In the News
Greening the Financial District
By: Karen Mazurkewich - National PostToronto's biggest capitalists got together yesterday to discuss ways of reducing the city's collective carbon footprint.
Toronto's biggest capitalists got together yesterday to discuss ways of reducing the city's collective carbon footprint.
The meeting, organized by the Toronto City Summit Alliance, was the first time bank tenants and high-profile landlords sat down together to discuss ways to improve energy efficiency.
"If you believe the data -- and I do -- that 80% of gas emissions come from Toronto, and offices are the biggest contributor, how does the largest [private] tenant not take a leadership role," said Linda Mantia, senior vice-president of procurement and corporate real estate for Royal Bank of Canada, and co-chair of the group calling for upgrades to commercial real estate space.
The announcement came as the city unveiled a new bicycle lane along the southernmost portion of Yonge Street, making it easier to commute to the financial district by bike.
Although the commercial real estate working group is stacked with high-profile players from First Capital Realty, Brookfield Properties and Manulife Financial, it faces an uphill battle.
"There is a natural tension between landlords and tenants in that everyone tries to optimize for themselves," Ms. Mantia said. "Everyone wants to do the right thing, but it's about how we do that by organizing together.''
More than two years ago, the Building Owners and Managers Association of the GTA (BOMA) established a rebate program for owners who upgraded their buildings to make them more energy efficient. Only $10-million has been paid out since its inception. As a result, BOMA has now extended the program to include tenant makeovers.
The meeting, organized by the Toronto City Summit Alliance, was the first time bank tenants and high-profile landlords sat down together to discuss ways to improve energy efficiency.
"If you believe the data -- and I do -- that 80% of gas emissions come from Toronto, and offices are the biggest contributor, how does the largest [private] tenant not take a leadership role," said Linda Mantia, senior vice-president of procurement and corporate real estate for Royal Bank of Canada, and co-chair of the group calling for upgrades to commercial real estate space.
The announcement came as the city unveiled a new bicycle lane along the southernmost portion of Yonge Street, making it easier to commute to the financial district by bike.
Although the commercial real estate working group is stacked with high-profile players from First Capital Realty, Brookfield Properties and Manulife Financial, it faces an uphill battle.
"There is a natural tension between landlords and tenants in that everyone tries to optimize for themselves," Ms. Mantia said. "Everyone wants to do the right thing, but it's about how we do that by organizing together.''
More than two years ago, the Building Owners and Managers Association of the GTA (BOMA) established a rebate program for owners who upgraded their buildings to make them more energy efficient. Only $10-million has been paid out since its inception. As a result, BOMA has now extended the program to include tenant makeovers.