Commercial real estate investment and management

October - January 2020 - 2021 Commercial real estate investment and asset management

A new study by CBRE Asia Director, Digital Solutions Nik Sudhakar and Senior Director, Research, CBRE Asia Pacific Jonathan Hills examines the tools and techniques available for planning, repositioning and future proofing property investments

This Special Report by CBRE Research presents the case for adopting a holistic approach to integrating a range of tools and techniques into real estate investing and asset management.,

The report says that along with traditional investment strategies and due diligence, investors and developers are increasingly incorporating a broad range of tools and techniques into their assessments -- particularly in the fields of workplace design, flex strategy, tenant engagement and sustainability.

However, adoption to date has generally been siloed and uncoordinated, meaning that investors and developers have been unable to accrue the full benefits of pursuing a more cohesive and comprehensive approach.

Although some investors and developers have adopted various approaches to addressing these situations, most have not embraced a holistic approach or considered how these instruments can be applied in tandem with other areas of commercial property expertise, the report says.

Agile real estate

With occupiers’ corporate real estate strategy now focusing on achieving greater lease flexibility; companies looking to maintain a contented and productive workforce; and employees striving for an attractive and appealing workplace experience, a fundamentally different approach is required.

Although some landlords are experimenting with a range of new strategies to differentiate their properties beyond the traditional selling points of specification, location and accessibility, many are still struggling to devise an effective response, the report reveals.

This phenomenon requires landlords to adopt more intensive asset management strategies as they transition away from being pure space providers. By adopting a more proactive approach and taking on a more service-oriented role, landlords can improve tenant retention.

Rather than simply filling up a building with tenants on conventional long-term leases, landlords striving to achieve a competitive advantage can create a blended, ‘agile’, offering including traditional space, flexible space and turnkey solutions, all supported by a comprehensive set of amenities, leading edge tech-

Figure 1:

The Agile Asset of the Future

Conventional floors with long term leases

Space as a service Roof Terrace / Event Space / Bar / Restaurant

Fitted / Spec Suites

Shared Food Hall / Conference Auditorium

Concierge / Bike Storage / Gym and Leisure Facilities Activated Community Areas / Event Spaces

Source: CBRE Research, October 2019

nology and personalised - component of new office from competitors by providresponsible for creating a developments when they human delivered services. Mobile applications such as Host, which can be ing amenities and services supportive and comfortable knowledgeable experience professionals stationed look to provide tenants with their desired “core + flex” solution. The obvious starting point is for landlords to create a blended space offering at tailored to specific tenant requirements, allow users to navigate the workplace, schedule meetings that will attract and retain tenants, raise occupancy and boost rents, can utilise atmosphere; welcoming visitors; and acting as air traffic control for all emon site who are responsible for creating a supportive and comfortable atmosphere; welcoming visitors; The coming years are the building and portfolio with colleagues, reserve workspaces, use food tenant engagement platployee facing services, the and acting as air traffic control for all employee also likely to see greater oplevel. While securing flexible and beverage services, and access building and forms to create an attractive facing services. authors assert. space operators as tenants concierge services. 2 tionality in lease contracts workplace experience for Landlords and investors is the most direct approach, – a trend already gaining building users. looking to create agile as Landlords and investors looking to create agile traction in recent months as occupiers reconsider headcount requirements, according to the report. landlords wishing to exert greater control over their end user profile, services and experience can creWhile much of the conversation around tenant engagement platforms invariably focuses on their technological sophistication and efficiency, many Mobile applications such as “Host”, which can be tailored to specific tenant requirements, allow users sets are advised to engage consultants to conduct flex strategy planning for buildings, such as determining assets are advised to engage consultants to conduct flex strategy planning for buildings, such as determining the best third-party flex operator ate and operate their own platforms overlook the importance of genuine to navigate the workplace, the best third-party flex op or possibly running a tender process. Consultants Support servicesflexible space platforms – human interaction, particularly regarding service schedule meetings with erator or possibly running a can also conduct specific reviews of an investor’s When creating agile effectively an on demand delivery. For tenant engagement platforms to be colleagues, reserve worktender process. portfolio to advise on best practices to maintain properties, landlords should ‘space as a service’ - as an truly effective, they must utilise well trained and spaces, use food and bevperformance. Consultants can also amenity and component of also include a broad range erage services, and access conduct specific reviews their overall portfolio. of amenities and supportbuilding and concierge of an investor’s portfolio to

