Environmental organisation GRESB carried out the assessment.
The organisation assessed AU$11.32tn (US$7.2tn) of gross asset value across 169,173 assets, 4,323 of those assets in Oceania.
“GRESB assessed more than $11tn in assets this year to confirm that some of the world’s best practice in sustainable real estate is found here in Australia. 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. 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. 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.”
Davina Rooney, CEO, Green Building Council of Australia
Oceania’s 143 participating entities had a gross asset value of AU$635bn (US$404bn).
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.
“[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. 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.”
Ruben Langbroek, Head of Asia Pacific, GRESB
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.
“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.”
Mike Zorbas, Chief Executive Officer, The Property Council of Australia
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.
