A Call for Sustainability
Sustainability is no longer a choice, it’s a necessity. At Canderel, we are committed to leading with purpose and integrating sustainable practices into every facet of our work.
Each year on April 22, we celebrate Earth Day to reflect, raise awareness, and take meaningful action to safeguard our planet for future generations. It’s a call to implement long-lasting changes that not only preserve the environment but also create lasting value for communities and businesses alike.
Our Commitment at Canderel
At Canderel, we remain dedicated to driving sustainable progress across the commercial real estate landscape. From mitigating the impacts of climate change to enhancing property value and reducing the environmental footprint of our managed and developed properties, we are taking measurable steps toward a greener future. Together with our sustainability team, we continue to push boundaries and build a better tomorrow—one step at a time.
Leadership in Sustainability
As Director of Sustainability at Canderel, Romain Stephano plays a key role in this journey. As Romain explains, “Sustainability is about providing a framework and tools to improve or reduce the real estate industry’s impact on the environment and to guide how we can better develop and manage projects in harmony with their surroundings.” He adds, “Take, for example, a development project – sustainability becomes an integral part it, aligning with the priorities of the surrounding community.”
This approach means being attentive to local concerns—such as water consumption or urban heat islands—and integrating solutions like green roofs or reflective materials to mitigate environmental impact. Romain emphasizes the industry’s critical role in fighting climate change: “The built environment is responsible for 37% of global greenhouse gas emissions, so it’s a major contributor of climate change.” He underscores the importance of incorporating energy-efficient systems, low-carbon materials, and smart technologies.
Fortunately, sustainability is no longer an alternative initiative, it’s becoming a standard especially considering the current state of our world right now. Romain has seen a marked shift in industry, with more companies and investors embedding ESG (Environmental, Social, Governance) strategies into their core operations. “Most real estate investors and pension funds integrate sustainability as part of their day-to-day activities… before, sustainability was considered an add-on, but now it’s a must-have”, he says. “Companies understand that sustainability is not just about responsibility, but also about risk management and long-term value creation. A company that wants to succeed in real estate today needs to have an ESG strategy embedded in its overall business strategy”.
From Resiliency to Results: Canderel’s Strategic Pillars
At Canderel, that vision comes to life through concrete initiatives. One key area of focus is climate resiliency – ensuring buildings are prepared to withstand and recover from increasingly frequent extreme weather events like floods, heatwaves, storms, and wildfires. “We work closely with our property teams to make sure our buildings can operate safely and efficiently through these events”, Romain shares.
Another major pillar of Canderel’s sustainability strategy is energy efficiency and decarbonization. In 2023, we launched our Road to Net Zero service – a comprehensive, one-stop-shop decarbonization solution for building owners and clients. “We start by assessing the building, identifying opportunities to reduce emissions and energy use, implementing upgrades, and then continuously monitoring the performance to make sure that the building is operating at its best performance”, says Romain.
One standout project is the decarbonization of 2020 Robert-Bourassa in downtown Montreal. “We expect to reduce greenhouse gas emissions by up to 90% compared to a 2022 baseline, and energy consumption by 26%,” Romain shares. “Tenants were a driving force behind this transformation”, Romain adds. “They want to be in buildings that align with their own sustainability goals, and our work helps them meet those needs”.
Tenant well-being is another cornerstone of Canderel’s approach. From improving indoor air quality to creating healthier and more engaging spaces through amenities like gyms, conference centers, and even farmers markets, the goal is to elevate the everyday experience. “Sustainability isn’t just about reducing carbon footprint. It’s about creating spaces that people love to live and work in” Romain emphasizes.
These efforts are already showing results. “When you meet tenant expectations and increase satisfaction, you also improve tenant retention – and that contributes directly to a property’s net operating income”, he explains. Investors are increasingly recognizing that green investments don’t just benefit the planet – they also deliver measurable returns.
Looking Ahead: The Future Sustainable Real Estate
Looking ahead, Romain sees emerging technologies playing an even bigger role in sustainable real estate. “As equipment becomes more efficient and AI becomes more integrated into asset management and investment decisions, we’ll be able to optimize building performance in new ways”, he says. “Tenant needs are evolving, and the industry will have to keep up”.
When it comes to retrofitting older buildings, Romain urges a broader perspective: “If you’re approaching a building retrofit solely to maximize profit, you’re missing the long-term view. It’s about having a framework to redevelop an asset that also considers its impact on the community and its long-term resiliency”.
As sustainability continues to shape the future of real estate, Romain believes it will become a key differentiator. “It will influence everything from asset valuation to investor appeal”, he says. “It’s a signal of leadership that tenants, brokers, and the public all pay attention to”.
Striking the right balance between environmental responsibility and economic viability is never easy, but it’s essential. “Yes, we track metrics like operating cost savings, but ESG is about more than numbers”, Romain explains. “It’s about understanding the broader impact of our work – on people, on communities, and on the planet”.
A message for Earth Day and Beyond
For companies just beginning their sustainability journey, his advice is clear: think long-term. “Don’t just look at the next five years of cash flow. Consider the long-term benefits of ESG—not just the short-term gains. It’s not about value over one or two years; it about value created over 20 to 25 years or more. Sustainability delivers returns over time”.
On Earth Day, that message rings especially true. “Earth day reminds us that we’re only temporary residents of this planet. The buildings we’re constructing and managing today will still be here in 50 years,” Romain says. “It’s our duty to ensure that there’s still a planet for them to stand on. It’s our duty to future generations”.
At Canderel, that duty is more than a responsibility-it’s a commitment to lead with purpose, and to keep building a greener, more sustainable future for generations to come.
