An insight into the social pillar of ESG and its benefits for landlords, tenants and employees.
Insight
How does Australia approach the “S” in ESG?
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Australia has embraced more of a live-work-play lifestyle in recent decades. At the same time, environmental, social and governance (ESG) initiatives have come to the fore within the office markets. ESG goalsetting is garnering attention as tenants and landlords accept accountability, with increased financial reporting on sustainability, but the ‘social’ side of ESG is also gaining momentum.
Environmental sustainability is undoubtedly the leading pillar of ESG and tenants are committing to office space that can offer strong ‘E’ credentials. JLL Research and Leasing tracked lease expiries with net zero targets in Brisbane CBD. The following chart demonstrates the future demand for sustainable office space, highlighting that more tenants require an office to specifically meet their decarbonisation targets.
Figure 1: Decarbonisation Targets and Lease Expiry Brisbane CBD
