices, JLL could improve some areas of its tracking, reporting, and communication. Initially, JLL ought to aim higher and establish quantifiable goals for its complete portfolio rather than concentrating solely on its internal operations. In addition to encouraging more action from clients, this would strengthen its position as the industry leader.

JLL monitors and documents important ESG indicators; however, the way qualitative data is integrated could be strengthened. JLL could enhance its narrative beyond mere data reporting by emphasizing the social impact of its programs, providing case studies of effective sustainability interventions, and including testimonies from community partners and tenants.

Finally, to be more inclusive, JLL should improve its stakeholder engagement tactics. A comprehensive ESG approach would be further demonstrated by JLL by actively reaching out to the local communities surrounding managed properties, even though interacting with tenants and investors is necessary. The impact of JLL and its social license to operate can be increased through programs like community consultations, feedback channels, and alliances with neighborhood organizations.

Conclusion

To conclude, a thorough examination of JLL's coordinated approach to property resource management, and environmental, social, and corporate duty uncovers a company that's effectively endeavoring to adjust to the moving requests of a market that places a high emphasis on sustainability. It is deliberately basic that business practices be in line with social and natural duty. JLL is making great advances toward its objective of getting to be climate-positive. Indeed even though the company has not however set particular net-zero targets for its whole portfolio, its ventures in decarbonization strategies and tools just as the "Carbon Pathfinder" appear that it is committed to tending to its climate effect.The company's cluster of endeavors, which incorporate vitality optimization programs, community engagement, sustainability consulting, and green renting, illustrate a multifaceted approach to incorporating ESG considerations into its operations. Be that as it may, the preferences of actualizing CSR and ESG hones exceed the drawbacks. Speculators looking for more moral speculation openings will favor real estate resources with a supportability center over their rivals. JLL's focus on data-driven decision-making guarantees legitimate pathways for tending to climate alter while bringing down the plausibility of greenwashing. Legal changes and the energetic nature of ESG standards have resulted in expanded complexity. Keeping up adaptability, iteratively refining strategy, and remaining side by side with emerging best hones are all fundamental for JLL to preserve a competitive edge while guaranteeing compliance. The real domain industry has experienced a positive move as a result of JLL's commitment to integrating property resource administration, ESG, and CSR. In a market where requests for impactful and dependable resource management and speculation are developing, the company's flexible approach, key speculations, and commitment to sustainability position it for long-term success despite challenges.

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