The real estate industry, as a whole, is not known for its innovation. People in the industry often opt for proven methods rather than experimenting with new ideas. FORE Partnership, a real estate development firm operating in the U.K. and Western Europe, however, prides itself on funding innovative, sustainable projects.
“Real estate is a pretty sleepy industry — people like to do things the way that they did them on the last buildings, because they’re very risk averse,” says Basil Demeroutis, managing partner of FORE Partnership. “That’s starting to change.”
The growth of purposeful businesses — driven by market pressures, consumer and employee values, and increased business visibility — is partly behind this shift. FORE Partnership itself is a newly Certified B Corporation, a business that has met certain social and environmental standards as verified by the nonprofit B Lab.
But, Demeroutis warns, “What we need is a clear signal to the capital markets to say what will be accepted behavior and what won’t. Because when it’s too complicated and when