Corporate Social Responsibility and the Real estate Industry in the 21th Century

This paper examines the notion of Corporate Social Responsibility (CSR) within the real estate industry in Europe - with specific regard to corporate property management - and its place and importance in the hierarchy of overall corporate strategies. It also assesses the strategic imperative for the implementation of such a concept. Few would disagree that the market for real estate is fragmenting along ethical lines, placing companies who utilise sustainable business practices in a competitive position. Those on the other side of the divide are faced with two choices: to either wait for a statutory framework to be developed, from which company policies can be formed, or become actively engaged in the CSR debate and help shape its agenda.1 Although there is still great uncertainty in this field, is it not better to take precautionary measures than to do nothing and risk incurring greater costs in the long-term? Suffice it to say, a more proactive role may prove more cost-effective for those corporations with a longer-term perspective.