Sustainability remains core for real estate despite ESG pushback

A survey by GRESB and MIPIM indicates that real estate investors and managers still prioritise sustainability, even as some firms distance themselves from "ESG" terminology.

GRESB MIPIM survey results

Data from nearly 200 global respondents reveals that 66% consider sustainability central to their strategy. Looking ahead to 2026, 44% plan to increase their sustainability efforts, while only 4% expect to do less.
While 29% of firms have changed their messaging and 14% now avoid the term “ESG” altogether, the underlying drivers remain financial.
Investor and lender requirements are the primary driver for sustainability strategies (49%). Value creation (38%) and regulation (29%) follow as major motivators. Access to capital is increasingly dependent on credible performance data.
The biggest threats to asset values in 2026 are climate risks (such as flooding, heatwaves, and wildfires) and shifts in occupier demand, both cited by approximately 40% of respondents. Despite these risks, the main barrier to improving climate resilience remains the concern over capital expenditure and return on investment (64%).
Nicolas Boffi, MIPIM Director, said: “Despite significant structural challenges around viability and a rapidly changing geopolitical climate, our delegates are telling us that sustainability remains as important as ever. Investor and lender requirements are driving ESG strategy, even if they no longer call it that. Cost concerns remain a hurdle, which is why MIPIM 2026 will see sustainability play a leading role across our programme, not least on our Road to Zero platform, which will focus on the hard numbers behind decarbonisation and adaptation.”
Chris Pyke, CIO at GRESB, added: “The conversation around sustainability may be shifting, but the underlying investment drivers haven’t changed. This survey shows that sustainability remains central for most investors and managers because it’s tied to risk management, asset value, and access to capital. The focus is moving beyond terminology toward measurable outcomes like resilience and decarbonisation.”
The survey was conducted in October–November 2025 among 180 professionals across the real estate sector, including investors, fund managers, developers, and advisors.
The results will be a central topic at MIPIM 2026, particularly within the "Road to Zero" platform. This will include a dedicated session, "The Net Zero Reality Check: A Live Market Quiz & Debate," designed to further analyse and discuss the financial arguments for decarbonisation and resilience.