The AFIRE Ethics Project, launched in 2020 and led by AFIRE members, aims to develop the other side of an ethics for the global commercial real estate investor community—the outward side that has a direct impact on investors, partners, business stakeholders, and all users of the built environment.
The Ethics Project represents an ongoing conversation held in public forums, members-only discussions, articles, podcasts, and other tools to aide in the development of a global code of ethics for the industry.
This is also our goal as investors, although, we do not pursue profit at any price. Unfortunately, we live in a society that sanctifies personal gain, money, and power; a society that does not attribute sufficient importance to the way profit is achieved. In such an environment, it is hardly surprising that public funds are squandered by controlling shareholders, and it is not uncommon to learn about fraud in the investment market.
Today, it is clearer than ever that improving the ethical business environment must be considered a matter of vital necessity.
The shock provided by the global pandemic has roiled real estate markets around the world—which means that the quality and location of properties has never been more important. After the first year of COVID-19, opportunities come into view as a result of the seismic shifts in real estate.
What holds promise for improving the business relationships we depend on for making better investments? All corners of the commercial real estate arena are facing era-defining challenges. Transparency matters—now more than ever. Being intentional and open in our dealings with our investors, employees, and communities will bring closeness to all our relationships—particularly those between managers and investors.
If everyone plays their part, whether out of religious conviction, private conscience, or pragmatism, together we can work in a decent society grounded in ethical business conduct and a healthier commercial world.