Participation in the 2020 GRESB Real Estate Benchmark leaps 22% amid accelerating investor demand for ESG data

AMSTERDAM, (November 24, 2020): GRESB, the global environmental, social and governance (ESG) benchmark for real assets, has released the results for the 2020 GRESB Real Estate Assessment. 

Participation in the 2020 Assessment grew by 22% to cover 1,229 portfolios (2019: 1,005) worth more than USD $4.8 trillion AUM. Data on key environmental performance indicators was reported at asset-level for more than 96,000 assets, across 64 countries, and aggregated to portfolio-level.

This increase in participation, coming despite the challenges of the covid-19 crisis, shows an industry responding decisively to the accelerating investor demand for comparable ESG data. The private sector led the growth trend, with participation growing 32% to cover 953 non-listed portfolios (2019: 723). On the listed side, 271 REITs and property companies reported to GRESB (2019: 240), an increase of 13% on the previous year.  

A new baseline for measuring performance

2020 marked an inflection point for the GRESB Real Estate Assessment. We introduced mandatory asset-level data reporting to improve data quality and implemented a new reporting structure that placed a higher weighting((The Performance Component accounts for 70% of the total GRESB Score in 2020)) on the Performance Component towards the overall GRESB Score. This benchmark-wide score reset resulted in the average GRESB Score falling to 70 (2019: 72).

While the changes to the reporting structure and scoring weights make it difficult to draw detailed comparisons with previous years, several trend lines remain: 

  • Listed property companies still outperform the private sector, but with a smaller lead than previous years. The average GRESB Score for standing investments portfolios is 71 for listed companies and 70 for private entities. For development portfolios, the differences are slightly larger and favor the private sector – listed companies have an average score of 73, compared to 75 for private entities.
  • By sector, average GRESB Scores for offices continue to outperform other property types, but the other sectors are closing in.
  • The regional breakdown shows Oceania still ahead, with an average GRESB Score of 77. The Asian real estate sector comes in second, with 72, followed by Europe at 69.5, just slightly ahead of the Americas at 69.
  • Once again, Europe leads the world in transparency with the highest number of new entities participating in the benchmark, while the Americas cohort remains the largest in dollar terms globally. Americas is also the only region where the average score for the private sector (70) is higher than the listed sector (67).  

Environmental Performance Indicators

In 2020, thanks to asset-level data reporting, we are able to provide granular calculations of energy, GHG and water use intensities by entity and property type. The values are shared in the individual Benchmark Reports for guidance purposes. We will be engaging closely with the industry to agree on the development of the calculation methodology for future years. 

GRESB is part of the Carbon Risk Real Estate Monitor (CRREM) project and the CRREM Tool aligns closely with the performance data reported in the 2020 Assessment. Our early analysis of participants who were able to provide 100% data coverage in Europe shows that average GHG intensity of participants exceeds the CRREM 2C pathway by 2035, and the 1.5C pathway as early as 2027. 

After last year’s increase in like-for-like energy consumption, this year we observe a global reduction of 2%. This decrease can be seen across all regions, with Europe having the largest reduction of 3.2%. Global GHG emissions and water consumption also fell by 3% and 1.5%, respectively.  

Participation in the 2020 Real Estate Assessment grew significantly from last year to cover 1,229 real estate portfolios worth more than US 4.8 trillion AUM. While we still have many challenges to overcome on our way to a more sustainable future, it’s inspiring to see this collective commitment to ESG transparency and collaboration from across the global real estate industry.” says Roxana Isaiu, Director Real Estate at GRESB. 

Leadership in the GRESB Real Estate Assessment

Each year we are excited to recognize and celebrate GRESB Participants from across the world who have excelled with their leadership and commitment. For 2020, we announce the Real Estate Sector Leaders. We congratulate these members and hope that their example will inspire the industry to further improvements.

2020 GRESB Real Estate Standing Investments Sector Leaders

The GRESB Sector Leaders are the best performers by sector and region. 

