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Published on May 14, 2018
Tuesday 1 November 2017. Sydney, Australia. Richard Fennell, International Director, Head of Property and Asset Management, Australia, JLL, presents at the 2017 Australia Conference Session 6B: Livability.
A foundation of property development and ownership is leveraging the highest and best use of a building or land lot to maximize returns on investment. Traditional assessment principles applied over a building's lifecycle focus mostly on economic parameters and performance metrics, seldom with broader altruistic considerations of the impact of the building on the local community and its inhabitants.
The global surge in the development of tall buildings is underpinned by these traditional “highest and best use” principles, resulting in the verticalization of global cities. These topographies can, however, isolate and disconnect these buildings from city communities. While vast vertical villages may result in maximized returns derived from the building, what is the impact and the real cost on the inhabitants of the building and the city?
This presentation explored the premise that traditional property investment assessment principles must be expanded well beyond economics to consider other vital metrics, including sustainable development and environmental impacts, social and community engagement and integration, human connection, wellness and well-being. It explored the holistic benefits to the building and the city that can be derived from this broader basis of assessment to cultivate people-centric urban hubs – the future of dynamic and successful global cities.