Colliers Publishes 2024 Global Sustainability Report

Colliers publishes fifth annual report on emissions and operational targets

Colliers has released its 2024 Global Sustainability Report, setting out progress against emissions reduction targets established in 2021. The report, published on 11 June 2025, focuses on carbon reduction across the company’s global office network and its client advisory work. For UK businesses tracking how major professional services firms approach climate reporting, the document offers insight into how real estate advisors are managing their own footprint while supporting occupier clients.

The report represents Colliers’ fifth annual sustainability disclosure. The company frames its approach as dual-focused: reducing emissions from its own operations while helping clients address environmental performance in their property portfolios. This model reflects a broader shift in the commercial real estate sector, where advisors face scrutiny on both their direct emissions and the carbon intensity of the buildings they lease, fit out, and manage on behalf of occupiers.

Colliers has previously stated its commitment to science-based targets aligned with a 1.5°C warming pathway. The company aims to reach net zero across its own operations by 2030. These targets include near-term reductions of 67.4% for Scope 1 and 2 emissions and 51.6% for Scope 3 emissions by 2030, measured against a 2021 baseline. Scope 1 and 2 emissions cover direct fuel use and purchased energy. Scope 3 emissions include value chain activity such as business travel, employee commuting, and the emissions associated with leased office space.

Emissions reduction across leasing, fit-outs and office operations

The 2024 report emphasises carbon reduction across three operational areas: leasing, fit-outs, and ongoing office management. For a professional services business with a distributed office network, these categories represent the bulk of controllable emissions. Leasing decisions determine the energy performance of occupied space. Fit-out projects involve material selection, waste management, and embodied carbon. Daily operations cover energy use, heating, cooling, and facilities management.

Colliers states it is working to lower emissions in each of these areas. The company has not disclosed granular emissions data in the public summary, but the focus on operational categories suggests a structured approach to carbon accounting. Many professional services firms now use this framework to break down their footprint into manageable workstreams, assigning accountability across property, procurement, and facilities teams.

The real estate sector’s emissions profile is weighted heavily towards Scope 3. Therefore, tenant-controlled improvements such as lighting upgrades, HVAC optimisation, and renewable energy procurement often deliver the most significant reductions. However, progress depends on landlord cooperation, lease terms, and the availability of capital for retrofit projects. For businesses occupying leased space, this creates a dependency on building owners to improve base building performance.

Colliers also highlights its role in advising clients on sustainability within their own portfolios. This includes energy audits, retrofit feasibility studies, compliance support, and procurement of low-carbon space. As tenant demand for efficient buildings increases, driven by both regulation and corporate net-zero commitments, advisors are positioning themselves as intermediaries between occupiers and landlords. Consequently, sustainability credentials are becoming a differentiator in competitive tender processes.

Science-based targets and net-zero timelines

Colliers has aligned its climate goals with the Science Based Targets initiative (SBTi), a widely used framework for corporate decarbonization. SBTi targets are designed to ensure emissions reductions are consistent with limiting global warming to 1.5°C above pre-industrial levels. Companies that adopt SBTi-approved targets commit to reducing absolute emissions rather than relying solely on offsetting or intensity-based metrics.

The company’s stated ambition is to achieve net zero across its operations by 2030. This timeline is notably earlier than the 2050 deadline commonly referenced in national and international climate policy. However, operational net zero for a professional services firm is more achievable than for manufacturing or logistics businesses, given the lower direct emissions from office-based activity. The challenge lies primarily in Scope 3 categories, particularly business travel and supply chain emissions.

Colliers’ interim targets call for a 67.4% reduction in Scope 1 and 2 emissions and a 51.6% reduction in Scope 3 emissions by 2030, using 2021 as the baseline year. These percentages are significant. Achieving them will require sustained investment in energy efficiency, renewable energy contracts, travel policy changes, and supplier engagement. For UK SMEs watching how larger firms approach decarbonization, these targets illustrate the scale of reduction now expected under science-based frameworks.

