Feature image: The LEED Platinum SNF Cultural Center in Athens, Greece. Photo credit: RPBW.

An artist's rendering of a modern, two-winged hospital seen from an aerial view — Artist's rendering of the SNF General Hospital of Sparta. Image credit: RPBW.

Throughout the 2010s, Greece suffered an unprecedently harsh recession, with a decrease of its GDP by more than 25% comparable to wartime conditions. All major economic sectors were severely impacted, with the construction industry, the spearhead of the economy, almost collapsing, and real estate facing total brown discount.

However, this time also provided new opportunities for real estate to focus on establishing a globally approved sustainability identity. Shifting away from the traditional model of real estate development, which used to evaluate a cost-benefit approach only, a new integrative approach emerged. The first-ever LEED project in Greece was born, setting a new milestone for real estate on a regional level.

Although profit is an undercurrent of all transactions in real estate and construction, without effective resilience strategies in place, the vast sums already invested in our built environment—as well as capital in various stages of planning for future investments—become threatened as the risks of climate change grow.

A project to inspire future achievement

In 1996, the Stavros Niarchos Foundation (SNF) was established to honor the Greek shipping magnate. Over the years, SNF has sought to empower people and contribute to long-lasting change around the globe. As part of its donation program, the SNF Cultural Center (SNFCC) in Athens made a mega-scale donation to the Greek state of more than $800 million—which, during its design phase in 2008, was the first building to pursue LEED in Greece. The SNFCC achieved LEED certification at the Platinum level in 2016.

Artist's rendering of a modern hospital building with trees and lush grass in the foreground — Artist's rendering of the SNF General Hospital of Komotini. Image credit: RPBW.

The SNFCC, designed by RPBW, became the most impactful project in the nation from a sustainability point of view, addressing the imperative of climate change mitigation and resilience. It was that kind of project to which every community looks as a source of motivation and a symbol of all the reasons we need to make active decisions that reflect our values. Eight years after the completion of construction, the SNFCC continues to make sustainable operations a priority and to meet new challenges.

At present, SNF is constructing three new hospitals across Greece that not only aim to achieve the highest level of LEED certification, but also to be ready for a zero carbon future. Both the SNFCC and the SNF hospitals aim to serve as exemplary showcases of resilience that clearly signal the need for our built environment to change through drastically readdressing the way our buildings are designed, built and operated. More important, the SNF initiatives aim to serve as case studies of nonspeculative, noncommercial projects where resilience became a priority, not only to cope with the climate crisis, but also to signal ethos in the built environment in Greece and beyond.

A six-story building with green terraces at each level. — The LEED Platinum Orbit in Athens. Photo credit: Spyros Hound/Nikos Daniilidis.

The price of inaction

Going green may sometimes require more up-front investment, but the cost of inaction will prove much more expensive. The summer of 2023 was the warmest ever recorded in Greece, and it may represent the "normal" summer of the future. According to the Greek Foundation for Economic and Industrial Research, it is estimated that Greece's GDP could suffer a cumulative loss of €700 billion by 2100, if no measures are taken to prevent and adapt to climate change. Whether it's about heat waves or extreme rainfall events, it's evident that real estate is becoming increasingly vulnerable to these conditions. This vulnerability poses a significant threat, as extreme weather events are becoming more frequent in Greece.

If not effectively addressed, this lack of resilience planning may provoke detrimental consequences. For example, a sufficient rainwater tank for preventing flooding or grid harmonization strategies can no longer be considered luxuries or matters of scientific research. This confirms the concerns that the green transition may sometimes be expensive, yet it confirms equally for the forward-thinking that the cost of inaction will be much higher.

Going back to the SNFCC, the first commercial projects appeared in early 2010s in Greece to adopt LEED as part of their efforts to design in a sustainable and resilience-focused way. Thanks to the vision of Dimand, the first real estate developer to believe in sustainability as a differentiating factor, Karela Office Park was the first project to achieve LEED in 2013 in Greece—proving that sustainability was not a cost-driver, but rather a value-driver.

A high-rise tower at twilight on a port with ships docked. — The LEED Platinum Piraeus Tower in Piraeus. Photo credit: Nikos Daniilidis.

Currently, the demand for green buildings in Greece is rising exponentially. The increase is market-driven, aligning with the global trends of real estate. As of today, assets in Greece totaling a gross square footage of almost 3 million have either pursued or already completed LEED certification, and the future is very promising. The most prominent developers, REICs and owners have been involved, such as Prodea Investments, Noval Property, Trastor, OTE Estate, Mytilineos and many others.

