As recent events have shown, a crisis can change the useability of a property in minutes, says Dr Philipp Schott, Manager, Real Estate, PwC Legal.
Talking to Real Asset Media’s Richard Betts he explained that ESG concepts should now include a new criteria: resilience.
Schott says resilience is a measure of the ability of individuals or buildings to cope with a crisis or disaster and then return to normal. Resilience in the real estate sector is the ability to get a city working or functioning again.
This is partly about ensuring that damage does not occur in the first place, but once it has it measures the response to a crisis and, finally, the ability to recover.
Schott says the Covid crisis showed that long-established work concepts quickly become outdated and new use concepts are needed quickly. “Recovery needs flexibility,” he adds.
Click on the video to watch the full interview or listen via the podcast below.