Meeting Scope 3 targets is particularly complex. Emissions from employee commuting, business travel, and supply chain procurement are influenced by factors outside direct corporate control. Many firms address this through policy changes such as remote working, rail-first travel rules, and supplier carbon assessments. Nevertheless, Scope 3 reductions often lag behind Scope 1 and 2 progress because they require behaviour change across a wider stakeholder group.

Real estate sector emissions and occupier responsibilities

Commercial real estate accounts for a substantial share of UK carbon emissions. Buildings contribute approximately 25% of the UK’s total emissions, with a significant proportion coming from heating, cooling, and electricity use in offices, retail, and industrial space. As a result, property professionals and occupier businesses are under growing pressure to demonstrate measurable progress on energy performance.

For occupiers, emissions reporting increasingly forms part of tender requirements, supply chain assessments, and investor due diligence. Public sector suppliers must demonstrate carbon reduction plans under Procurement Policy Note 06/21 (PPN 06/21), which applies to central government contracts above £5 million per year. Similarly, companies subject to Streamlined Energy and Carbon Reporting (SECR) must disclose energy use and emissions in annual reports. Large businesses may also face pressure from investors to report under the Task Force on Climate-related Financial Disclosures (TCFR) framework.

The property sector’s emissions are split between landlords and tenants depending on lease structure. In a typical office lease, the landlord controls base building systems such as heating and cooling, while the tenant controls plug loads, lighting in demised areas, and fit-out decisions. Emissions responsibility is therefore shared, but reporting obligations often fall on the occupier. This creates complexity when calculating Scope 1, 2, and 3 emissions, particularly in multi-tenanted buildings where energy data is aggregated at the building level.

Colliers’ focus on leasing and fit-outs reflects this split responsibility model. By advising clients on low-carbon leasing strategies, the company is positioning itself to help occupiers reduce their reported emissions while also influencing landlord behaviour through demand signals. In practice, this might include negotiating green lease clauses, prioritising buildings with Energy Performance Certificate (EPC) ratings of A or B, or specifying low-carbon materials in fit-out specifications.

What the report indicates about corporate positioning

Colliers describes its sustainability strategy as integral to long-term value creation. This framing aligns with broader trends in corporate reporting, where environmental performance is increasingly linked to financial resilience, employee attraction, and client retention. For professional services firms, sustainability credentials now influence procurement decisions, particularly in public sector and large corporate supply chains.

The report’s emphasis on both internal operations and client services suggests Colliers is treating sustainability as a dual proposition: a compliance requirement for its own business and a revenue opportunity through advisory work. This approach is common among consultancies, where climate-related services have grown rapidly in response to regulatory and investor pressure. However, credibility depends on demonstrated progress within the firm’s own operations. Clients are more likely to engage advisors who can evidence their own decarbonization journey.

The timing of the report is also notable. Released in mid-2025, it covers performance during 2024, a year in which UK and EU regulatory expectations around climate disclosure continued to tighten. The Corporate Sustainability Reporting Directive (CSRD) came into force for large EU companies, and the UK government consulted on its own sustainability disclosure requirements. Professional services firms operating across multiple jurisdictions are therefore managing overlapping reporting frameworks, each with distinct scoping and assurance requirements.

For UK SMEs, the relevance lies in understanding how larger firms are structuring their climate programs. Many of the same principles apply at smaller scale: measuring emissions, setting reduction targets, engaging suppliers, and integrating carbon considerations into procurement and operations. However, SMEs often lack the internal resources to build detailed carbon accounting systems. Consequently, external support from consultancies or sector-specific guidance becomes essential.