The local green building movement is maturing, and a deeper understanding of the “triple bottom line” value of green buildings is emerging, shifting the emphasis from “planet” to “people” and “profit.” The conversation gears on how green projects will deliver on economic priorities such as return on investment and risk mitigation, and on social priorities such as employee productivity, health and well-being.

The present itself, let alone the future, poses very important challenges for real estate. The most important challenge is the urgent need to move to a zero carbon economy while also developing in an inclusive way. For example, the adaptive reuse of buildings in the center of Athens is a major opportunity to create a resilient city. Some buildings are over 100 years old. However, extending the life of existing, largely depreciated properties in Athens is a real challenge. Deep cuts and legislative realism will be required to maintain and extend buildings’ life. It can be a difficult exercise for a property owner or developer to bring an existing listed building into compliance with thermal insulation or fire protection requirements or to incorporate renewable energy.

Resilience to climate change is not the only benefit of such redevelopments, since turning disinvested urban areas in cities into thriving communities would contribute to a social resilience as well. The “Minion” and the “Piraeus Tower” projects are great cases, demonstrating that such development not only creates value for the direct stakeholders, but also for the community and the wider urban environment on an economic and social level.

A modern office building with windows lit up against the twilight. — The LEED Gold Minion in Athens. Photo credit: Nikos Daniilidis.

Appreciating the moral urgency of change

Change is happening, but we must accelerate the pace. Change requires honesty, vision and an acceptance that real estate ultimately runs greater risks because of its impact on the world than it might on the values of the companies involved, because of environmental or other social conditions. This approach, also known as double materiality, shows us that the real estate industry must signal ethos. This is the only reliable way to both maintain profit and achieve equitable growth.

The law, after all, bases its healing power on the sovereignty of the legal order that generates it. In Aeschylus' Greek tragedy "Prometheus Bound," Zeus needed Via (the violence) and the state to bind Prometheus—in this case for a good cause. In the modern world, however, such deities operate exclusively within geographical boundaries. There is no global municipality to enforce climate change rules and oversee their implementation. Rather, the opposite is true: States and companies sometimes take advantage of the finite jurisdiction of their legal obligations to undermine the green transition.

Therefore, without a true vision, there is a clear danger that we could end up like a desert city, where regardless of the growth rate, if someone turns off the electrical switch, in an hour there would be a collapse. In this vision of the future, the ethos of stewardship must guide our deliberate actions, ensuring that prosperity is not only enduring, but also inclusive. By embracing renewable energy, green technologies and regenerative practices, we can create vibrant communities that thrive in harmony with our planet. Through transparent governance and ethical leadership, we forge a path toward a more equitable and resilient Greece and beyond.

5 questions for...

Photo courtesy of Charalampos Giannikopoulos.

Charalampos Giannikopoulos, LEED Fellow, LEED AP (with five specialties)
Managing director—DCarbon
Athens, Greece

What inspired you to move toward a green building career?

An inherent need from childhood to stay concerned about the impact of human activities on the planet. The Earth Summit, held in Rio de Janeiro in 1992 and the blueprint for international action on environmental and development issues, was the subject of my first schoolwork at the age of 10.

What is the most exciting part of what you do at DCarbon?

Engaging people from diverse backgrounds, challenging them to work together, debate and then implement long-lasting change in the built environment. Trying to make concrete ideas that many people care passionately about, therefore resulting in deliberate action toward a better world for all.

What was your favorite green project ever?

Although every single project, even the smallest or the least beautiful one, has been part of a long journey, the first ever project I was involved in, the Masdar City in Abu Dhabi, was a catalyst accelerating my career in sustainability, making me realize that our planet is in danger unless deliberate action is taken.

How would you like the world to be different for future generations?

Turning humanity to achieving balance among prosperity, equality and justice for all through recognition of ethos as a key indicator when making (any) choices. We need to moderate sustainability challenges, which today have the scale of an industrial and the speed of a digital revolution.

What advice would you give an emerging professional in this field?

Stay curious and adaptable. Be real in the age of fake, and embrace continuous learning to stay ahead. Seek mentorship, and don't shy away from challenges. Remain resilient and embrace failure as a stepping stone toward personal, and afterward collaborative, growth.

Greece in the era of resilience and climate change