可持续发展系列ESG房地产投资者调查2025

A unique research survey providing valuable insight into how ESGtrends are shaping property investment decisions The quick take A year and a half since our inaugural ESG Property Investor Survey and with a shiftinglandscape, our 2025 edition shows that ESG remains central to both investment andoperational strategies. Driven by the prospect of enhanced returns, as well as net-zerorequirements, ESG due diligence is embedded in investment decisions and informing action KEY TAKEAWAYS 63% 69% state that financial performance remains acore ESG driver driven by net-zero commitments, asstakeholder expectations set the ESG agenda Recognising the role of ESG in creating and preserving value,enhanced returns are cited by 63% of investors as a driver forESG strategy implementation – rising to 77% by AUM. Finance willcontinue to play a role, with 41% recognising the ability to securefunding as a motivation for ESG due diligence and approaches(seepage 4for analysis), which may grow as the sustainablefinance sector matures. Internal net-zero commitments continue to drive ESG investment,with 69% of respondents citing them as key motivators. Whiledisclosures play a role in transparency, ESG policies andcommitments shape procurement and investor expectations inresponse to growing demand for sustainable practices, making net-zero policies essential to stay competitive, with real estate playing arole in delivering these, seepage 5. 76% 77% focus on retrofit as the dominant ESGproperty strategy to drive returns assess capex requirements pre-acquisitionas data-driven ESG due diligence grows More than three-quarters of investors assess minimum capexrequirements before acquisition, rising to 89% for institutionalfunds and 94% for those with mainland European assets. ESG duediligence is increasingly data-driven, with 55% using CRREM toassess ‘stranding dates’, liquidity risks, and 48% requiring whole-building energy data. Understanding asset complexities and planningcontingencies is key to avoid underestimating financial impacts andmanaging risk – key considerations explored further onpage 9. Retrofitting leads as the primary ESG-related investmentapproach, with 76% of respondents prioritising upgrading existingassets – rising to 80% among APAC investors. In tandem, 62%, areactively seeking poor-ESG assets to improve. Financial incentivesdrive much of this, with around two-thirds targeting higher rentalvalues and just over 70% aiming for higher exit values, rising tonearly three-quarters and over 80% respectively for value-addinvestors (seepage 6). 48% 29% measure social impact, but frameworksremain inconsistent prioritise renewables, but on-site adoptionremains low While 76% of investors consider social value in decision-making,only 48% have a framework to measure and guide their efforts.Despite growing awareness, just 33% plan to introduce a socialimpact framework in the next three years, while half remainunsure. As explored onpage 12, challenges stem from the lackof standardisation and the difficulty of quantifying social impactfinancially. Aligning strategies and standardising measurementcould help future-proof assets as social value gains traction. Despite growing interest, with 29% requiring some on-siteprovision for acquisition, renewable energy adoption lags, with59% of investors reporting that less than 10% of assets usingrenewable power. Among those with provisions, 26% includerenewables in rent, and 26% use PPAs. In Europe, new buildingsmust be solar-ready from 2027, and major refurbishments from2028, setting a new baseline. Bridging the gap between ambitionand action can unlock cost efficiencies, increase resilience, andmeet evolving occupier and regulatory demands (seepage 11). About the survey Following our initial survey in 2023, which focused on ESG and property investments in the UK and Europe, we conducted asecond iteration at the end of 2024 with a global scope. This updated survey gathered responses from 40 investors betweenNovember and December 2024, representing assets under management totalling some £300 billion. Fig 1: The who Who responded: Institutionalfunds – including asset andinvestment managers, pensionfunds and insurance companies– make up the largest group,58%. REIT/ listed real estateand private investors (HNW andfamily offices) each represent13% of respondents with theremainder in private equity (11%)and other (5%). Q: Please select the option thatbest describes the profile of yourorganisation, % of respondents Fig 2: The whatQ: Which real estate sectors do you currently invest in? % of respondents Where they invest:Offices remained the dominant focus,with 92% of respondents currentlyinvesting in these assets. Logisticsand retail were the second mostdominant sectors (68%), followedby living sectors (63%), with hotels(45%) rounding out the top five. Fig 3: The whereQ: In which regions do you currently have direct real estate assets in? % of respondents? Global reach:So