Recap of the 2022 Real Estate Conference in Toronto by Ben Lipowitz (Coprésident Kolostat & Krome)

“It is not if, but when!”

It was a Great real estate conference last week in Toronto.

Obviously, the Canadian real estate market is slightly sluggish due to interest rates and overall global negative economic sentiment, yet the Canadian market fundamentals are still extremely strong with no end in sight.

After all, it will be demographics that will drive the market, and there is no better place on earth than Canada to live in or to immigrate to. So it is not about whether or not Canada will get out of the slight deceleration of the industry. Instead, it is a question of when.

There is an acute need for the real estate industry to reduce its greenhouse gas emissions and for landlords and property owners to take action.

Considering all the new regulations and standards that are coming to the industry via the government, financing institutions, municipalities, international corporations, and AAA tenants, there is an increasing need for landlords and commercial property owners to decarbonize their assets within the next 5-10 years (either one by one or as a portfolio).

From what was shared in the real estate forum, it is obvious to all that this wave is coming, yet not all are ready to embark on the actual particular journey to decarbonize the assets due to an array of reasons.

Some do not see the added value while some are skeptical about whether or not it is necessary. Some simply believe they cannot afford the additional expense and the rest just rather wait and see.

On the other hand, there are true leaders in the industry that understand the strategic importance of acting now.

These leaders understand that starting the decarbonization process of their portfolio early will be the way to secure financing, investments, tenants and over all stability to the portfolio long-term. They understand that each decarbonization project is a very complicated process and not a software update that can be done swiftly.

Each project can last six months to year, including the procurement, design, engineering, and installation delays.

Considering the fact that we are looking at more than 2,000 buildings that will come online to be decarbonized in the coming 3-5 years, whoever is looking to respect the timeframe of 2040, must start the project now!

We commend the real estate leaders that understand that the sustainability revolution is approaching and who are taking action now in order to secure the resiliency of their assets and portfolios far into the future.

About Kolostat

Kolostat is a fully integrated mechanical contractor in the industrial and commercial HVAC fields with offices in Montreal and Toronto, delivering projects around the world. From our beginning as a heating contractor in 1927, we have evolved to become a multidisciplinary team of engineers, designers, draftsmen, controls technicians, project managers, site mechanics, along with service and maintenance professionals.

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