This article was written and submitted by Leo Glaser, Director, Net Zero & Planet Impact at Third Space Properties Inc.
When I reflect on why we developed a Net Zero Transition Plan, it is not about aligning with a trend, it is about responsibility. Third Space created this plan to guide us towards net zero by 2050, an ambitious goal aligned with our triple-bottom-line approach to real estate. As developers, property owners, and managers, we have a responsibility to our communities, our cities, and the planet. Here in Vancouver, where we are facing a climate crisis, buildings contribute to more than half of the city’s total carbon emissions. This is our opportunity to drive meaningful change.
The release of the Net Zero Transition Plan marks a milestone for us, yet it is only the beginning. This plan is a data-driven strategy with actionable steps, designed not only to guide our organization, but hopefully to inspire others across the industry. By setting targets grounded in science-based principles, we are committed to turning this vision into measurable impact.
Leo Glaser, Director, Net Zero & Planet Impact at Third Space
The Urgency of Now
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 from wildfires to flooding. These are not mere inconveniences — they endanger our health, homes, and overall quality of life. Given this urgency, a concrete plan to reducing carbon emissions has never been more critical.
This is why we set a 2050 goal to achieve net zero across all emissions associated with our business, along with a near-term target of reducing Third Space's controlled operational carbon emissions by 55% by 2030. We’ve also established annual embodied carbon limits for our new construction projects. These commitments, aligned with the Science Based Targets initiative, are both rigorous and globally relevant, empowering us to tackle the climate crisis with credibility.
A Practical, Data-Driven Blueprint
Our Net Zero Transition Plan isn’t just about high-level commitments, it’s designed to guide each project with precision. From embodied carbon — the emissions tied to building materials and construction processes — to operational carbon from energy use, our plan addresses the entire building lifecycle.
An example of the plan already in motion: all planned new Third Space projects and buildings will operate as zero-carbon and be 100% electric from the start.
The scale and complexity of decarbonization can make these goals difficult to achieve, and some organizations have had to adjust their targets over time. We understand that this journey is challenging, and we recognize the difficulty of balancing ambition with actionable planning. At Third Space, we have taken a data-driven approach to address this, dedicating substantial resources to establish clear pathways for emissions reduction. This allows us to confidently project the reductions we’ll achieve each year and identify the precise steps required to meet our targets.
Rendering of East Columbia development from Third Space
Sharing Our Strategy with the Industry
The scale of climate change is too large for any single organization to solve alone. Our decision to make the Net Zero Transition Plan public is an invitation for conversation and collaboration. We recognize that the path to net zero is not simple, and we are eager to engage with others who are also on this journey. Whether they are just starting or are further along, we believe that, together, we can exchange ideas and learn from each other’s experiences — good and bad — and build momentum across the industry toward significant carbon reduction.
A Call to Action
By working collectively, we have the potential to transform Vancouver’s buildings into low-carbon contributors. This is our moment to act, and we are committed to making a meaningful difference. We hope others will join us in building a sustainable future for our planet.
