After several years of boisterous growth in the Kenyan real estate market, Kenya seems to be gloriously suspended in what can only be termed as a property boom. According to Kenya’s national Bureau of statistics,real estate comprised of 13.8% of the country’s gross domestic product in 2016 up from 10.5% in 2000. Nearly 50 malls have sprung up in Nairobi over the last seven years with 19 more under construction and top of the notch apartments sprouting up all over the city. Walking in Nairobi feels like falling into a construction rabbit hole, with the sight of developing infrastructure and machines at work decorating the city.
The property market has enjoyed unstoppable growth for the past ten years and with this comes the need to award developers who have fostered in the new age.
CoRE (Construction and Real Estate) Awards seek to identify and recognize achievements of companies’ individual responsibility towards the environment and provide a platform to highlight their 'green' products and showcase future developments. The awards will be centered on innovation,excellence and sustainability in the built environment. The tradition across industries has been to manage cost minimization rather than for value optimization. Optimizing value, the product of benefits sought over sacrifices required, is a far more rewarding strategy for all stakeholders. CoRE Awards will recognize not just the physical products in the built environment but also the impact that the product has on society.
In addition, one of the most significant changes observed in the construction industry is the growing interest in green construction. There has been a global change in the way people consume. Consumers have started to change their lifestyles – reason behind Airbnb’s popularity. The reduction in waste and purchase of disposable goods, and an increase in collaborative consumption has set a trend where people are actively influencing major industries.
Green construction reduces waste and the use of resources leading to a healthier living environment for people and a less damaging impact on the planet.
Moreover, new technologies and innovation are constantly changing the face of modern construction. New, faster processes are superseding the older ones and paving the way towards a futuristic reality. From Building Information Modeling (BIM), to Virtual Reality and the usage of drones in construction sites, technology is transforming the building sector and industry professionals have no choice but to keep up with new trends and technologies around them.
The uniqueness of CoRE Awards stems from the fact that stakeholders are involved in the built environment. This includes professional associations, regulatory bodies and student organizations that have actively taken a role in making their contribution to a more sustainable, green building society. This includes the Young Achievers Competition rolled out on the 22nd of September, 2018, that will have over 130 university and college students from various disciplines within the built environment have a platform to showcase their talents based on the real industry standards in Kenya as a foundation for their creation and inspiration.
CoRE Awards seek to showcase the best of the built environment and ensure the construction industry footprint meets its value while propagating its surroundings to futurism.