New Real Estate Wellbeing Metric Launches

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16 December 2022

LifeProven, the ESG consultancy for the built environment, has launched the Real Estate Wellbeing Metric which will focus on the building process as a means of preventing poor health.

LifeProven argues that very few property developers have been able to look further than readily reported environmental standards. The Real Estate Wellbeing Metric (REWM) aims to accurately measure the wellbeing of assets specifically, with data used to mitigate the risk of mental and physical health issues for occupants.

 

"...It’s remarkable that this hasn’t been scientifically assessed by the industry before. It’s the future of property.”

–Jordan Relfe

Co-Founder, LifeProven

 

Wellbeing is not a “Generic Metric”

 

“Wellbeing is highly personalised, not a generic metric, and property operators typically haven’t known where to start with addressing it,” said LifeProven Co-Founder Jordan Relfe.

“Sustainability is more widely understood but I think the market has been much slower in considering wellbeing as central to a building’s performance. Perhaps COVID has changed that for the better. Either way, we’ve set out to make it as easy to measure a building for its wellbeing as one might for its carbon footprint.”

Jordan also argues that wellbeing certifications in the property world have not only been “cumbersome and expensive” but have not come with that degree of actionable insight.

“Environmentally, buildings will get to where they need to be. But, on reflection, one can consider wellbeing as being in many respects more important - not just because it’s a huge growth area but because it’s really about making buildings better for the people in them, and, really, it’s remarkable that this hasn’t been scientifically assessed by the industry before. It’s the future of property.”

To date, the company has collected 165,000 data points across occupant variables such as age, gender, income, fitness, nutrition and mental health, as well as by the type, location, features and operation of the building itself. The system will allow predictive modelling too, as data sets grow.

 

Launching with VeryLife’s 1,500 Unit Portfolio

 

REWM launches with a partnership with Build To Rent Operator VervLife, with a mandate to gather data from their 1,500-unit portfolio. VervLife Director, Brent Stojanovic has argued that, since environmental standards are being pushed through by legislation anyway, what will increasingly set its properties apart will be their measure of occupier wellbeing:

“At VervLife we feel strongly about doing our bit as operators to improve the physical and mental health of our residents and members. This sector-leading partnership with the team at LifeProven will give us unique, science-backed and granular insight into the wellbeing of the people that live in our managed communities and the factors that affect it.

"With this knowledge we can make smarter decisions on how our buildings are run, providing our investor clients with valuable data on how their assets are performing from a health and wellbeing perspective”

Picture: a photograph of an open-plan office with several desks and chairs. Image Credit: Unsplash

Article written by Ella Tansley | Published 16 December 2022

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