CBRE researchers talked ing services. In addition services. advise on best practices to to basics such as parking space and F&B, occupiers While much of the con versation around tenant to a number of leading landlords in major Asia Tenant Engagement Platforms: Digitising the Workplace Experience, CBRE Research, June 2018 maintain performance. Pacific markets prior to are increasingly demanding engagement platforms Workplace strategy the onset of the COVID-19 conference and meeting focuses on their technoAlthough workplace © 2020 CBRE, INC. pandemic and the majorroom services, personal logical sophistication and strategy has traditionally ity expect most buildings fitness spaces, and other efficiency, many platforms been implemented at the in their portfolios to have wellness facilities. overlook the importance occupier level, there exist a some kind of flexible office A few progressive landof genuine human interacrange of services that are component in the future – a lords are now offering hotion, particularly regarding of relevance to landlords structural change that is tel-like services and ameservice delivery. and investors in speciflikely to accelerate in the nities such as concierge For tenant engagement ic situations, particularly coming years. services, dedicated tenant platforms to be truly effecaround how to enhance the

Progressive landlords lounges and bars and ontive, they must utilise well workplace experience and therefore intend to position site wellness programmes. trained and knowledgeable developing and maintainflexible space as a core – Agile properties seeking experience professionals ing a community for their but optimally proportioned to distinguish themselves stationed on site who are tenants.

Workplace consultants can be commissioned to engage with prospective tenants to understand how they can be efficiently accommodated in a property and the amenities, services, and layouts that address their needs. Advisors can also assess the potential for creating a high-performance workplace and help occupiers make informed strategies about how to make core+flex work for them.

For example, a landlord of an ageing office building can engage workplace specialists to assess the viability of a repositioning exercise by evaluating current strengths and deficiencies and making recommendations for design and service improvements.

This may include the assessment and development of sample floor layouts for a broad mix of tenants, ranging from more traditional occupancy to higher collaboration seat ratios for more agile working tenants.

Space planning and design recommendations can then be implemented into tenant spaces and used in marketing collateral, helping property owners attract their desired tenants. Similar approaches can be used to engage with and improve workplaces for tenants in an existing building.

For owners with large property portfolios, workplace teams can develop and design operations guidelines to be used with local design partners in the planning and designing of a typical building, in areas such as the provision of spec suites, amenities and services.

CBRE researchers say that no matter whether it is a new or existing property, workplace teams have a role to play in supporting the marketing and delivery of workplace changes back to tenants – communicating the reasons behind what’s new or different in order to improve engagement.

Advisors can also run “as if we were the tenant” scenarios to provide tenants with ideas of potential options and what they

would need to do to make a renewal option more suitable than the relocation option that they might be considering.

Landlords can offer workplace strategy services integrated into a renewal – including change management support – as a way to help tenants stay and reinvent their workplaces in their existing space.

Digital solutions

There exist a range of digital technologies that are helping transform the way in which commercial properties are being planned, marketed and leased.

At the project planning stage, geographic information systems such as “Dimension” can leverage a wealth of proprietary real estate data across all asset classes, market knowledge and understanding of client requirements, and use this information to create maps helping users visualise the impact of decisions around site selection.

Practical examples include identifying prime locations for new distribution warehouses by ascertaining distances to key infrastructure; planning routes to minimise distance, time and cost; and calculating the number of trucks required to deliver and unload goods to end-users.

The same platforms can also add value for property owners seeking to create narratives around specific assets and opportunities.

For example, a landlord wishing to fill a vacant space in an existing shopping mall could create maps based on the number of residents and office workers in the vicinity of the property, combine this with income and spending data and then use this information as a marketing tool to approach suitable retailers whose offering caters to the appropriate demographic.