Core takeaways for UK businesses

• Colliers released its 2024 Global Sustainability Report on 11 June 2025, marking the company’s fifth annual disclosure on environmental performance and climate targets.
• The report focuses on emissions reduction across the company’s global office footprint, including leasing decisions, fit-out projects, and day-to-day operations.
• Colliers has committed to science-based targets aligned with a 1.5°C pathway, aiming for net zero in its own operations by 2030.
• The company’s interim targets include a 67.4% reduction in Scope 1 and 2 emissions and a 51.6% reduction in Scope 3 emissions by 2030, using a 2021 baseline.
• The dual focus on internal operations and client advisory reflects a broader trend in professional services, where sustainability is both a compliance requirement and a business proposition.
• Real estate sector emissions are shared between landlords and tenants, making collaboration essential for meaningful carbon reduction in leased office space.

How emissions targets affect property occupiers and advisors

For businesses occupying commercial property, understanding the split between landlord and tenant emissions is increasingly important. Most office leases place responsibility for base building energy consumption on the landlord, while tenants control in-office equipment, lighting, and fit-out elements. However, emissions reporting obligations often fall on the occupier, particularly for companies subject to SECR or PPN 06/21. This means tenants must engage landlords to access building-level energy data and negotiate improvements to systems they do not directly control.

Green leases are one mechanism to formalise this cooperation. A green lease includes clauses requiring both parties to share energy data, collaborate on efficiency improvements, and meet agreed environmental standards. For example, a tenant might commit to using LED lighting and energy-efficient equipment, while the landlord agrees to provide renewable energy or upgrade the HVAC system. These clauses are becoming more common in new leases, particularly in the public sector and among large corporates with net-zero commitments.

Fit-out projects also offer opportunities for carbon reduction, but they require upfront investment and careful specification. Embodied carbon in materials such as steel, concrete, and plasterboard can be significant, particularly in full strip-out and rebuild projects. Specifying reclaimed materials, low-carbon alternatives, and modular systems can reduce this impact. However, cost and availability remain barriers, especially for businesses operating on tight budgets or short lease terms where the payback period does not justify the investment.

Professional advisors such as Colliers are responding to this complexity by offering sustainability-focused services across the property lifecycle. This includes pre-lease audits to assess building performance, fit-out design with carbon modelling, and ongoing facilities management with energy monitoring. For businesses without in-house sustainability expertise, these services can provide a structured pathway to compliance and emissions reduction. However, the quality and scope of advice varies, and businesses should seek advisors with demonstrable experience in carbon accounting and regulatory frameworks relevant to their sector.

Links between corporate reporting and public sector procurement

The growth in corporate sustainability reporting is partly driven by public sector procurement rules. PPN 06/21 requires suppliers bidding for central government contracts above £5 million per year to publish a carbon reduction plan. This plan must include Scope 1, 2, and 3 emissions data, reduction targets aligned with net zero, and evidence of progress. Suppliers without a credible plan risk exclusion from tender processes, making carbon reporting a commercial imperative rather than a voluntary disclosure.

For SMEs supplying the public sector, this creates a new compliance burden. Many smaller businesses lack the systems to measure Scope 3 emissions, which include supply chain activity, employee travel, and purchased goods. Building this capability requires either internal resource investment or external consultancy support. At SBS, we work with businesses to establish carbon reporting systems that meet PPN 06/21 requirements, focusing on practical, cost-effective measurement and target-setting that aligns with business operations.

Private sector procurement is also increasingly influenced by sustainability criteria. Large corporates with their own net-zero targets are cascading requirements down their supply chains, asking suppliers to disclose emissions, set reduction targets, and demonstrate progress. This creates a ripple effect, where even small suppliers must engage with carbon accounting to remain competitive. The result is a growing market for sustainability advisory services, but also confusion among businesses about which frameworks, standards, and metrics to prioritise.

Navigating this landscape requires clarity on which regulations and expectations apply to your business. SECR applies to large unquoted companies and LLPs exceeding two of the following thresholds: 250 employees, £36 million turnover, or £18 million balance sheet total. PPN 06/21 applies to central government suppliers above £5 million per year. TCFD reporting is mandatory for premium-listed companies and certain financial services firms. Understanding where your business sits within these frameworks is the first step towards building a compliant and credible reporting process.