Property TypeName
Mixed use-Private20 Gracechurch St., Aviva Investors
Technology/ScienceAlexandria Real Estate Equities, Inc., Alexandria Real Estate Equities, Inc.
Residential-PrivateAltera Residential, Altera Vastgoed NV
Healthcare-PrivateAmvest Living & Care Fund, Amvest
Residential-ListedAvalonBay Communities, Inc., AvalonBay Communities, Inc.
Other-ListedBig Yellow Plc, Big Yellow Plc
Hotel-PrivateBouwinvest Dutch Institutional Hotel Fund N.V., Bouwinvest REIM
Office - PrivateBouwinvest Dutch Institutional Office Fund N.V, Bouwinvest REIM
Diversified-ListedCapitaLand Limited, CapitaLand Group
Diversified - Office/Industrial-ListedCastellum AB, Castellum AB
Retail-PrivateCBRE European Shopping Centre Fund II SCA SICAV-SIF, CBRE Global Investors
Office-ListedCegereal, Cegereal
Office-PrivateCentral Saint Giles Limited Partnership, Legal and General Property
Diversified - Office/Retail-ListedCity Developments Limited, City Developments Limited
Diversified - Office/Residential-ListedCovivio, Covivio
Diversified - Office/Residential-PrivateCredit Suisse Real Estate Fund Green Property, Credit Suisse
Office-ListedDexus Office Trust, Dexus
Hotel-ListedDiamondRock Hospitality Company, DiamondRock Hospitality Company
Office-ListedFabege, Fabege
Industrial-ListedFrasers Logistics & Industrial Trust, Frasers Logistics & Industrial Asset Management Pte. Ltd.
Diversified - Office/Industrial-PrivateFrasers Property Australia Pty Ltd - Investment Properties, Frasers Property Australia Pty Ltd
Industrial-ListedGLP J-REIT, GLP Japan Advisors Inc.
Diversified - Office/Retail-PrivateHines Master Fund Management Company S.a.r.l. on behalf of Hines Real Estate Master FCP-FIS, Hines
Diversified - Office/Residential-ListedJBG SMITH, JBG SMITH
Office-ListedKilroy Realty Corporation, Kilroy Realty Corporation
Retail-ListedKlépierre, KLEPIERRE
Office-PrivateLendlease International Towers Sydney Trust, Lendlease
Industrial-ListedMitsubishi Estate Logistics REIT Investment Corporation, Mitsubishi Jisho Investment Advisors, Inc.
Industrial-ListedNippon Prologis REIT, Inc., Prologis REIT Management K.K.
Diversified-PrivateQuadReal Property Group, QuadReal Property Group
Industrial-PrivateReal Estate European Industrial Fund (REEIF), CBRE Global Investors
Diversified-PrivateSPP Fastigheter AB, Storebrand Fastigheter AB
Retail-PrivateSteen & Strom AS, Steen & Strom AS
Mixed useSwire Properties Limited, Swire Properties Limited
Office-PrivateVantage London LP, LGIM Real Assets
Property typeName
Technology/ScienceAlexandria Real Estate Equities, Inc., Alexandria Real Estate Equities, Inc.
Residential-ListedAvalonBay Communities, Inc., AvalonBay Communities, Inc.
Office-PrivateCommonWealth Partners, CommonWealth Partners
Diversified - Office/Retail-PrivateCREIF, KingSett Capital
Industrial-ListedFIBRA Prologis, Prologis
Diversified - Office/Residential-PrivateGerding Edlen Green Cities III, Gerding Edlen Investment Management
Industrial-PrivateInstitutional Logistics Partners, managed by BentallGreenOak, BentallGreenOak
Residential-PrivateInstitutional Multifamily Partners LLC, GID Investment Advisers LLC
Retail-PrivateIvanhoe Cambridge - managed portfolio, Ivanhoe Cambridge
Diversified - Office/Residential-PrivateJ.P. Morgan U.S. Value Add, J.P. Morgan Asset Management
Office-ListedKilroy Realty Corporation, Kilroy Realty Corporation
Diversified-PrivateQuadReal Property Group, QuadReal Property Group
Retail-ListedTaubman, Taubman
Property TypeName