Should a landlord wish to sell a property, it could use data from the same platforms to create marketing collateral highlighting the qualities of a particular asset, such as its connectivity to mass transit networks or proximity to high-income residential areas.

Other applications that can be used at the project planning stage include cutting-edge consumer analytics tools such as “Calibrate”. These tools can harness and analyse mass mobile data, giving investors and landlords insight into where their potential customers come from and where they go.

For developers looking to enter new areas of a city, data can be used to form a picture of common locations during different times of the day, which can aid in identifying suitable locations for new developments.4

The same information can be used by a landlord of an

existing mall to understand how its property is impacted by a new development and the steps it must take to retain customers.

This would be especially useful for a landlord of a struggling mall seeking to diagnose the causes of underperformance in its property; considering a repositioning exercise; and/ or wanting to identify and respond to competitors that are affecting sales, the CBRE report says.

There are several other technological tools that can help landlords and investors create compelling branding and storytelling around specific properties at the marketing and leasing stage, including:

Commute optimiser platforms can create interactive maps that let potential tenants select various locations and instantly see the average commute time, distance, and costs for their workforce to reach each site – providing landlords with compelling evidence to use when presenting the case for their property.

Test fitout tools such as “Plans” and “Plans Pro” have digitised the previously time consuming and labour-intensive process of creating office test-fits. This can help landlords assist tenants in better understanding what their potential new space looks and feels like in interactive 3D and how their staff and workstations will fit into it.

Virtual tour software can help landlords assist potential tenants explore

properties from every angle and visualise spaces that do not yet exist or are being repositioned for specific needs.

Software such as “Build 3D”enables developers and architects to build virtual 3D models that turns sketches, photos, floor plans and Computer Aided Design (CAD) plans into bespoke 3D environments that can be delivered to prospective tenants and then explored via a website. Lease administration systems enable owners to have full visibility of their portfolios, maximising income generation and reducing expenses, driving maximum occupancy whilst simultaneously providing risk mitigation and governance.

CBRE advises landlords and investors “to carefully evaluate the different technological tools available on the market to ensure their asset stays ahead of the competition.”

They may also consider reviewing existing portfolios to determine ways to improve building performance through introducing new technologies, e.g. by installing smart gates (see related article in this issue)

The COVID-19 pandemic has placed the onus on landlords to quickly install new technologies to enhance the health and safety of building occupants.

These include temperature scanners in lobbies, touchless access in entry/ exit points and elevators and UV handrail sterilisers, to name just a few.

CBRE believes these technologies are crucial to providing reassurance to tenants as their employees gradually and safely re-enter the workplace and advises owner-occupiers to implement these solutions in the immediate term.

Sustainabilty

With buildings and construction together accounting for 36 percent of global final energy use and 39 percent of energy-related carbon dioxide (CO2) emissions (when upstream power generation is included), they are a major contributor to global warming and climate change.

While many companies have focused much of their effort on reducing energy usage and associated emissions, such as through the development and leasing of green buildings, the coming years may see several markets introduce legislation requiring companies to make significant and measurable steps to reduce their carbon footprint.

