The acceleration of ESG programs is penetrating the commercial real estate industry, and it is fueling an increase in green leases. In the 2021 Sustainability report from RICS, 40% of respondents have noted an increase in green lease adoption.
A green lease is an agreement between the landlord and the tenant to meet certain environmental goals. The terms can either encourage sustainability standards or they can be contractually dictated. The concept helps both companies and landlords meet ESG requirements, which often can't be accomplished without participating from both parties.
Although the adoption of green leases is increasing, they are not yet common; however that could be rapidly changing. Half of respondents to the RCIS survey said that green leases command premium rents, and 30% of participants said that so-called brown buildings actually offer reduced rents to compensate tenants for the lack of sustainable features.
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