The GRESB real estate appraisal was established in 2009 and covers the GRESB Standard for Permanent Investments, which takes into account the management and performance factors of ESG and is aimed at portfolios with operational buildings.
There is also the GRESB development standard, which takes into account ESG management and property development factors and is for the conservatives with major new construction and renovation projects.
Globally, Oceania maintains the highest regional average score of 82 in the Permanent Investment Benchmark and 88 in the Development Index.
Davina Rooney, chief executive of the Australian Green Building Council (GBCA), said Australian companies continue to do well in sustainability, and we are pleased to see that reflected in global results.
“Eliminating emissions from the built environment will require a lot of heavy lifting from our entire industry. In Australia, we see a lot of big and small players in our industry making big strides towards the goal of a healthier, zero-zero future,” said Rooney.
Real estate investment trusts that have been recognized by GRESB include Charter Hall, Dexus, Scentre Group, Vicinity, Goodman Group, Frasers Property Industrial and Frasers Property Australia.
Lendlease, Australian Prime Property Commercial Fund, ISPT Core Fund, Cbus Property, AMP Capital Funds Management and Growthpoint Properties Australia have also been recognized by GRESB.
All CEOs responded to GRESB’s recognition saying that they are focused on improving companies’ environmental performance and leading the way toward a zero-zero future.
Perry said that commitment is not lost on investors who are looking at how REITs are operating their buildings more efficiently and also how they are looking at making tangible changes such as upgrading older buildings to have higher sustainable credentials rather than simply demolishing them.
“That’s more positive considering the embodied carbon associated with development,” Berry said.
“In the office sector as an example, there has been a steady increase in ‘Quality Orientation’ with a very large portion of ESG from those standards. ESG Superior buildings tend to operate more efficiently, attract a larger group of tenants and, in doing so, lead to higher occupancy, and ultimately Ultimately more favorable prices by investors.”
$2.5 billion redevelopment by Frasers Property and Dexus near Central Station in Sydney’s CBD would be highly sustainableattributed to him:Dexus and Frasers property
Perry added that he also noted ESG obligations to tenants embedded in lease contracts, highlighting that institutional landlords are taking the lead and driving to more positive outcomes.
Ken Morrison, chief executive of the Australian Real Estate Council, agreed that there is a growing demand from the investment community for strong disclosure of sustainability credentials from real estate sector organisations.
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“GRESB continues to advance these key ideas and encourages investment flows to more sustainable projects and organizations,” Morrison said.
“Australian companies are once again leading in overall results and providing a blueprint for other jurisdictions to track in the transition to a resilient, carbon-neutral economy. Australia cannot achieve its net zero goals without the built environment.”
Dexus CEO Darren Steinberg said the group’s commitment to delivering strong ESG results supports long-term performance.
“We are delighted that we have achieved year after year improvement in GRESB scores globally
the performance of our investors, customers and communities as we transition towards a low carbon economy.”
Leasing agendas are also being guided by ESG requirements according to JLL’s head of office rental Australia, Tim O’Connor, who said companies are increasingly realizing that building amenities and the quality of office space is an important part of strategies to attract and retain employees.
“We believe that structural vacancies are emerging in the Australian office market and that these assets are losing relevance to active tenants,” O’Connor said.
Most listed companies and public sector bodies have targets to reduce carbon emissions, and this shapes their real estate strategies. Property owners need to show how their assets are on track to become a carbon-neutral building or risk structurally low occupancy rates.”
Originally published at Melbourne News Vine
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