GRESB 2023 results show Australia’s leadership in sustainability at scale

02 Nov 2023

The 2023 GRESB benchmark for sustainable real estate confirms that Australia is developing and delivering the world’s greenest buildings.

Green Building Council of Australia CEO, Davina Rooney said: “GRESB assessed more than $11 trillion in assets this year to confirm that some of the world’s best practice in sustainable real estate is found here in Australia.”

The Property Council of Australia’s Chief Executive Officer, Mike Zorbas said:

“This year’s results show Australian property leaders play an international leadership role in building sustainability. It is heartening and necessary that we remain in the front rank of global innovation and performance in creating sustainable cities.”

GRESB assessed AU$11.32 trillion (US$7.2tn) of gross asset value across 169,173 assets, 4,323 of those assets in Oceania. Oceania's 143 participating entities had a gross asset value of AU$635 billion (US$404 billion).

Oceania – which includes Australia, New Zealand and Pacific nations – was named the fastest growing region, with a 23% year-on-year increase in asset owners, fund managers and real estate development companies participating.

According to Ruben Langbroek, GRESB’s Head of Asia Pacific, increased participation is “not just about numbers”, but also reflects “commitment of the global and regional real asset sector to enhance transparency and sustainability on a broader scale."

Transparency “allows investors to reward those that are managing risks and delivering positive environmental and social outcomes, and apply pressure to those that are not,” Mr Langbroek adds. 

“Importantly, sustainability benchmarking allows companies that are starting their green journey to identify and adopt these best practices, leading to enhanced performance, year after year.”

The GRESB Development Benchmark – which assesses management and performance during the design and construction of new assets – increased to 91, up from 88 the previous year. The global average is 83. Asia placed second behind Oceania, with a score of 86.

“The story behind Oceania’s leading score is simple. Green Star, which is used in both Australia and New Zealand, is doing the job it was designed to do. It is elevating expectations and challenging developers to design and deliver more sustainable buildings,” Ms Rooney said.

A massive 93% of Oceania participants have established a net zero policy, followed by 78% in Asia and 77% in Europe.

Oceania posted a slight reduction in its regional score for the GRESB Standing Investments Benchmark, which assesses existing assets. This score of 79 in 2023 is lower than the 82 posted in 2022, but above the global average of 75.

“When we look at this result in the context of the 23% increase in participation rate in our region, this is not a surprise. We know measurement is the first step to better management. Transparent reporting uncovers opportunities to uplift performance. Investment into upgrades will follow, and this will, with time, be reflected in GRESB results,” Ms Rooney said.

“We know sustainability must be embedded into every part of the property and construction industry. Australia’s leaders have played their role setting high sustainability standards and the rest of the market is now moving at speed. This is how we get sustainability at scale,” Ms Rooney concluded.

GRESB Global Sector Leaders - Oceania Standing Investments Benchmark

RetailAustralian Prime Property Fund RetailLendlease
RetailLendlease Global Commercial Real Estate Investment TrustLendlease Global Commercial 
Trust Management Pty Ltd
OfficeBrisbane Square Wholesale Fund (BSWF)Charter Hall
HealthcareVital Healthcare Property TrustVital Healthcare Properties Management Limited

GRESB Global Sector Leaders - Oceania Development Benchmark

OfficeCharter Hall Prime Office Fund (CPOF)Charter Hall
OfficeGPT Wholesale Office FundThe GPT Group
Diversified – Office/IndustrialISPT Core FundISPT
ResidentialScape Australia JV1Scape Australia Management
ResidentialScape Australia JV12Scape Australia Management
RetailScentre GroupScentre Group
IndustrialThe GPT GroupThe GPT Group
Healthcare Vital Healthcare Property TrustVital Healthcare Properties Management Limited
HealthcareDexus Healthcare Property Fund  Dexus

GRESB Regional Sector Leaders Standing Investments Benchmark

Diversified – Office/IndustrialAustralian Core Enhanced Fund (ACE)EG
RetailAustralian Prime Property Fund RetailLendlease
OfficeBrisbane Square Wholesale Fund (BSWF)Charter Hall
Diversified – Office/RetailCbus PropertyCbus Property
Diversified – Office/RetailDexus Wholesale Property FundDexus
IndustrialFrasers Property Industrial Australia Pty LimitedFrasers Property Industrial Australia Pty Limited
Diversified – Office/IndustrialGoodman Australia Partnership (GAP)Goodman Group
Diversified – Office/IndustrialGrowthpoint Properties AustraliaGrowthpoint
Diversified – Office/RetailISPT Core FundISPT
ResidentialKeyton Trust (formerly Lendlease Retirement Living Trust)Lendlease
RetailCharter Hall Retail REIT (CQR)  Charter Hall

GRESB Regional Sector Leaders Development Benchmark

OfficeCharter Hall Prime Office Fund (CPOF)Charter Hall
IndustrialDexus Wholesale Property FundDexus
OfficeGPT Wholesale Office FundThe GPT Group
ResidentialScape Australia JV1Scape Australia Management
ResidentialScape Australia JV12Scape Australia Management
IndustrialThe GPT GroupThe GPT Group