Social Value is a broad and complex concept but can generally be described as the contribution of activities to social, economic and environmental wellbeing. The real estate and development industry has a significant influence on social value creation by shaping human activities directly and indirectly, through real estate and infrastructure investment, development, operation and management.
COCREATIF specialises in helping real estate and development sector organisations, both in public and private sectors, optimise their contribution to social value creation throughout the development lifecycle. In particular, we focus on social aspects, such as wellbeing, equity, social cohesion and cultural identity, which are difficult to quantify and to account for when making decisions in investment, development and management of buildings and places.
This requires a "place-based" approach that is tailored to local needs and vision, as well as each organisation’s missions and aspirations. Our support addresses three key areas for change - Strategy, Operation and People - as described below.
Incorporating social value creation at a strategic level is essential to optimise overall business performance, identify new opportunities and drive business innovation.
We assist the development of a high-level framework that reflects corporate missions and strategies and/or a more detailed framework for a specific portfolio, fund, asset or development project.
This typically involves:
reviewing the current practice and identifying improvement opportunities using a theory of change
co-creating frameworks and strategies through workshops and other types of engagement
identifying a set of goals and priority themes.
To ensure all key decisions are aligned with the corporate mission and strategy, we work with you to identify key decision making points and develop a set of objectives, KPIs and metrics for each. They will be tailored to specific purposes of decisions required and to available resources (e.g. data and time).
KPIs and metrics might be drawn from existing metrics and research or developed specifically as required. We recommend a minimum set of KPIs and metrics that is meaningful and proportionate to the decisions being made and their possible consequences.
Our approach helps you ask the right questions at the right stage.
Social value can and should be integral to the corporate strategy and all business activities. We help you this integration through tailored engagement.
This may involve:
appraisal of current practice and existing resources
support for the development of a consultant brief.
We also contribute to formal education programmes through collaboration with universities and other training providers.
Our engagement in public speaking, roundtable discussions and mentoring is also aimed to raise awareness of the opportunities for the real estate and development sector to contribute to social value creation.
We work with clients across sectors through the whole lifecycle of the built environment.
Below is a summary of benefit and applications of our service in different business areas.
Better liveability / prosperity
Social return on investment
Effective public services
Local plans and area strategies
Planning application appraisal
Public - private partnership
City ranking, liveability / prosperity index
Low-risk stable income
Social / political risk mitigation
Social due diligence
Local needs analysis
Social impact, social value, ESG strategies
'Place-based' investment strategy development
New investment product development
Efficient planning process
Effective stakeholder communication
Development brief / proposals
Design option assessment
Enhanced socio-economic impact assessment
Performance monitoring (POE) strategy
Stable income from leasing
Tenant attraction / retainment
Operation / maintenance cost saving
Performance monitoring and reporting