Sustainability MarketDynamics
Japan: SustainabilityMarketDynamics
Keytrends
1
Greencertificationcontinuestogrow
In3Q25,nineteenprojectsacquiredLEED certification,bringingthetotalnumberofLEEDcertifiedprojectssince2009to352,up5.7%q-o-q.
3
Japaneseversion only
Specialreport:
EstateEnergyPerformance―IdealsandReality
WhilethetotalnumberofCASBEE-BD-certified projectsincreased by1.0%q-o-q,CASBEE-REcertifiedprojectsincreased by5.1%,drivenby continuedgrowthinthemulti-familysector. KeyMetrics
2
Wellnesscertificationturnstodecline
NoprojectsacquiredWELLcertificationin3Q25, withnineexpired projects,bringingthetotal numberofWELL-certifiedprojectsto51,down 15.0%q-o-q.Fitwel-certifiedprojectsremainedat fivewithnonewacquisitionsforthesixth consecutive quarter.ThetotalnumberofCASBEEWO-certifiedprojectsincreased by5.0%q-o-q, showingacontinuedrecoveryingrowthrate.
Greenbuildingcertificationacquisitionis increasingaheadofmandatorysustainability informationdisclosurerequirements.Meanwhile, overseas investorsprimarilyuseCRREM*Pathway, whichevaluatesclimatechangerisks,forreal estateinvestmentdecisions. ComparingDECC** data―Japan'sonlyoperationalenergy consumptiondatabaseregistered throughthirdpartyverification―withCRREMPathway,and investigatingclimatechangerisksaccordingtothe CASBEE-REenergyperformanceevaluationlevel, theresearchrevealed thatmanybuildingshave alreadyreachedtheirCRREMPathwaydisalignmentyearasof2025,andthatsome propertieswiththehighest“S”rankofCASBEE-RE certificationstillhavehighclimatechangerisks. Urgentreviewofbuildingoperationsforenergy performanceimprovement,fuelconversionforairconditioning/plumbingsystems,andrenewable energyadoptionforelectricalsystemsare expected.
*CRREM:CarbonRiskRealEstateMonitor
**DECC:Data-baseforEnergyConsumptionofCommercialBuildings
Green-certified projects(average q-o-q)
Wellness-certified projects(averageq-o-q)
Note:LEED,WELLandFitwelrefertoallratings.CASBEE-BD, CASBEE-REand CASBEE-WOrefertoB+andabove.
Source:JLL,USGBC,IWBI,Fitwel IBECs
Historicalvalidgreencertificationbycertifiedyear
19LEED-certifiedprojectsincluding twodatacenters
• Nineteen projects acquiredLEEDcertification in 3Q25,withacquisitionnumbersincreasing bothq-oqandy-o-y. Platinum-awardedprojects include AkasakaIntercityAir(LEEDv4.1O+M:EB).Thetotal numberofcertifiedprojects since2009hasreached 352,anincreaseof5.7%q-o-q.
• Twenty-three projects acquired CASBEE-BD certification in3Q25,withacquisitionnumbers decreasing bothq-o-q andy-o-y. However, fewer certificationsexpired duringthisquarterthaninthe previous quarter, bringingthetotalnumberof CASBEE-BD-certifiedprojects upby1.0%q-o-q to 529.
• CASBEE-REcertification wasacquiredby137 projects in3Q25,with60%inthemulti-familysector. Quarterlyacquisitionnumberdecreased q-o-q, but increased y-o-y. ThetotalnumberofCASBEE-REcertified projects reached 2,699,a5.1%increaseq-oq.
Source:JLL,USGBC,IBECs
Historicalvalidwellnesscertificationbycertifiedyear
WELLrecordingzerocertifications forthefirsttimein14quarters
• Noprojectsacquired WELLcertification in3Q25,the firsttimesince1Q22.Thetotalnumber ofWELLcertified projects decreased by15.0%q-o-q to51. However, oftheninecertificatesthatexpired during thisquarter,fiveareintheprocess ofre-certification.
• Noprojects acquired Fitwelcertificationin3Q25, leavingthetotalnumber ofFitwel-certified projects unchanged atfive.
• Nineprojects acquiredCASBEE-WOcertification in 3Q25,withquarterlyacquisitionnumbersdecreasing bothq-o-q andy-o-y. However, withnoexpired projects duringthisquarter,thetotalnumberof CASBEE-WO-certified projects roseto190,up5.0%qo-q, indicating acontinued recovery ingrowth rate.
Source:JLL,IWBI,Fitwel,IBECs
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