International. Unlike many of the world's major commercial real estate markets, North America, Western Europe and Australasia are becoming more transparent, while most other countries struggle to keep pace with improving transparency. These findings are in with JLL and LaSalle's (NYSE: JLL) biennial Global Real Estate Transparency Index (GRETI), provides a unique benchmark of market transparency for real estate investors, developers and corporate occupiers.
Richard Bloxam, CEO of Capital Markets, JLL, said of the widespread effects on the global real estate market: "Transparency is the foundation that allows corporate users, as well as investors and lenders from the world's largest asset class, to operate and make decisions with confidence. While we are encouraged to see greater transparency in many of the world's major markets, limited improvements in many other global markets have resulted in one of the slowest rates of progress in the index's history and highlight the growing disparity in transparency around the world".
Net zero, a marker of transparency
Jacques Gordon, Head of Global Strategy and Research at LaSalle Investment Management, said: "Sustainability is the main driver of transparency improvements in this year's survey, a continuous trend since 2018".
He added: "Net-zero emissions are the current focus for many investors, companies and governments in the most transparent countries around the world, with a growing number of countries and cities following previously announced climate commitments by setting mandatory energy efficiency and emissions standards for buildings. The research also found more widespread adoption of green and healthy building certifications, which we expect to continue to accelerate in the coming years".
It is worth noting then that European markets have made the most progress in sustainability through the implementation of the EU's updated Energy Performance of Buildings Directive (EPBD) and other regulations, including the European Green Deal. Paris, New York and London topped the sustainability sub-index as the world's leading cities in setting the pace in taking action to increase or track progress towards sustainability goals. In particular, New York City has been actively involved in the implementation of clear, long-term energy standards for buildings through measures including Local Laws 84 and 97, the Building Code Review Bill, and the mandate to track energy consumption at the building level.
