Pioneering the Future of Healthy Building Certification

With the recent release of Fitwel V3, real estate owners and developers now have access to a cutting-edge certification that prioritizes health and wellbeing while integrating key sustainability measures. Given the growing focus on ESG (Environmental, Social, and Governance) considerations, this certification is more relevant than ever in Canada’s competitive real estate landscape.

The Canadian real estate industry is shifting toward sustainability as the demand for green buildings continues to grow. According to the Canada Green Building Council (CaGBC), the market for sustainable buildings in Canada expanded by an estimated 33% in green building certifications between 2020 and 2022. Furthermore, the federal government’s push toward net-zero emissions by 2050 has accelerated this transition, encouraging developers to pursue certifications like Fitwel to align with national sustainability goals.

Fitwel v3 – What’s New?

Fitwel V3 builds on the success of previous versions by incorporating the latest public health and climate research to deliver healthier and more resilient environments. At its core, Fitwel V3 is designed to enhance health outcomes while integrating sustainability measures to support overall occupant wellbeing and climate resilience.

Key highlights include:

• Smart Scorecard™: The new Smart Scorecard™ streamlines the certification process by offering a more user-friendly experience. This reduces documentation time and makes it easier for real estate professionals to navigate the system.
• Evidence-Based Strategies: Fitwel V3 introduces new strategies, particularly for multi-tenant buildings, that focus on both environmental sustainability and occupant health. In Canada, where multi-unit residential buildings are expected to account for over 55% of all new residential developments in urban areas by 2030, these strategies are critical for developers looking to meet growing demand while maintaining health and sustainability standards.
• Climate Adaptation: Fitwel V3 prioritizes resilience to climate risks such as floods, heatwaves, and extreme weather events. The Canadian Climate Institute reports that climate-related damages could cost the country up to $17 billion annually by 2050 if adaptation measures are not implemented.

Why Fitwel v3 Matters

Fitwel v3’s commitment to combining health and sustainability makes it a pivotal resource. As ESG considerations become more prominent in the investment landscape, real estate portfolios that align with these goals will be better positioned to attract investment and improve asset value.

Key benefits include:

• Improved Marketability: Health and sustainability are becoming major selling points in the real estate market. With Fitwel certification, buildings are more likely to attract high-quality tenants and investors, as research shows that 75% of Canadian tenants prefer buildings with environmental certifications.
• Enhanced Occupant Well-Being: Healthy buildings are directly linked to higher tenant satisfaction and productivity. Creating healthier living and working spaces is more important than ever. Studies have shown that occupants in healthy buildings report 30% higher satisfaction rates, which can translate into longer lease terms and reduced turnover.
• Climate Risk Mitigation: Fitwel v3 helps future-proof assets by addressing climate risks, which is crucial. For example, buildings certified under Fitwel are more likely to withstand extreme weather events, reducing insurance costs and long-term maintenance expenditures. In British Columbia alone, climate-related damages from extreme weather events have increased by 30% over the past decade.
• Alignment with ESG Goals: Real estate portfolios that integrate health and sustainability will stand out in the marketplace. Canadian pension funds, which collectively manage over $2 trillion in assets, are now actively seeking properties that meet ESG standards, further underlining the importance of certifications like Fitwel.

How Fitwel v3 Can Help You Meet Certification Goals

At GreenCheck, we recognize the critical importance of integrating health and sustainability into property management and ownership processes. Fitwel V3 offers a comprehensive pathway for achieving these goals by addressing key areas such as climate resilience, tenant well-being, and marketability.

By pursuing Fitwel certification, your assets will not only be healthier and more sustainable but also better positioned to meet the growing demand for green buildings. Our team of sustainability consultants is here to support you throughout the certification process, ensuring that you meet the requirements efficiently and effectively.

Get in touch today and lets get started on your journey toward certification.

Sources:

1. Canada Green Building Council (CaGBC). Annual Market Reports (2021, 2022). Canada Green Building Council
2. Canada Mortgage and Housing Corporation (CMHC). Housing Market Outlook Report (2022). CMHC Housing Market Outlook
3. Canadian Climate Institute. Costs of Climate Change in Canada (2021). Canadian Climate Institute Report
4. REALPAC and Cushman & Wakefield. Sustainability and Tenant Preferences (2021). REALPAC Sustainability Report
5. World Green Building Council (WGBC). Health, Wellbeing, and Productivity in Offices (2019). WGBC Report
6. Insurance Bureau of Canada (IBC). Climate Risk and Adaptation in British Columbia (2022). Insurance Bureau of Canada
7. Canadian Pension Plan Investment Board (CPPIB). 2022 Sustainability Report. CPPIB Sustainability