Sustainability MarketDynamics
Japan: SustainabilityMarketDynamics
Keytrends
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CASBEE-BD/-REdoublesintwoyears
In1Q25,nineprojectsacquiredLEEDcertification, andthetotalnumberofLEED-certifiedprojects since2009hasreached315,anincrease of2.9%qo-q.ThetotalnumberofCASBEE-BD-certified projectsandCASBEE-RE-certifiedprojects increased by8.2%q-o-qand11.5%q-o-q, respectively,withbothfiguresmorethandoubling since1Q23.
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Specialfeatures:
SSBJsustainabilitydisclosurestandards
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CASBEE-WOslowdowns
In1Q25,fiveprojectsacquiredWELLcertification, andthetotalnumberofWELL-certifiedprojects hasreached60,anincrease of9.1%q-o-q.The totalnumberofFitwel-certifiedprojectsremained unchangedatfivewithnoacquisitionsforfour consecutive quarters.Thetotalnumberof CASBEE-WO-certifiedprojectsincreased by1.2%qo-q,butacquisitionsareshowingaslowdown.
TheSustainabilityStandardsBoardofJapan (SSBJ)issued itsinauguralsustainability disclosure standardsinMarch2025,consistingof ApplicationoftheSustainabilityDisclosure Standards,GeneralDisclosures, andClimaterelatedDisclosures. Itrequires companiesto disclose sustainability-relatedrisksand opportunitiestheyface,whichwillbeusedasa basisforinvestmentdecisions.Intherealestate industry,itisexpected thatstrengtheningenergy andwaterconservation,obtaininggreen building certification,andenergyratingcertificationwill becomeincreasinglyimportantinthenearfuture.
Note:LEED,WELLandFitwelrefertoallratings.CASBEE-BD, CASBEE-REand CASBEE-WOrefertoB+andabove. Source:JLL,USGBC,IWBI,Fitwel IBECs
CASBEE-BDandCASBEE-REcertified projectsdoubleintwoyears Japan: SustainabilityMarketDynamics
• Nineprojects acquiredLEEDcertification in1Q25. Platinum-awarded projects included AzabudaiHills (LEEDNDBuiltv4).Thetotalnumber ofcertified projects since2009hasreached315,anincreaseof 2.9%q-o-q.
• Fifty-fourprojects acquired CASBEE-BDcertification in1Q25.Thenumber ofacquisitionsduringthe quarterincreasedq-o-q andy-o-y, buttheshareof rankSwasdown q-o-q andy-o-y. Thetotalnumber ofCASBEE-BD-certified projects increased by8.2%qo-qto526,2.1timesthenumberin1Q23.
• CASBEE-REcertification wasacquiredby282 projects in1Q25.Thenumberofacquisitionsduring thequarterincreasedq-o-q butdecreased y-o-y. The totalnumberofCASBEE-RE-certified projects reached 2,388,anincreaseof11.5%q-o-q, and2.2 timesthenumber in1Q23.
Historicalvalidgreencertificationbycertifiedyear
Source:JLL,USGBC,IBECs
Note CASBEE-BD(CASBEEforBuildings) andCASBEE-RE(CASBEEforRealEstate)refertoB+orhigher
Japan: SustainabilityMarketDynamics
Historicalvalidwellnesscertificationbycertifiedyear
• Fiveprojects acquiredWELLcertification in1Q25, withthenumberofacquisitionsduring thequarter decreasing bothq-o-q andy-o-y. Platinum-awarded projects included MitsubishiCorporation HeadOffice andShimizuCorporation NagoyaBranch(bothWELL v2Certification: OfficeSpaces). Thetotalnumberof WELL-certifiedprojects hasreached 60,anincrease of9.1%q-o-q.
• Noprojectsacquired Fitwelcertificationin1Q25.The totalnumberof Fitwel-certifiedprojects remained at five.
• Nineprojects acquiredCASBEE-WOcertification in 1Q25,including oneproject recertified duetoexpiry date. Thenumber ofacquisitionsduringthequarter decreased q-o-q andy-o-y. Thetotalnumberof CASBEE-WO-certified projects was174,up1.2%q-oqand1.9timesthenumber in1Q23.
Source:JLL,IWBI,Fitwel,IBECs
Japan: SustainabilityMarketDynamics
Shareofgreen-certifiedoffice buildingsincreasesinallthreecities
• InTokyo, theacquisitionofDBJ-GBandCASBEE-RE hasprogressed, andtheshareofgreen-certified largeofficebuildingsin1Q25reached 72%,up7pts q-o-q. Theshareofwellness-certified largeoffice buildingswas6%,down 1ptq-o-q, duetothelow certification rateforbuildingscompleted duringthis quarter.
• InOsaka,theacquisitionofCASBEE-REhas progressed, andtheshareofgreen-certified large officebuildingsin1Q25reached 45%,up3ptsq-o-q. Theshareofwellness-certified largeofficebuildings remained at10%asnobuildingsobtained certification thisquarter.
• InFukuoka,one buildingacquired CASBEE-RE certification, resultingintheshareofgreen-certified largeofficebuildingsrisingto30%in1Q25,up3pts q-o-q. Theshareofwellness-certified largeoffice buildingsremained at9%asnobuildingsobtained certification thisquarter.
Shareofgreen-certifiedlarge-scaleofficebuildings
Source:JLL,USGBC,IWBI,Fitwel,IBECs,DBJ
Note1:LargeofficebuildingsrefertoleasableofficebuildingslocatedintheCBDsofTokyo,OsakaandFukuoka,completedinorafter1990,withatotalfloorareaof30,000sqmormoreinTokyo,or15,000sqmormoreinOsakaandFukuoka
Note2:Propertiesthathavereceivedmultiplecertificationsarecountedunderthehighest-levelcertificationsystem
Note3:ForLEED,thenumberdoesnotincludeND,whichcoversthedevelopmentofmultiplebuildingsononesite,orID+C,whichcoverssomeofthetenantspaceinabuilding.ForCASBEE,thenumberincludesonlyprojectswitharankofB+orhigher
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