October - January 2020 - 2021 This report explains several ways developers, owner-occupiers, and investors can take meaningful steps to enhance their assets. CBRE has highlighted some focus areas including agile, workplace strategy, digital solutions and sustainability that can have an immediate impact across various stages of a building lifecycle, whether it’s a new development Developers, owner-occupiers, and investors can learn more about steps they can take to enhance their assets by following the path in the infographic below based on their T E C H N O L O G I E S , T O O L S A N D T E C H N I Q U E S F O R INVESTMENT AND ASSET MANAGEMENT SOLUTIONS MARKETING / LEASING 3D renders of what the asset/development will look like VALUE ADD SERVICES COST CONCERNS BUILD 3D PLANS + PLANS PRO PERSPECTIVES DIMENSION, COMMUTE OPTIMIZER & CALIBRATE HOST AGILE NEW ASSET PLANNING (WORKPLACE STRATEGY) REPOSITIONING (AGING ASSET / UNDER PERFORMING) FUTURE PLANNING (EXISTING ASSET / WELL PERFORMING) PERSPECTIVES DIMENSION, COMMUTE OPTIMIZER & CALIBRATE HOST AGILE TENANT VALUE ADD (WORKPLACE STRATEGY) DIGITAL ADVISORY ASSET OF THE FUTURE ADVISORY SUSTAINABILITY CONSULTING DIGITAL ADVISORY PORTFOLIO SERVICES Digital Advisory Unbiased opinion of what proptech solutions are available in the market Asset of the Future Advisory Tech / Agile / Tenant Experience (specific review of investor’s asset/ portfolio and determine bespoke solutions to improve performance) Portfolio Services New Asset Planning (Workplace Strategy) Ensuring the asset is capturing the needs of tenants (providing insights on what tenants want in a building) Tenant Value Add (Workplace Strategy) Improving the workplace for existing tenants in portfolio (additional service landlords can provide to retain tenants) Sustainability Consulting NEW DEVELOPMENT PLANNING PLANS + PLANS PRO NEW ASSET PLANNING (WORKPLACE STRATEGY) HOST AGILE TENANT VALUE ADD (WORKPLACE STRATEGY) DIGITAL ADVISORY ASSET OF THE FUTURE ADVISORY PORTFOLIO SERVICES NEW ASSET PLANNING (WORKPLACE STRATEGY) Dimension, Commute Optimizer & Calibrate Demographic, catchment areas, where people are coming from/ going, based on mapping tools and mobile data Host Creating a better experience for tenants through a mobile platform and elevated concierge and hospitality services Agile CBRE RESEARCH | ASIA PACIFIC SOLUTIONS F U N C T I O N A L C H A L L E N G E S U N D E R E A C H CATEGORY MARKETING / LEASING Build 3D 3D renders of what the asset/development will look like Plans + Plans Pro Interactive test-fits and virtual tours PerspectivesCollaborative digital interface that focuses on the customer experience and the elevation of marketing materials VALUE ADD SERVICES COST CONCERNS BUILD 3D PLANS + PLANS PRO PERSPECTIVES DIMENSION, COMMUTE OPTIMIZER & CALIBRATE HOST AGILE NEW ASSET PLANNING (WORKPLACE STRATEGY) PERSPECTIVES HOST AGILE DIGITAL ADVISORY PORTFOLIO SERVICES Digital AdvisoryUnbiased opinion of what proptech solutions are available in the market Asset of the Future AdvisoryTech / Agile / Tenant Experience (specific review of investor’s asset/portfolio and determine bespoke solutions to improve performance) Portfolio Services Improve lease and tenancy management through data solutions that provide more insights on expiries and market benchmarks DEFINITIONS PLANS + PLANS PRO Dimension, Commute Optimizer & CalibrateDemographic, catchment areas, where people are coming from/going, based on mapping tools and mobile data Host Creating a better experience for tenants through a mobile platform and elevated concierge and hospitality services AgileFlex strategy planning for a building, including determining the best agile operator and asset mix CBRE RESEARCH | ASIA PACIFIC C H A L L E N G E S U N D E R E A C H CATEGORY / LEASING Build 3D 3D renders of what the asset/development will look like Plans + Plans Pro Interactive test-fits and virtual tours PerspectivesCollaborative digital interface that focuses on the customer experience and the elevation of marketing materials VALUE ADD SERVICES COST CONCERNS PLANS + PLANS PRO DIMENSION, COMMUTE OPTIMIZER & CALIBRATE HOST AGILE NEW ASSET PLANNING (WORKPLACE STRATEGY) HOST AGILE TENANT VALUE ADD (WORKPLACE STRATEGY) DIGITAL ADVISORY ASSET OF THE FUTURE ADVISORY SUSTAINABILITY CONSULTING PORTFOLIO SERVICES Digital AdvisoryUnbiased opinion of what proptech solutions are available in the market Asset of the Future AdvisoryTech / Agile / Tenant Experience (specific review of investor’s asset/portfolio and determine bespoke solutions to improve performance) Portfolio Services Improve lease and tenancy management through data solutions that provide more insights on expiries and market benchmarks DEFINITIONS NEW ASSET PLANNING (WORKPLACE STRATEGY) Dimension, Commute Optimizer & CalibrateDemographic, catchment areas, where people are coming from/going, based on mapping tools and mobile data Host Creating a better experience for tenants through a mobile platform and elevated concierge and hospitality services AgileFlex strategy planning for