ResidentialAdvance Residence Investment Corporation, AD Investment Management Co., Ltd.
Diversified - Office/Retail-PrivateARA China Investment Partners, ARA Managers (APF) Pte. Ltd.
Diversified-ListedCapitaLand Limited, CapitaLand Group
Diversified - Office/Retail-ListedCity Developments Limited, City Developments Limited
Diversified-PrivateDREAM Private REIT Inc., Diamond Realty Management Inc.
Industrial-ListedGLP J-REIT, GLP Japan Advisors Inc.
Industrial-PrivateGoodman Japan Core Partnership (GJCP), Goodman Group
HotelJapan Hotel REIT Investment Corporation, Japan Hotel REIT Advisors Co., Ltd.
Office-ListedJapan Real Estate Investment Corporation, Japan Real Estate Asset Management Co., Ltd.
Retail-PrivateLendlease Asian Retail Investment Fund 3, Lendlease
Retail-ListedLendlease Global Commercial Real Estate Investment Trust, Lendlease Global Commercial Trust Management Pte Ltd
Retail-PrivateLendlease Jem Partners, Lendlease
Diversified-PrivateM&G Asia Property Fund, M&G Real Estate
Industrial-ListedMitsubishi Estate Logistics REIT Investment Corporation, Mitsubishi Jisho Investment Advisors, Inc.
Residential-PrivateNatan Limited Liability Company, Tokyu Land Capital Management Inc.
Industrial-ListedNippon Prologis REIT, Inc., Prologis REIT Management K.K.
Diversified-PrivateNomura Real Estate Private REIT, Inc., Nomura Real Estate Asset Management Co., Ltd.
Office-PrivateOstara Korea Separate Account, Orion Partners
Diversified - Office/ResidentialPremier Investment Corporation, Premier REIT Advisors Co., Ltd.
Property TypeName
Mixed use-Private20 Gracechurch St., Aviva Investors
Residential-PrivateAltera Residential, Altera Vastgoed NV
Healthcare-PrivateAmvest Living & Care Fund, Amvest
Hotel-PrivateBouwinvest Dutch Institutional Hotel Fund N.V., Bouwinvest REIM
Office-PrivateBouwinvest Dutch Institutional Office Fund N.V, Bouwinvest REIM
Diversified - Office/Retail-ListedBritish Land Company Plc, British Land Company Plc
Diversified - Office/IndustrialCastellum AB, Castellum AB
Retail-PrivateCBRE European Shopping Centre Fund II SCA SICAV-SIF, CBRE Global Investors
Office-ListedCegereal, Cegereal
Office-PrivateCentral Saint Giles Limited Partnership, Legal and General Property
Diversified - Office/Residential-PrivateCredit Suisse Real Estate Fund Green Property, Credit Suisse
Office-ListedFabege, Fabege
Diversified - Office/Industrial-PrivateGenesta Nordic Real Estate Fund II, FCP-SIF, Genesta Property Nordic
Diversified - Office/Retail-PrivateHines Master Fund Management Company S.a.r.l. on behalf of Hines Real Estate Master FCP-FIS, Hines
Mixed useHufvudstaden AB, Hufvudstaden AB
Diversified-ListedIcade, Icade
Retail-ListedKlépierre, KLEPIERRE
Diversified - Office/Retail-ListedLand Securities Group PLC, Land Securities Group PLC
Industrial-PrivateReal Estate European Industrial Fund (REEIF), CBRE Global Investors
Diversified-PrivateSPP Fastigheter AB, Storebrand Fastigheter AB
Retail-PrivateSteen & Strom AS, Steen & Strom AS
Office-PrivateVantage London LP, LGIM Real Assets
Property TypeName
Industrial-PrivateAustralian Prime Property Fund Industrial, Lendlease
Retail-PrivateAustralian Prime Property Fund Retail, Lendlease
Diversified - Office/Retail-PrivateDexus Wholesale Property Fund, Dexus
Industrial-PrivateGoodman Australia Partnership (GAP), Goodman Group
Office-PrivateLendlease International Towers Sydney Trust, Lendlease
Retail-PrivateLendlease Real Estate Partners New Zealand, Lendlease