Practical steps for businesses reviewing their own emissions footprint

If your business is starting to measure and reduce its carbon footprint, the approach used by firms such as Colliers offers a useful reference point. Start by establishing a baseline year and measuring emissions across Scopes 1, 2, and 3. Scope 1 covers direct emissions from fuel combustion, such as gas boilers or company vehicles. Scope 2 covers purchased electricity. Scope 3 includes everything else: supply chain emissions, business travel, employee commuting, waste, and leased assets.

For most SMEs, Scope 3 is the largest and most difficult category to measure. Begin with the categories you can control or influence most directly. Business travel is often a good starting point: track mileage, flights, and rail journeys, then calculate emissions using government conversion factors. Employee commuting can be estimated through staff surveys. Supply chain emissions require engagement with key suppliers to request their own emissions data or use industry average benchmarks where supplier-specific data is unavailable.

Once you have a baseline, set a reduction target. Science-based targets provide a credible framework, but they are not mandatory for smaller businesses. A simpler approach is to commit to annual percentage reductions in line with your operational priorities. For example, if business travel is a major contributor, implement a rail-first travel policy or increase remote meeting usage. If your office energy use is high, switch to a renewable energy tariff or invest in lighting and heating upgrades.

Document your approach in a carbon reduction plan. This should include your baseline data, reduction targets, and the actions you will take to achieve them. If you supply the public sector, ensure your plan meets PPN 06/21 requirements. If you are reporting under SECR, follow the prescribed format in your annual report. In both cases, transparency and honesty are more important than perfection. Businesses that acknowledge data gaps and explain how they will improve over time are viewed more credibly than those claiming unrealistic reductions without supporting evidence.

Training and skills development also play a role. Understanding carbon accounting, regulatory requirements, and reduction strategies requires either internal expertise or external support. Our SBS Academy offers training on emissions measurement and compliance frameworks, designed specifically for businesses without dedicated sustainability teams. Building this capability in-house reduces reliance on consultants and ensures your carbon program is embedded in operational decision-making rather than treated as a reporting exercise.

Where to find official guidance and regulatory updates

Businesses looking for authoritative information on carbon reporting and emissions reduction should start with government sources. The Department for Energy Security and Net Zero publishes guidance on net-zero policy, emissions reporting frameworks, and sectoral decarbonization pathways. The department also maintains the UK’s greenhouse gas conversion factors, which are used to calculate emissions from energy, travel, and other activities.

For SECR compliance, the environmental reporting guidelines published by the government provide detailed instructions on scope, calculation methods, and disclosure requirements. These guidelines are updated periodically, so businesses should check for the latest version when preparing annual reports.

Public sector suppliers should refer to Procurement Policy Note 06/21, which sets out the carbon reduction plan requirements for central government contracts. The guidance includes a template and worked examples to help businesses structure their plans. Local authorities and other public bodies may apply similar requirements, so suppliers should clarify expectations during the tender process.

Professional bodies also offer sector-specific guidance. The Institute of Environmental Management and Assessment (IEMA) provides resources on carbon management and environmental reporting for businesses and practitioners. The British Standards Institution (BSI) publishes standards such as PAS 2060 for carbon neutrality and ISO 14064 for greenhouse gas accounting, which offer structured frameworks for businesses seeking certification or third-party verification.

Staying informed about regulatory changes is essential. Sustainability policy in the UK is evolving rapidly, with new disclosure requirements, sectoral targets, and enforcement mechanisms introduced regularly. Subscribing to updates from relevant government departments and industry bodies ensures you are aware of changes that may affect your business. At SBS, we monitor these developments and provide compliance support tailored to the needs of SMEs, helping businesses stay ahead of regulatory deadlines without diverting resources from core operations.