IREM CSP Certification: Boost Your Property's Sustainability and GRESB Points

By Hannah Nelson – Sustainability Consultant

Sustainable Investment Group (SIG)

Ariel photo of a Hines Building — Photo credit: Images are courtesy of and property of Hines

Efforts focusing on Environmental, Social, and Governance (ESG) initiatives are rapidly moving up the priority list for stakeholders. Studies consistently show that a company’s ESG performance is a reliable indicator of its longevity. However, your portfolio might be full of properties not constructed with sustainability in mind, making the idea of pursuing LEED or Green Globes overwhelming. How are you going to maximize GRESB points?

Enter: IREM Certified Sustainable Property (CSP).

What is IREM CSP?

The Institute of Real Estate Management Certified Sustainable Property (IREM CSP) is a certification system focused on building performance and policy change, similar to LEED O+M, Green Globes, and BREEAM. Launched in 2014, IREM boasts a “cost-effective and streamlined certification process.”

IREM CSP caters to existing buildings under various categories: Multifamily, Office, Retail, Medical Office, Senior Housing, Industrial, and Self-Storage properties. What makes this certification accessible is its emphasis on enacting policies around sustainable practices, allowing many points to be earned at little to no cost.

Another attractive feature is the ability to use partial building utility data to establish a benchmark for both energy and water usage. Unlike other certifications requiring complete building data, IREM understands that not all tenants will “play ball,” allowing for more hands-off property teams to operate as usual.

Cost and Application

Application fees for IREM CSP are significantly lower than other certifications. For IREM Members and AMO Firms, the single application fee is $730 USD, while Non-Member Individuals and Companies pay $1,210 USD. Companies and portfolios that certify at least 10 properties per year can sign up for IREM’s Volume Program, which offers an application fee discount.

Who Benefits from IREM CSP?

Last-Minute GRESB Points

IREM CSP has a quick turnaround of 1-3 months, compared to other certifications that can have a longer timeline. The quick turnaround is largely due to the emphasis on policy development, accounting for the majority of points. IREM provides templates and examples for documentation, reducing the guesswork. Once submitted by the November 1 deadline, IREM has a 2-week review period, much shorter than other certifications’ review periods. With IREM CSP earning full points within the GRESB scoring system, it’s a quick way to boost your portfolio’s score.

Properties with No Sustainability Measures

IREM CSP is particularly beneficial for Industrial properties historically constructed without sustainable practices. The certification provides a stepping stone into sustainability, focusing on policies and general monitoring of energy and water usage. IREM CSP works best with an Energy Star Portfolio Manager data sync, allowing property teams to track energy and water usage. Once awareness is raised, measures for reduction can be brainstormed and implemented.

Existing Buildings

A baseline requirement for IREM CSP is that the space intending to be certified must have been substantially completed for at least 18 months. Projects can begin certification efforts before the 18 months designation but cannot be submitted prior to this period. Multiple buildings can be certified as a single property if tenant operations depend on both buildings being utilized simultaneously. Each property type has additional baseline requirements available on the IREM website.

Studies have shown that environmentally sustainable practices directly indicate a company’s longevity. If sustainability wasn’t a consideration when acquiring properties, IREM CSP offers an easy transition into ESG and sustainable building sectors with a low application cost, less rigorous utility data reporting requirements, and time-saving templates for low-to-no cost policy development.

Ready to Get Started?

Ready to get started with IREM CSP certification for your properties? At Sustainable Investment Group (SIG), we specialize in guiding you through the process to enhance your portfolio’s ESG performance. Contact Greg D. Patton – Director of Sustainability at gregp@sigearth.com to learn more.

Hannah Nelson, Sustainability Consultant at Sustainable Investment Group (SIG), plays a crucial role in managing various LEED, WELL, and Fitwel certifications. Based in Burlington, Wisconsin, she is dedicated to providing comprehensive and thorough guidance to project teams, prioritizing the creation and maintenance of more sustainable and wellness-focused built environments. Reach out to Hannah here.

Credentials: LEED AP, WELL AP, BREEAM AP, Fitwel Ambassador

Burlington, WI