Entity is an Overall Global Sector Leader (Achieved highest score for its sector)
Entity is a Global Sector Leader (Achieved highest score for the combination of nature of ownership and sector)
Entity is an Overall Regional Sector Leader (Achieved highest score for the combination of region and sector)
Entity is a Regional Sector Leader (Achieved highest score for the combination of nature of ownership, region and sector)


2020 GRESB Real Estate Development Sector Leaders

The GRESB Sector Leaders are the best performers by sector and region. 

[table “247” not found /]
Property TypeName
Diversified- ListedAlexandria Real Estate Equities, Inc., Alexandria Real Estate Equities, Inc.
Residential- ListedAvalonBay Communities, Inc., AvalonBay Communities, Inc.
Retail- ListedBrookfield Property REIT, Brookfield Properties
Residential- PrivateClarion Gables Multifamily Trust, Clarion Partners
Residential- ListedEquity Residential, Equity Residential
Diversified - Office/ResidentialFederal Realty Investment Trust, Federal Realty Investment Trust
Diversified- PrivateGTIS Brazil Fund III, GTIS Partners
Diversified - Office/Residential- PrivateGWL Canadian Real Estate Investment Fund No. 1, GWL Realty Advisors Inc.
Office- ListedKilroy Realty Corporation, Kilroy Realty Corporation
Office- PrivateMetLife/Norges Bank Investment Management Joint Venture, MetLife Investment Management
RetailMexico Retail Fund, PGIM Real Estate, PGIM Real Estate, PGIM Real Estate
Diversified - Office/Residential- PrivatePrime Canadian Fund, BentallGreenOak
Retail- ListedSimon Property Group, Inc., Simon Property Group, Inc.
IndustrialTerrafina, PGIM Real Estate
RetailTrademark Property Company, Trademark Property Company
Office- PrivateUSO II: U.S. Office Holdings Account, L.P. and U.S. Core Office APTWO, L.P., Tishman Speyer
Property TypeName
Residential-PrivateASIA GREEN REAL ESTATE FUND, Asia Green Real Estate
DiversifiedCity Developments Limited, City Developments Limited
Industrial-PrivateESR Kendall Square, Inc., ESR Kendall Square, Inc.
Residential-ListedGodrej Properties, Godrej Properties
Industrial-PrivatePGGM RJLC LP, ESR Singapore Pte. Ltd.
DiversifiedPhoenix Asia Real Estate Investments V, Phoenix Property Investors
Industrial-PrivateRJLF 3 Co-Investment Platform, ESR Singapore Pte. Ltd.
Mixed use-ListedSwire Properties Limited, Swire Properties Limited
Property typeName
Residential-PrivateAnlagestifstung - Immobilien Schweiz, UBS Asset Management
Diversified - Office/Retail-PrivateAnlagestiftung - Kommerzielle Immobilien Schweiz, UBS Asset Management
Office-PrivateCS (Lux) European Core Property Fund Plus (Feeder), Credit Suisse
Mixed use-PrivateCWTC Multi Family ICAV, Hines Real Estate Ireland Limited
Diversified - Office/Residential-PrivateFORE Partnership, FORE Partnership
Office-ListedGECINA, Gecina
Office-ListedLand Securities Group PLC, Land Securities Group PLC
Industrial-PrivateLogistis, AEW Europe
Retail-PrivateLothbury Property Trust, Lothbury Investment Management Limited
Industrial-PrivatePrologis UK Logistics Venture, Prologis
Diversified - Office/Residential-PrivateRegent Street, The Crown Estate
Diversified - Office/Industrial-PrivateRoyal London Property Pension Fund (RLPPF), Royal London
Industrial-ListedSEGRO plc, SEGRO
Industrial-ListedTritax Big Box REIT, Tritax Big Box REIT
Residential-PrivateUBS (CH) Property Fund - Direct Residential, UBS Asset Management
Diversified-PrivateUBS (CH) Property Fund - Direct Urban, UBS Asset Management
Diversified-PrivateUBS (CH) Property Fund - Léman Residential «Foncipars», UBS Asset Management
Diversified-PrivateUBS (CH) Property Fund - Swiss Mixed «Sima», UBS Asset Management
Residential-PrivateUBS (CH) Property Fund - Swiss Residential «Anfos», UBS Asset Management
Property TypeName
Office-PrivateAustralian Prime Property Fund Commercial, Lendlease
Retail-PrivateAustralian Prime Property Fund Retail, Lendlease
Residential-PrivateFrasers Property Australia Pty Ltd - Investment Properties, Frasers Property Australia Pty Ltd
Residential-PrivateLendlease Retirement Living Trust, Lendlease

Entity is an Overall Global Sector Leader (Achieved highest score for its sector)
Entity is a Global Sector Leader (Achieved highest score for the combination of nature of ownership and sector)
Entity is an Overall Regional Sector Leader (Achieved highest score for the combination of region and sector)
Entity is a Regional Sector Leader (Achieved highest score for the combination of nature of ownership, region and sector)

More information on how we recognize leadership in the GRESB Assessments


A new era for GRESB

With the world waking up to the imperative of sustainability, there is much work ahead of us to meet the reporting challenges and data needs of the community we serve. Last week, we were pleased to announce the start of a new era for GRESB – guided by an independent Governance structure and with more capacity to administer the industry benchmark, and support participants in their reporting efforts. 


About GRESB

GRESB is a mission-driven and investor-led organization providing standardized and validated Environmental, Social and Governance (ESG) data to the capital markets. Established in 2009, GRESB has become the leading ESG benchmark for real estate and infrastructure investments across the world. In 2020, more than 1,200 real estate portfolios reported to GRESB covering more than 96,000 assets. Our coverage for infrastructure includes more than 540 infrastructure portfolios and assets. Combined, the reported assets represent US $5.3 trillion AUM. The data is used by more than 100 institutional and financial investors to monitor investments across portfolios and navigate the strategic choices needed for the industry to transition to a more sustainable future. Learn more at GRESB.com.

For more information, please contact:
Claudia Gonella, Marketing & Communications Director at GRESB
c.gonella@gresb.com