In mature capital markets, the question of sustainability has become of important to investors, who have recognized that both tenants and regulators are increasingly demanding greater efficiency in buildings in order to cut costs and be more competitive. Indeed, for many investment funds sustainability disclosure has become a pre-requisite of investment. According to JLL report, in less mature markets, such as Russia, sustainability has become an increasingly hot topic amongst developers, landlords and tenants in recent years.
Both the BREEAM and LEED certifications, which account for the vast majority of sustainability certifications worldwide, are designed to be flexible and can be applied to buildings at any stage of the development process. Though there are some technical differences between the two, both standards are regularly updated and improved in line with market developments as well as industry feedback.
Although originally formulated for the UK, BREEAM is now used in more than 50 countries. About 5,000 projects have been certified with BREEAM assessment ratings. Developed by the US Green Building Council, LEED provides building owners and operators with a framework for identifying and implementing sustainability practices. There are about 23,500 projects certified with the LEED rating systems around the world.