TL;DR
- Trophy assets target leed-platinum">LEED Platinum, breeam">breeam-outstanding">BREEAM Outstanding, NABERS 5.5+, BCA Green Mark Platinum.
- ESG-rated buildings command a 5-10% rent premium and stronger tenant covenants.
- Corporate disclosure regimes (TCFD, CSRD, SEC climate rule) are flowing through to leasing decisions.
- Demand the operational rating, not just the design rating — they often diverge.
- Insist on shared metering and quarterly energy data as part of the lease.
The major rating systems
**LEED.** US Green Building Council. Tiers: Certified, Silver, Gold, Platinum. Trophy benchmark is Platinum. Includes design (LEED BD+C) and operations (LEED O+M) families. **BREEAM.** UK / global. Tiers: Pass, Good, Very Good, Excellent, Outstanding. Trophy benchmark is Excellent or Outstanding. **NABERS.** Australia / NZ. 1-6 star scale on energy, water, indoor environment. Trophy benchmark is 5.5+ NABERS Energy. **BCA Green Mark.** Singapore. Tiers: Certified, Gold, Gold Plus, Platinum. Mandatory for new construction; Platinum is the trophy benchmark. **WELL.** Health-focused. Tiers: Bronze, Silver, Gold, Platinum. Increasingly paired with LEED on trophy delivery. **Fitwel.** Health-focused, lighter touch. 1-3 stars.
Design rating vs operational rating
A LEED Gold design rating tells you what the building was meant to be. A LEED O+M Gold or NABERS 5+ operational rating tells you how it actually performs. The two diverge — sometimes materially. Always ask for the operational rating, not just the design certification. In the UK and EU, operational energy disclosure is increasingly mandated. The DEC (Display Energy Certificate) and EPC (Energy Performance Certificate) regimes capture this.
What to demand in the lease
Insist on: - Shared sub-metering for your premises (electricity, water, thermal where relevant). - Quarterly energy data delivered in CSV or via a portal. - A green-lease clause requiring landlord-tenant cooperation on retrofits. - A right to ESG-related tenant audits. - Disclosure of any pending or planned material building modifications. These clauses are standard in trophy leases now and increasingly in broader Class A. They are essential for tenants subject to CSRD, TCFD, or SEC climate disclosure.