Bruce Precious, national manager for sustainability and property services at Australia’s The GPT Group, joined REIT.com for a video interview at NAREIT’s 2017 Leader in the Light Working Forum at the Hilton Austin in Austin, Texas.
GPT is one of Australia’s largest diversified property groups.
Precious described the Australian real estate market as a “very condensed” version of the United States. However, the percentage of property owned by REITs is probably much higher in Australia than in the U.S., he said. Another difference between the two countries is that most Australian REITs are headquartered in one city - Sydney.
These circumstances have fostered a strong collaborative environment among Australian REITs, Precious said.
“Sustainability goals need so many stakeholders and market participants that the only way we can influence the market is when the industry works together,” he observed.
Some of the longer-term sustainability projects that are now underway in Australia include the transformation of the waste market and the development of rewards for carbon-neutral buildings, Precious said.