Written for Daily Hive Urbanized by Leo Glasser, who is the director of net zero and planet impact for Third Space Properties.
Climate change is no longer a distant issue, it is impacting us here and now. In Vancouver, the effects intensify each year, from extreme heat waves and smoky skies to flash flooding.
These are not mere inconveniences — they endanger our health, homes, and overall quality of life. In Canada, the summer of 2024 ranked as the most destructive season in history, resulting in over $7 billion in insured losses from floods, fires, and hailstorms that occurred due to natural disasters and severe weather.
Although Vancouver is a global leader in sustainable building design, buildings still account for over 50% of the City’s total carbon emissions, contributing to a global climate crisis. As developers, property owners, and managers, we have a responsibility to our communities and the planet.
At Third Space – a triple-bottom-line real estate company – we take this responsibility seriously, setting an ambitious 2050 goal to achieve net zero, which is outlined in our recently released Net Zero Transition Plan.
While rare to come across, net zero operations buildings in Vancouver are becoming increasingly available, which is a good thing for the planet and renters.
A net zero building offsets any emissions produced by reducing, capturing, or compensating for them, ultimately achieving a balance of zero. It offers renters a unique opportunity to align their housing needs with their values.
This is the vision behind Third Space’s upcoming purpose-built rental building currently under construction at West 4th Avenue and Macdonald Street in Kitsilano, which is targeting zero-carbon operations.
Existing condition:
Construction progress on Third Spaces Properties’ rental housing building at 2783 West 4th Avenue as of June 23, 2024. (Kenneth Chan/Daily Hive)
Future condition:
Artistic rendering of 2783 West 4th Avenue, Vancouver. (Yamamoto Architecture/Third Space Properties)
At this building, the operational emissions will be 94% lower than the median emissions of a multifamily residential building in BC, showing how much less is possible. This is achievable because of Third Space’s decision to opt for electrical, mechanical, and building systems, thanks to BC Hydro’s 98% renewable energy grid.
Upon entering a Third Space residential building, residents will be greeted by a digital dashboard highlighting the building’s weekly carbon emissions, energy use, and water consumption. It is not just a display — it is a daily reminder of the collective impact we are making.
Each residence will be fully submetered for heating, cooling, hot and cold water, and electricity. This is impactful because studies have shown that when people are aware of and responsible for their own consumption, energy use decreases by over 20%.
According to a recent survey, an overwhelming majority of Third Space tenants — 81% — indicated that they care deeply about protecting the planet, so we are excited to be able to offer spaces that align with their values.
This vision did not come together overnight. Achieving net zero by 2050 requires careful planning, and our Net Zero Transition Plan is rooted in the principle that data drives decisions.
Detailed data collection and analysis work was done for every Third Space building to develop the plan. Then, we brought in third-party engineering specialists to audit our portfolio. These audits identified projects that could reduce emissions — both major and smaller changes we could make immediately. Part of developing our decarbonization roadmap involved aligning the identified projects with the equipment replacement schedules for each building.
Artistic rendering of 2783 West 4th Avenue, Vancouver. (Yamamoto Architecture/Third Space Properties)
Artistic rendering of 2783 West 4th Avenue, Vancouver. (Yamamoto Architecture/Third Space Properties)
Our commitment to reducing emissions goes beyond operational energy use. Embodied carbon — the emissions associated with construction materials and processes — is often difficult to quantify and address, but we complete Life Cycle Analyses (LCAs) at four different stages in a building’s design and construction phase to help us better understand opportunities to reduce embodied carbon. For the West 4th Avenue and Macdonald Street project, our analyses revealed an opportunity to reduce the building’s embodied carbon emissions by almost 27,000 kg — saving the equivalent of 10 concrete trucks!
By accounting for every emission source, we are building a holistic strategy that ensures nothing is left out. Knowing the full scope of our emissions allows us to make informed decisions, set ambitious targets, and measure our progress.
We are sharing this journey not because we have all the answers but because we believe collaboration is key to tackling climate change. By making our Net Zero Transition Plan public, we hope to connect with others who share our commitment to sustainability.
This path is not easy. In what is already a challenging environment to deliver much-needed housing, it takes resources, creativity and collaboration to close data gaps, align projects, and ensure every decision makes a difference. We are hopeful that by developing this plan, we are taking meaningful first steps toward making a positive impact.