Sustainability is still a core priority even as the language around ESG shifts.
A new survey by GRESB and MIPIM reveals that sustainability remains a core priority for real estate investors and managers – even as ESG language shifts under political and market pressure.
The fundamentals haven’t moved. Two-thirds of respondents still place sustainability at the centre of their strategy, and nearly half plan to increase their efforts in 2026. The rebrand is cosmetic, not structural.
What is changing is the frame. The industry is moving away from values-led language toward outcome-driven metrics. This isn’t a retreat from ambition; it’s a maturation. Sustainability is being embedded into underwriting, not bolted on as a reporting exercise.
Climate risk is where urgency is sharpest. Nearly two in five respondents identify physical impacts – flooding, heatwaves, wildfires – as the biggest driver of asset value change in 2026.
66% say sustainability is core to their business strategy
29% have changed how they talk about sustainability
14% completely avoid using the term ‘ESG’
Climate is no longer a tail risk or regulatory checkbox. It is being priced, modelled, and stress-tested as a core portfolio variable.
The takeaway for the market is straightforward. Investors who conflated ESG with branding may be retreating. Those who built sustainability into their investment thesis are accelerating.