Portfolio intelligence is emerging as the next frontier in building performance – and it is being defined by those applying NABERS across all four indices.
On last count, 83 per cent of Australia’s office space held a NABERS Energy rating. With disclosure embedded under the Building Energy Efficiency Disclosure Act since 2010, energy performance is well understood and widely measured.
But 9 asset owners – representing 7.4 million square metres of commercial space – are taking their sustainability strategy several steps further. They consistently benchmark their buildings against all four NABERS indices: energy, water, waste and indoor environment.
“The 2026 NABERS Sustainable Portfolio Index (SPI) points to a clear alignment between performance measurement and institutional portfolio management,” says NABERS Acting Director, Magali Wardle.
High performance across multiple NABERS metrics is becoming a deliberate, portfolio-wide strategy rather than a series of single-asset outcomes. We are calling this a ‘multi-metric approach’ – and it is gaining momentum.
Cbus Property, Charter Hall, Dexus, GPT, IFM Investors, Investa, Property and Development NSW, Rest Direct Property Holdings, and Vision Super use NABERS to strengthen data quality, guide investment decisions and engage more authentically with tenants and capital partners.
The organisations using what Magali calls this “multi-metric mindset” are among the highest performers in the 2026 SPI. Charter Hall, which assesses more than 1.5 million square metres of space with NABERS, ranked first or second across all four office indices. Cbus Property was in the top tier for NABERS Office Energy, Waste and Indoor Environment, and ranked second in the NABERS Shopping Centre Energy index.
Portfolio intelligence in practice
NABERS is a “consistent, credible and comparable” way to measure building performance, says Cbus Property’s Head of Sustainability, Marc Gillespie. “NABERS ratings are not just certificates or badges, but practical tools for delivering genuinely better buildings.”
Assessing buildings across all four tools has strengthened Cbus Property's portfolio intelligence, Marc adds. By proactively managing energy consumption, renewable energy intensity and broader operational performance, the business is able to make sound sustainability and investment decisions, with NABERS ratings validating those decisions in practice. Underperforming assets can be identified earlier, capital investment can be directed where it will have the greatest impact, and operational improvements can be tested and scaled across multiple sites, delivering better outcomes for tenant partners and stronger financial performance across the portfolio.
This visibility shifts when decisions are made, says Charter Hall’s Group Head of ESG, Andrew Cole. “Insights we gain from our NABERS ratings are increasingly informing strategic asset planning, as well as support the way we leverage our entire platform to drive operational savings, inform investment decisions and support sustainable finance transactions.”
Importantly, multi-metric NABERS ratings support a culture of high-performing teams focused on high-performing buildings. “A bit of healthy competition between buildings and portfolios doesn’t hurt,” Marc says.
A gateway to cheaper capital
Sustainable finance depends on the same consistent, credible and comparable evidence of performance.
NABERS is referenced in the Australian Sustainable Finance Taxonomy and is increasingly used to support green lending and reporting frameworks, creating a more direct connection between building performance and capital.
For Cbus Property, this connection is already material. “One hundred per cent of Cbus Property’s debt book is labelled green, with NABERS ratings forming a key part of meeting that eligibility criteria,” Marc says.
Charter Hall closed one of Australia’s largest sustainable finance transactions in 2024, securing a $3.35 billion green loan for its flagship Charter Hall Prime Office Fund. The transaction brought its platform-wide sustainable finance to more than $8.1 billion.
“Independent NABERS ratings give us practical and authentic evidence for capital partners on continuous improvement and support sustainable finance transactions. They also help with business case development for new sustainability-related investments,” Andrew says.
Bridging the tenant owner divide
A NABERS multi-metric approach creates new opportunities to connect and collaborate with tenants. Andrew calls ratings “a communication enabler”.
Historically, building performance has been split between base building systems and tenancy spaces. Owners manage central services, while tenants control how energy, water and waste are used within their own areas. The result is partial data and fragmented accountability.
“NABERS can be a pivot point from the traditional approach of base building and tenant responsibilities towards a whole building approach,” Andrew says.
This is supported by initiatives such as NABERS Co-Assess, which Charter Hall has offered tenancy ratings to all customers since mid-2022. Meanwhile, more than 30 per cent of Cbus Property’s customers have NABERS Energy for Tenancies ratings.
For us, the real value of NABERS is realised when participation is applied at a platform-wide scale, when it’s embedded into strategy, planning and investment decisions, and is supported by active, ongoing tenant partnerships.
Sustainability beyond energy efficiency
NABERS’ early value proposition was clear: reduce energy, cut costs, lower emissions. But sustainability is no longer solely a carbon accounting exercise. Frameworks such as the Taskforce on Nature-related Financial Disclosures bring biodiversity, ecosystem health and natural capital into mainstream financial decision-making.
Indoor environment quality shifts the conversation from kilowatt hours to comfort, health and productivity. And waste introduces a different emphasis again: on day-to-day choices, operational discipline and circularity.
According to Marc, the expanding sustainability agenda is ultimately about people. Better indoor environments mean healthier, more productive workplaces for tenants and their teams — improvements that are felt every day, even if they are not always visible. Waste performance is different again. It is tangible, immediate and directly connected to individual behaviour. People can see and touch the difference their daily choices make, which is what makes it such a powerful engagement tool.
"By adopting NABERS ratings as new tools become available, we equip Cbus Property's portfolio with practical mechanisms to improve performance, identify areas for leadership and ensure we remain aligned with what matters most to tenants, investors and the broader community."
A NABERS star rating is never the "end goal", Marc concludes. "In practice, strong NABERS outcomes are a reflection of well-run, exceptional buildings."