Changes to GRESB 2018

Changes to GRESB 2018 Real Estate Survey Part 1 – The Headlines

The GRESB pre-survey was published today (15th February).  As expected, a number of changes have been made to both the question-set and the process.

Over the course of the next couple of days we will review these changes in detail, before coming back to you with a more comprehensive summary in a separate blog. For now, please see the headlines below.

Changes to the questions for GRESB 2018

  • Enhanced validation – The three tier validation process (All Participant Check; Validation Plus; and, Validation Interviews) continues, however, from this year the All Participant Check will be extended and will be applied to all responses for a select number of questions (previously only 25% of responses were subject to this level of check).
  • Reduced reporting burden – There are a reduced number of mandatory open text boxes (but with more opportunity to provide context).
  • Green building certificates – There is an expansion to the scope of the Green Building Certificate questions, including a requirement to provide certification levels/scores achieved (in addition to portfolio coverage).
  • Scope 3 – Mandatory reporting of scope 3 emissions is introduced, covering emissions associated with tenant areas and/or indirectly managed assets.
  • Like for like consumption – There is a requirement to define the floor area associated with like-for-like portfolios.
  • Asset level data – GRESB continues its increased focus on data quality, by making additional points available for respondents submitting asset-level energy, carbon, water, waste data.
  • Health and wellbeing – 2018 will be the final year of the Health & Wellbeing module.
  • Resilience – A new resilience module is launched.

Changes to the process

  • Fee – There will be a participation fee introduced for non-members. This will not be applicable to first time participants submitting under the ‘Grace Period’ or participants from non-OECD countries.
  • Scorecards/Benchmark Reports – All participants will receive a Scorecard and Benchmark Report for all of their submissions.
  • Response Check – The Response Check is available on request from April 1 to June 8, 2018 subject to available resources.

The changes have been implemented to improve accuracy of data collection and to push the industry further towards sustainability performance improvement.  EVORA already supports its clients in both of these areas. Our expert sustainability consultants and engineers advise clients across the piece – from strategy through implementation to reporting. Furthermore, we use our proprietary software platform SIERA to collect and validate client data at meter and asset level.

What next? Tips to get you started

If you are involved in the GRESB process, we recommend that you start planning for the submission process now. Some practical tips to get you started:

  • Changes to GRESB – Review the new question set as soon as possible. Consider the changes (there is an overview at the start) and how you will develop your response to address these –  now.  GRESB 2018 includes text boxes to provide additional context to your answers – how and where will you use this option?
  • Changes to your entity – For previous participants consider last year’s results – responses should truly reflect the processes, procedures and performance of the funds and portfolios you manage.  Was anything missed from previous submissions?  Have you changed any processes and procedures relevant to the GRESB survey?
  • Evidence – Identify what evidence is required (including, but not limited to, audits and assessments, implementation of improvements, performance data and building certification). Establish how this can be collected and liaise directly with property management teams.
  • Plan, Do, Deliver – Establish and follow a detailed submission plan.

As mentioned, we are in the process of reviewing the new question set in detail and will publish more information shortly – so keep an eye out for updates.

To find out how EVORA can help you to navigate GRESB, whether you are a first timer or an experienced respondent, then please get in touch.

The full survey can be found here.