Why Supermarkets Are Dismayed Over Tax Rules — But Are Expanding Anyway

The carbon reduction targets put in place by the world’s biggest property owners and managers don’t include almost 90% of the emissions they create, an investigation by Bisnow has found. 

The vast majority of the world’s 75 largest institutional investors, REITs and investment managers neither track the emissions created by the tenants of their buildings nor the carbon created during the development of buildings. 

Even among the companies that have set targets to decarbonize their portfolios, less than a quarter count these emissions, which are referred to as Scope 3, as part of their stated campaign to reach net-zero. 

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An investigation into the carbon reduction policies of the world's 75 largest real estate owners and managers shows that if regulators push the sector to cut emissions faster, it will comply.

But until a harder push comes along, CRE will do only what it is obligated to by law. 

Bisnow data shows that where clear regulation is enforced, real estate owners are taking action to reduce their greenhouse gas emissions. Yet more stringent regulations would compel them to cut emissions more deeply and quickly, according to several investors interviewed for this investigation.

“The only way to get everyone to cut 10 years off their target is regulation,” Orchard Street Investment Management Head of Sustainability Lora Brill said. “You have to make holding high-carbon properties unviable or reward holding low-carbon properties.”

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Hines, one of the property giants working to divest Russian assets, has reportedly sold a 2.2M SF shopping center in Moscow.

Hines, which previously was part of an ownership group that included Morgan Stanley and the California Public Employees' Retirement System, became the sole owner of the Metropolis shopping center earlier this year and has now sold it to hedge fund Balchug…

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