a building, including determining the best agile operator and asset mix CBRE RESEARCH | ASIA PACIFIC Build 3D 3D renders of what the asset/development will look like Plans + Plans Pro Interactive test-fits and virtual tours PerspectivesCollaborative digital interface that focuses on the customer experience and the elevation of marketing materials SERVICES COST CONCERNS AGILE (WORKPLACE STRATEGY) DIGITAL ADVISORY ASSET OF THE FUTURE ADVISORY SUSTAINABILITY CONSULTING DIGITAL ADVISORY PORTFOLIO SERVICES Digital AdvisoryUnbiased opinion of what proptech solutions are available in the market Asset of the Future AdvisoryTech / Agile / Tenant Experience (specific review of investor’s asset/portfolio and determine bespoke solutions to improve performance) Portfolio Services Improve lease and tenancy management through data solutions that provide more insights on expiries and market benchmarks New Asset Planning (Workplace Strategy)Ensuring the asset is capturing the needs of tenants (providing insights on what tenants want in a building) Tenant Value Add (Workplace Strategy)Improving the workplace for existing tenants in portfolio (additional service landlords can provide to retain tenants) Sustainability Consulting Improve asset performance and achieve cost savings through energy management systems and environmental accreditations DEFINITIONS Dimension, Commute Optimizer & CalibrateDemographic, catchment areas, where people are coming from/going, based on mapping tools and mobile data Host Creating a better experience for tenants through a mobile platform and elevated concierge and hospitality services AgileFlex strategy planning for a building, including determining the best agile operator and asset mix It has been estimated that energy intensity per sqm of the global buildings sector needs to improve on average by 30 percent by This could also impact the capital value of such properties. The environmental impact of new building address these and other sustainability issues by integrating sustainability practices throughout all stages of the property life cycle. ing energy audits (level I & II) using ASHRAE and other national standards; achieving Global Real Estate Sustainability Benchmark Collaborative digital interface that focuses on the customer experience and the elevation of marketing materials Improve lease and tenancy management through data solutions that provide more insights on expiries and market benchmarks Improve asset performance and achieve cost savings through energy management systems and environmental accreditations Flex strategy planning for a building, including determining the best agile operator and asset mix 2030 (compared to 2015) construction may also lead From acquisition and (GRESB) certification; into meet the ambitions set forth in the Paris Agreement, the report says. The potential introduction of strict criteria around energy consumption therefore has clear implications for real estate investors and developers as it would require more sophisticated and innovative building designs including features such as natural ventilation and potentially those which also consider factors such as embodied energy in construction cost, according to the report. Although energy efficient buildings are cheaper to operate, they typically require higher CAPEX, meaning that landlords may achieve a lower yield from operating property in the short-term and would have to wait longer to achieve a satisfactory return on investment. to stricter metrics related to building flexibility and longevity. Factors such as demographic change and business cycles can shift dramatically within a short period of time, rendering buildings obsolete and requiring extensive and costly – both in financial and environmental terms – conversion exercises. Mandating more flexibility into building design and specifying building lifecycle periods could reduce material and energy consumption and minimise environmental pollution. This could also have major implications for new-build construction, meaning that renovations and retrofitting of older properties rather than demolition could become increasingly common. The report advises landlords and investors to development to leasing, and all phases of property and project management, there are significant opportunities for investors and landlords to reduce waste, improve business efficiencies and build greater value into their asset, portfolio and brand. By reducing resource impacts and greenhouse gas emissions, sizable reductions in energy and water use can be achieved through operational, capital and behavioural interventions to improve efficiency and long-term profit margins Key priorities may include conducting portfolio and individual asset sustainability performance reviews; performing green building gap analysis and certification (including LEED, and national schemes such as BCA Green Mark); compiltroducing green transaction © 2020 CBRE, INC. management and green leases; and engaging in benchmarking exercises such as NABERS energy and water assessments.

