A Literature Review of Environmental, Social, and Governance (ESG) in Commercial Real Estate

Abstract

Environmental, social, and governance (ESG) measures continue to grow in both academic and industry relevance. This review focuses on the commercial real estate literature related to ESG measures. The environment section outlines the significant bodies of work on that area, which are well researched. Related work discussing literature on ISO 14000, the system accepted by the United Nations Financial Council on Climate Change for carbon reporting is also reviewed. The social and governance portions explore the growing literature in those areas. The literature identifies research gaps particularly in social and governance measures, as many ESG requirements move from voluntary to regulated. Questions on the form and impact of governance—especially in private markets—remain largely unasked. Similarly, the nascent social literature continues to look for uniformity of definition for social measures and defining their business and community impact. These and other research gaps provide meaningful future research opportunities.

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