GRESB Real Estate Standard changes for 2025
GRESB recently published a series of changes to the Real Estate Standard and Reference Guide. These are to be taken into account for submissions this year. In this article, Consultant Saif Ahmed provides a useful summary guide of the changes to help you remain one step ahead with your reporting.
A summary of the changes
- On the Real Estate Benchmark Report, there have been no changes to the maximum points for all indicators. Many of the changes this year are unscored, with most of them expected to have a score impact next year.
- Residential - [This update only impacts entities with residential assets] GRESB recognise sector-specific challenges and have introduced a supplementary standalone Residential Benchmark Report based on changes to the Standard. These changes will only impact the Residential Benchmark Report and not the Main Real Estate Benchmark. There will be 6 new indicators (RES1-RES6) and score weighting/applicability changes to existing indicators (TC3-TC4, TC5.1-TC5.2, TC6.1-TC6.2, BC1).
- Energy Efficiency - GRESB are aligning more with performance-based scoring and have introduced bonus points [AS1] up to 2.5 for EN1 based on assets that are highly efficient and meet certain GRESB criteria. The maximum points for EN1 remain the same, the bonus points will apply to the numerator and won’t exceed 14 points.
- Renewable Energy - Assets marking “off-site Renewable Energy” in EN1 now have 4 new datapoints; i) Procurement Type, ii) the Market-based Claim and two dimensions of the market-based electricity procurement: iii) Proximity and iv) Vintage.
- Embodied Carbon – GRESB recognise embodied carbon as an emerging topic gaining more prominence. There have been several changes: RM4.2 (Management) and DT1 (Development) are new indicators. Existing indicator changes include TC3-TC4 (New section), DMA2 (Previously DMA 2.1, expanded scope), DMA2.2 (Removed).
- Building Certifications - GRESB are reviewing the criteria used to evaluate certification schemes for Building Certifications. This update does not impact the 2025 standard. From early 2025, a revised criteria will be used to reassess certification schemes currently recognised and new schemes seeking inclusion in GRESB.
- Biodiversity and Nature – Introduction in the Standard through a new unscored indicator, RM7, which focuses on strategy to address biodiversity and nature-related issues.
- Employee Safety – SE4 has seen a score weight allocation change so that all four options are required to obtain full points.
- Other – GRESB have introduced evidence for T1.2 and updated validation guidance for RM6.1-RM6.4).
A summary of necessary actions
- For assets with off-site renewable energy, collect 4 new data points.
- Review criteria for EN1 Energy Efficiency and ensure accuracy of reported asset-level data related to those criteria for applicability for the bonus points.
- Review new sections and indicators, most primarily related to embodied carbon. There is also relevance with RM7 (Biodiversity) and TC4 has a new unscored section.
- Collect evidence for T1.2 (net zero target) and review updated validation guidance for RM6.1-RM6.4.
- Review SE4 and TC3 - both have had a score weighting change.
- For residential entities, review new residential indicators to start collecting relevant data points.
Indicator changes
From this point in the article, Indicators where the scoring is directly affected by the 2025 changes in the Main Real Estate Benchmark Report are in bold italics.
Management section
RM4.1 (Previously RM4) - ESG due diligence for new acquisitions
- Renamed to RM4.1.
RM4.2 - Embodied carbon in acquisitions
- New unscored indicator capturing if the entity performs asset-level risk assessments of embodied carbon for new acquisitions.
RM6.1–RM6.4 – Transition and Physical Risk
- Refined guidance on validation requirements.
- GRESB requires evidence to be specific to the reporting entity identified in EC1. References to the overarching organisation cannot be used as substitutes for entity-level risk assessment outcomes.
- Risk assessments must be applicable to the reporting year or two years prior. For 2025, a grace period allows participants to use assessments up to four years old if they were previously accepted in 2024.
- ‘Other’ answers are no longer subject to manual validation and used for reporting purposes only.