This article is an abstract of a report was prepared by the CBRE Asia Pacific Research Team, which forms part of CBRE Research – a network of preeminent researchers who collaborate to provide real estate market research and econometric forecasting to real estate investors and occupiers around the globe.

CBRE says the report is presented for information purposes only and is not to be used or considered as an offer or the solicitation of an offer to sell or buy or subscribe for securities or other financial instruments.

October - January 2020 - 2021 Which NZ company has Sponsored Article products that work hard from the foundations to the roof?

EXPOL have been delivering solid insulation and lightweight polystyrene construction solutions to the New Zealand building industry for over 40 years

From the foundations right up to the roof, EXPOL has the right solution for every part of your project.

Our solutions work from the ground up and include GeoFoam, Tuff Pod, XPS, StyroDrain, Quickdrain, ThermaSlab, Platnium Board, Emperor Panel, UnderFloor and Garage Door Insulation.

Closed Loop Recycling

A care and responsibility for the environment has led EXPOL to the development of a closed loop full circle recycling process. Nationwide EXPOL has recycling units in each of its 7 manufacturing facilities.

Product development teams are constantly working on developing new products which use recycled polystyrene. Recent products that have entered the marketplace are QuickDrain the no scoria drainage solution and StyroDrain which is made up of 100% recycled polystyrene and used to protect the waterproofing membrane on retaining walls whilst acting as a medium to improve drainage.

For residential or household polystyrene recycling EXPOL has introduced the EXPOL Polystyrene Residential Recycling Cube initiative where consumers can drop off their residential polystyrene waste in selected hardware stores nationwide.

EXPOL also run a recycling programme for building or commercial polystyrene waste. All it takes is a call to 0800 86 33 73 to discuss how they can help – easy done!

Pimp my Ute

Purchase your EXPOL products from ITM from 1 October - 30 November 2020 and you can go in the draw to win 1 of 2 $5000 EXPOL Pimp My Ute vouchers from Hyperdrive.

From car audio to accessories imagine how you could Pimp Your Ute with this prize.

Find out more at www.expolpimpmyute.co.nz

The newly graduated standard is the most resilient and responsive version of the IWBI's rating system to date and serves as the foundation upon which the entire WELL ecosystem is built. “Better buildings, vibrant communities and stronger organizations have been at the core of our mission since we launched WELL in 2014,” said IWBI chairman and chief executive Rick Fedrizzi.

“It was a long road to get here, but we’ve confirmed that WELL v2 is implacably strong, robust and resilient in the face of every challenge.

“From a global pandemic to social justice, WELL v2 has proved to be a relevant, scalable and global rating system that’s responsive, inclusive, technically robust, customer-focused and applicable for any organization or space type.”

WELL v2 is a vehicle for buildings and organisations to deliver more thoughtful and intentional spaces that contribute to improved human health and well-being.

It includes a set of strategies that aim to enhance human health through design interventions, opera

New benchmarks in the global drive for well communities

After two years of extensive development, in-use application and review, the International WELL Building Institute (IWBI) launches the latest version of the WELL Building Standard

tional protocols and policies and a commitment to fostering a culture of health and well-being.

Built upon the pioneering foundation of the first version of the WELL Building Standard (WELL v1), WELL v2 draws expertise from a diverse community of WELL users, medical and design practitioners, public health professionals and building scientists around the world.

WELL v2 consolidates previous iterations and pilots into a single rating system that is designed to accommodate all project types and sectors. The system is intended to grow in specificity and specialty over time, adapting to accommodate diverse project types and geographies and in response to new evidence and ever-evolving public health imperatives.

