There’s no doubt that ESG real estate investing is the next big thing: 84% of real estate investors have at least some ESG (environmental, social, and governance) focus, and 64% are establishing or have already established their ESG benchmarks. And it’s easy to see why — it can increase the value of your assets, lower your operational costs, and even decrease your upfront costs with incentives like financing opportunities for green buildings.
Dottid, a commercial real estate asset management platform, looked at cities across the U.S. and ranked Coral Gables in their top ten cities in the country for ESG investing based on several criteria:
- Economy: Is the economy growing or transforming with new industries? Is there a talented and accessible local workforce?
- Environmental: Is the city a leader in green building? How many projects or buildings have received awards or certifications?
- Social: Are citizens and businesses involved in climate action? Is there potential to make a positive impact on the community as a part of its environmental initiatives?
- Governance: Is there political will for climate action? Has the city passed ambitious climate initiatives or legislation?
The University of Miami drives many green initiatives as well as the talent pool, and many of its well-known businesses are going green: The U.S. headquarters of Bacardi, Inc., received the EPA’s SmartWay Excellence Award for its supply chain practices and energy efficiency.
Environmental initiatives and legislation: The 2016 Green Building Ordinance requires buildings to achieve LEED Silver Certification — and the Clean Energy Green Corridor Program provides incentives for commercial property owners to upgrade the energy efficiency of their buildings.
Recognition: 2021 LEED for Cities recipient.
Notable buildings: Perkins+Will Miami Office (Fitwel Certified), Columbus Center (ENERGY STAR Office, LEED Gold), and 255 Alhambra (LEED Gold).