RM7 - Biodiversity and nature-related strategy
· New unscored indicator asking if the entity has a strategy that addresses biodiversity and nature-related issues.
SE4 - Employee safety indicators
· Score weighting changes. A minimum of 4 options are now required to achieve maximum points.
Performance section
T1.2 - Net Zero Targets
· Introduction of evidence requirement.
· Uploaded evidence will not be subject to manual validation in 2025 but will be used as a basis to inform future validation developments to ensure the quality of net zero target setting exercises.
TC3 - Fit-out & refurbishment program for tenants on ESG
· Score weighting change shifted from 1/3 per selection with percentage as a multiplier to 1/4.
· [Residential Assessment Only] – Removed in Residential Assessment due to inapplicability but still required to be reported on for the Main Real Estate Benchmark.
TC4 - ESG-specific requirements in lease contracts (green leases)
· Introduction of new section “Data sharing & metering”.
· [Residential Assessment Only] – Removed in Residential Assessment due to inapplicability but still required to be reported on for the Main Real Estate Benchmark.
TC5.1 - Tenant health & well-being program
· [Residential Assessment Only] – Score weighting increase in Residential Assessment only.
TC5.2 - Tenant health & well-being measures
· [Residential Assessment Only] – Score weighting increase in Residential Assessment only.
TC6.1 - Community engagement program
· [Residential Assessment Only] – Score weighting increase in Residential Assessment only.
TC6.2 - Monitoring impact on community
· [Residential Assessment Only] – Score weighting increase in Residential Assessment only.
EN1 – Energy Consumption
· Assets reporting “off-site Renewable Energy”, collect 4 new data points: Procurement Type, Market-based Claim, Proximity, Vintage of Generation.
· Introduction of bonus points (2.5) for energy efficient assets. GRESB will compare assets with external thresholds provided by AHSRAE 100 based on the climate zone and property sub-type of the asset. The following criteria must be met for assets to be eligible:
o Standing Investment
o Full year of data (>= 355 days)
o Vacancy rate lower than 20%
o Energy Data Coverage (75% or more)
BC1.1-BC1.2 – Building Certification
· GRESB are revising criteria to improve quality of the certification scheme recognition system. No impact expected in 2025.
· [Residential Assessment Only] – Score weighting change.
RES1-RES6 - Residential
· [Residential Assessment Only] – Introduction of 6 new indicators applicable only to residential entities. This will only feed into the Residential Assessment and not the Main Benchmark Report.
· [Residential Assessment Only] – All of these are unscored except for RES6 which is scored 1.5 points.
Development section
DMA2 (Previously DMA2.2) - Embodied carbon measurement & disclosure
· Renamed to DMA2.
· Expanded scope:
o The scope of indicator DMA2 is expanded to cater for all development projects and no longer only the ones completed during the year. However, emission measurements are only required for projects completed during the year (consistent with 2024).
o Some elements from DMA2.1 (now removed) incorporated into supporting guidance.
o Removed of “end-of-life” (module C) scope from measurement.
DMA2.1 - Life cycle assessments
· Removal of indicator due to its overlap with DMA2 (previously DMA2.2). Some of its elements are incorporated into supporting guidance.
DT1 - Embodied carbon targets
· Introduction of new (unscored) indicator to collect the existence of an upfront carbon target, and if this target is aligned with an external framework.
2025 Standards and Reference Guidance updates
- GRESB have made indicator-specific improvements to the 2025 Standards and Reference Guide for RM6.1-RM6.2, SE5, R1/DR1, RA3-RA5, T1.1, EN1, WS1, MR1-4, BC1.1-BC1.2, DBC1.2.
- GRESB have also clarified, restructured, and enhanced the validation sections of indicators LE5: Other, LE6, PO1-PO3, RP1, R1, RM6.1-RM6.4, SE2.1, TC2.1, MR1-MR4, DR1, and DBC1.1.
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