The standard is centred on 10 concepts – Air, Water, Nourishment, Light, Movement, Thermal Comfort, Sound, Materials, Mind and Community – that impact human health and well-being.

Every feature within these concepts is underscored by available evidence that links design, policy and building-centric strategies to health and well-being outcomes: > third-party verified by Green Business Certification Inc. (GBCI) through documentation and/or performance testing > tested through WELL v1 and/or the WELL v2 pilot, demonstrating adoption and uptake by more than 3,300 projects from a wide range of typologies representing more than 413 million square feet across 54 countries

About the International WELL Building Institute

The International WELL Building Institute (IWBI) is spearheading the global movement to transform our buildings, communities and organisations in ways that help people thrive.

It focuses exclusively on the ways that buildings and communities, and everything in them, can improve our comfort, drive better choices, and generally enhance, not compromise, our health and wellness.

WELL v2 is the most recent version of the WELL Building Standard (WELL).

The WELL Community Standard pilot is a district scale rating system that sets a new global benchmark for healthy communities.

The WELL Health-Safety Rating is an evidence-based, third-party verified rating for all facility types, focused on operational policies, maintenance protocols, emergency plans and stakeholder education to address a post-COVID-19 environment now and broader health and safety-related issues into the future. IWBI mobilises the wellness community through management of the WELL AP credential, the pursuit of applicable research, the development of educational resources, and advocacy for policies that promote health and wellness everywhere.

IWBI is a participant of the United Nations Global Compact, the world’s largest corporate citizenship initiative, and helps companies advance the UN Sustainable Development Goals (SDGs) through the use of WELL.

> includes outside input from a diverse community of health and design practitioners, subject matter experts, users and other third parties.

“As the leading tool for advancing health and well-being globally, the WELL Building Standard helps people to work, live, perform and feel their best.

“With WELL as our vehicle, IWBI helps to translate what we know into what we practice,” said IWBI President Rachel Gutter.

“We’ve channelled all that we have learned into a more accessible, adaptable and equitable rating system, which continues to be anchored by the latest scientific research and industry best practices. WELL v2 has demonstrated it is dynamic, resilient, validated and ready to change the world. “Since the launch of the WELL v2 pilot in 2018, we’ve worked tirelessly to

incorporate feedback from thousands of members of our global community – making certain that no stone was left unturned, no strategy left unexamined and no topic left untested.

“Now, as WELL v2 has graduated from pilot stage, this moment marks the culmination of years of co-creation that will ripple throughout buildings, communities and organizations throughout the world,” Gutter says.

The WELL v2 pilot was adopted quickly by IWBI’s global community and since its release more than 3,300 projects have registered to pursue WELL Certification under the pilot.

A key element of the development process for WELL is securing input from a variety of individuals.

During the two-year pilot phase, WELL v2 underwent continuous improvement and refinement through a rigorous development process, including a sixmonth public comment period generating hundreds of comments; the review and feedback from more than 150 WELL concept advisors; thousands more comments during the final stakeholder review; and eight published addenda to provide clarifications and strategies supporting the implementation of the WELL v2 pilot across different projects and in different locations.

In addition, the IWBI Task Force on COVID-19, comprised of 16 globally acknowledged thought leaders in the role of co-chair and nearly 600 professional and market leaders and experts from 30 countries, collectively crowd-sourced thousands more comments during a 40-day sprint to further assess ways in which WELL v2 could be further strengthened to better support prevention and preparedness, resiliency and recovery.

From enhanced coaching support and research deep-dives to opportunities to connect and learn from peers, WELL v2 brings with it a suite of enhancements, products and services that will reset how organizations engage with WELL and the growing global community.

Through the rest of the year and beyond, IWBI will roll out new resources and tools that will transform the way individuals can engage with one another and IWBI’s digital platform. Already available, a new WELL v2 Skybridge Tool is designed to help practitioners evaluate key similarities and differences between the WELL v2 pilot and WELL v2.

Registration for new WELL v2 pilot and WELL v1 projects will close on December 31, 2020. The WELL AP exam will continue to be based on WELL v1 until the end of 2021.