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CBRE Global Investors

PRI reporting framework 2020

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Selection, appointment and monitoring third-party property managers

PR 07. ESG issues in selection, appointment and monitoring of third-party property managers

07.1. Indicate if your organisation includes ESG issues in your selection, appointment and/or monitoring of third-party property managers.

07.2. Indicate how your organisation includes ESG issues in your selection, appointment and/or monitoring of third party property managers.

Types of actions

Coverage

Types of actions

Coverage

Types of actions

Coverage

07.3. Provide a brief description of your organisations selection, appointment and monitoring of third party property managers and how they contribute to the management of ESG issues for your property investments.

Landlords and tenants have historically failed to adopt “green” leases due to their reputation for being overly burdensome. We are seeking to change this perception and, in doing so, protect asset value and enhance sustainability performance.

As part of this drive, in the UK, a "New Lease Considerations Guide" and accompanying lease provisions have been developed in partnership with CBRE's Energy & Sustainability team and external legal advisors. The clauses range from provisions to protect the landlord against existing and future legislative exposure, to those reflecting the increasing occupier and investor expectations on landlords to engage and collaborate with tenants on the sustainability performance of assets. This successful pilot will now be rolled out to other regions.

In addition, we include green clauses in property management contracts. Examples are described below: 

  • We always include reporting requirements for energy, water and waste consumption for properties.
  • For an office property in Paris, there is a particular article in the contract entitled “Politique environnementale: Green Management."
  • For an office property in Amsterdam, there is a specific article and an appendix related to Green Management.

Our green language in our property management contracts are examples of how we are leading the industry in this area.

In 2019, we began to research and develop appropriate green lease provisions in partnership with external legal advisors and will finalize in 2020 with the help of newly appointed Code Green as the external ESG consultant for the Americas direct business.


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