2022 BXP ESG ReportDownload
Letter to Our Stakeholders
BXP’s environmental, social, and governance (ESG) strategy aligns with our mission to envision, develop, and manage exceptional properties that enhance client success, strengthen communities, and advance opportunity. We believe that responsible real estate ownership, investment, and management contributes to progress on economic, social, and environmental issues. In 2022, we remained focused on measurable social and environmental impacts, which we are pleased to detail in this report.
The real estate industry plays an important role in maintaining the economic vitality of our cities and communities, mitigating the climate crisis, and creating diverse and inclusive workplaces. As a long-term investor in our people, our properties, and our communities, we are proud of our leadership position in sustainability and continued progress towards our ESG goals.
In 2022 we continued to advance our ESG efforts by:
- remaining on track to achieve carbon-neutral operations for Scopes 1 and 2 emissions by 2025,
- achieving our science-based target reductions across emissions Scopes 1, 2, and 3, and committing to setting a target to achieve net-zero across all Scopes by 2050,
- continuing to focus on energy and water efficiency as space occupancy increased year-over-year, achieving a 39% reduction in energy use intensity and a 45% reduction in water use intensity below a 2008 base year,
- increasing property area certified under the U.S. Green Building Council Leadership in Energy and Environmental Design (LEED) rating system to 28.6 million square feet, of which 93% is certified at the highest Gold and Platinum levels,
- issuing $750.0 million in principal aggregate amount of unsecured senior notes in our fifth “green bond” offering and committing to allocate the net proceeds of $743.5 million to “eligible green projects” that support our sustainability goals,
- identifying actionable diversity goals and executing initiatives in the focus areas of training & education, recruiting & onboarding, employee engagement, social responsibility, transparency & communication, and governance,
- launching the Women’s (“BXP Shero”), LGBTQ+ (“BXP Proud”), and Multicultural/BIPOC (“ELEVATE at BXP”) Employee Resource Groups (“ERG’s”) with an extraordinary year-one participation rate of over 1 in 4 employees,
- partnering with CareerSpring and Project Destined to provide college-level students access to BXP professional experience via mentoring platforms and providing exposure to program alumni for new career opportunities,
- increasing Underrepresented Business Enterprise usage by 34%, and
- commencing a new depository relationship with a Black-owned bank and continuing our partnership with a minority- and women-owned bank in our
November 2022 “green bond” offering.
Our ESG leadership was recognized by numerous industry groups and received the distinction of:
- earning Nareit’s 2022 Office Leader in the Light award,
- ranking among the top real estate companies in the GRESB assessment, earning a seventh consecutive 5-Star rating, and 11th consecutive GRESB “Green Star” designation,
- being named an ENERGY STAR Partner of the Year – Sustained Excellence Award Winner,
- being named to the Dow Jones Sustainability Index (DJSI) North America. BXP was one of eight real estate companies that qualified and the only office REIT in the index, scoring in the 95th percentile of the real estate companies assessed for inclusion,
- being named to Newsweek’s America’s Most Responsible Companies 2023 list for the third consecutive year. BXP ranked first in the real estate industry with a ranking increase from 31st overall out of 499 companies in 2022 to 29th overall out of 500 companies in 2023,
- increasing our MSCI ESG Rating from “A” to “AA,”
- increasing our Carbon Disclosure Project (CDP) Climate Change score from “C” to “B,”
- being named a Green Lease Leader at the highest Platinum level by the Institute for Market Transformation and the U.S. Department of Energy for our strong commitment to high performance and sustainability in buildings, implementing social priorities and policies, and exhibiting best practices in leasing,
- being named a Best in Building Health winner by the Center for Active Design, and
- being recognized for having the Best ESG Program by Commercial Property Executive.
Our experience demonstrates that through our activities as real estate owners, developers, and managers, we can contribute to environmental solutions as a positive force while improving our financial performance and becoming a stronger, more purposeful organization in the process. We are proud of our position and consistent recognition as an industry leader in sustainability and ESG. We will continue to demonstrate our commitment and capacity to conduct our business in a manner that contributes to positive economic, social, and environmental outcomes for our clients, shareholders, employees, and our communities.
Owen D. Thomas, CEO Douglas T. Linde, President
To read the full 2022 BXP ESG Report, download the attached document.