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Benchmarking Study
Climate Change and Florida Commercial Real Estate
Practically every system on Earth is tied to climate in some way. A potential change in climate
could easily affect how people, plants and animals survive. Climate change could also cause a wide
range of impactssuch as rising sea level, extreme heat or cold, and other issues that could be beyond
societys ability to adapt to. Henry Paulson of The New York Times described waiting for more
information *regarding climate change+ before acting is actually taking a very radical risk. He
suggested crafting a national policy that uses market forces as a way of providing incentives for the
technological advances needed to help prevent climate change. There is a tendency, particular in
government and politics, to avoid focusing on difficult problems until they balloon into crisis, Paulson
said, We would be fools to wait for that to happen to our climate.
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In the Southeast region of the United States, in particular, there are many coastal counties with
33% of GDP coming from those counties. The main issue in this region is that sea level could seriously
threaten [its] coastal infrastructure, considering some cities are at or below sea level while other cities
are built on porous limestone that allows water inundation even in the presence of a sea wall. Over
the course of the century, there are expected to be 11,000 to 36,000 additional heat-related moralities
per year in the Southeast. According to research conducted by the Rhodium Group, the average
Southeast resident will likely experience one and a half to four additional months of extreme heat each
year by 2100. There may also be an increase in labor unproductivity in high risk sectors such as

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Paulson, H. (2014, June 21). The Coming Climate Crash. The New York Times.
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construction, mining, and agriculture. With all of the hurricanes and other coastal storms that occur in
this region yearly, increased flooding could pose an even greater and more immediate economic risk.
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When it comes to climate change, Florida is the most vulnerable state in the country in regards
to the potential rise in sea levels. Most of Floridas 1,197-mile coastline is only a few feet above the
current sea level, and billions of dollars worth of structures and roads are built on highly porous
limestone that leaches water like a sponge.
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While the debate regarding climate change grows as time progresses, commercial real estate
firms have included climate change in their social responsibility initiatives as well as implemented
effective sustainability services. Some commercial real estate firms in Florida that are preparing for the
effects of potential climate change include CBRE, Colliers International, Cushman & Wakefield and Jones
Lang LaSalle.
CBRE is one of Floridas commercial real estate firms that has committed to minimizing its
impact on the natural environment. As of 2007, the company implemented a policy that is designed to
provide a more identifiable set of internal practices and programs that will strengthen [their]
environmental commitment. As part of this policy, the company agreed to take an active role in the
public policy debate regarding effective solutions to climate change. In 2010, CBRE was the first
company in the commercial real estate industry to achieve carbon neutrality in its operations.
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In 2013, CBRE announced that it has been recognized for its climate-change disclosure
transparency through its inclusion in in CDPs S&P 500 Climate Disclosure Leadership Index (CDLI). The
annual index, compiled by PwC on behalf of CDP, recognizes those Standard & Poors 500 (S&P 500)

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Southeast. (n.d.). Risky Business.
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Madigan, N. (2013, November 10). South Florida Faces Ominous Prospects From Rising Waters. The New York
Times.
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Environmental Policy. (n.d.). Environmental Policy.
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companies that have displayed the strongest approach to the disclosure of information regarding
climate change.
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Cushman & Wakefield is a company in the real estate industry that impacts the environment,
society, and economy directly and indirectly. Their vision is based on a belief that by embracing the
sustainability agenda and by helping clients implement sustainability strategies that reduce cost and
generate value, their own business will become more sustainable, grow stronger and thrive.
Implementing this agenda with their clients ensures that Colliers employees have a comprehensive
understanding of sustainability and climate change and how this affects property.
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In 2009, Cushman & Wakefield was the first real estate services firm in the country to enter into
a comprehensive Memorandum of Understanding (MOU) with the United States Environmental
Protection Agency (EPA) aimed at addressing environmental issues in the commercial real estate sector.
Real estate firm Jones Lang LaSalle has been recognized by the U.S. EPA the past three
consecutive years for protecting the environment through climate initiatives. One of the secrets to JLLs
success towards bettering the environment includes energy reductions and sustainability initiatives that
combat climate change. In 2013, JLL helped clients reduce 913,000 metric tons of carbon dioxide the
equivalent of removing 190,000 cars from the road and saved $176 million in clients energy costs.
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Though climate change remains a debate among society, it does not hurt industries to take
precautionary measures. Climate change could have a drastic and harsh effect on the state of Florida,
and its only beneficial that commercial real estate companies prepare for the worst.

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CBRE Recognized For Climate Change Transparency In CDP S&P 500 Climate Change Disclosure Leadership Index.
(n.d.). CBRE Recognized For Climate Change Transparency In CDP S&P 500 Climate Change Disclosure Leadership
Index.
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Corporate Social Responsibility. (n.d.). - Cushman & Wakefield.
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News Release. (n.d.). JLL Earns 2014 ENERGY STAR Partner of the Year and Sustained Excellence Awards.
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Bibliography
CBRE Recognized For Climate Change Transparency In CDP S&P 500 Climate Change Disclosure
Leadership Index. (n.d.). CBRE Recognized For Climate Change Transparency In CDP S&P 500
Climate Change Disclosure Leadership Index. Retrieved June 27, 2014, from
http://www.cbre.com/EN/aboutus/MediaCentre/2013/Pages/Climate-Change-
Transparency.aspx
Corporate Social Responsibility. (n.d.). - Cushman & Wakefield. Retrieved June 30, 2014, from
http://www.cushmanwakefield.com/en/about-us/corporate-social-responsibility/
Environmental Policy. (n.d.). Environmental Policy. Retrieved June 27, 2014, from
http://www.cbre.com/EN/aboutus/corporateresponsibility/Pages/Environmental-Policy.aspx.
Madigan, N. (2013, November 10). South Florida Faces Ominous Prospects From Rising Waters. The New
York Times. Retrieved June 30, 2014, from http://www.nytimes.com/2013/11/11/us/south-
florida-faces-ominous-prospects-from-rising-waters.html?pagewanted=all
News Release. (n.d.). JLL Earns 2014 ENERGY STAR Partner of the Year and Sustained Excellence
Awards. Retrieved June 27, 2014, from http://www.us.jll.com/united-states/en-
us/news/2815/jll-earns-2014-energy-star-partner-of-the-year-and-sustained-excellence-awards
Paulson, H. (2014, June 21). The Coming Climate Crash. The New York Times. Retrieved June 22, 2014,
from http://www.nytimes.com/2014/06/22/opinion/sunday/lessons-for-climate-change-in-the-
2008-recession.html?_r=0
Southeast. (n.d.). Risky Business. Retrieved June 30, 2014, from
http://www.riskybusiness.org/report/overview/regions/southeast