TC2.1: Tenant Satisfaction Survey

This indicator examines whether and to what extent the entity engages with tenants regarding their satisfaction. Tenant satisfaction surveys help entities understand critical issues within their portfolio, engage with their tenants, and increase tenant satisfaction, which may contribute to improving retention rates and productivity.

Using widely applied tenant satisfaction surveys should be translated into easily interpretable metrics that can help analyze and compare outcomes, despite the many variations between tenants.

Select yes or no. If yes, select all applicable sub-options.

Percentage of tenants covered = Number of tenants who received the satisfaction survey / Total number of tenants at the time of survey administration x 100%

Survey response rate = Number of individual survey responses / Number of tenants receiving the satisfaction survey x 100%

Terminology

Independent third party (survey-specific)

In the context of survey administration, an independent third party is an external organization that is financially and structurally independent from the reporting entity and is responsible for administering the survey in a matter that safeguards the impartiality, integrity, and quality of survey results. For a survey to be considered third-party administered:

• The organization administering the survey must be a separate legal entity from the fund manager or reporting entity.

• The administrator must ensure that the reporting entity cannot access, edit, or influence individual responses or aggregated survey results once the survey is launched.

• Participant anonymity must be preserved, and the survey process must protect the integrity of the data and the resulting quantitative metrics.

The use of survey development tools, such as SurveyMonkey and SurveyGizmo, may not qualify as an independent third party unless the tool’s service explicitly includes independent creation and administration. This must be clearly specified in the evidence provided.

Net promoter score

The Net Promoter Score ® (NPS) is a customer loyalty metric developed by Bain & Company, Fred Reichheld, and Satmetrix. It divides customers, tenants or employees into three segments: passives, detractors and promoters, using the following question “On a scale of 0 to 10, how likely would you be to recommend this company (or this product) to friends and colleagues?” The Net Promoter Score ® (NPS) ratings of 9 or 10 indicate promoters; 7 and 8, passives; and 0 through 6, detractors. The NPS is the percentage of promoters minus the percentage detractors. NPS can be represented in surveys as a question asking a survey respondent about their likelihood to recommend the company.

Overall tenant satisfaction score

An overarching metric in a satisfaction survey, with no prescribed scale, that measures how happy a tenant is with the entity, lease, and/or services provided. The industry best practice is a 1-5 scale - very poor, poor, average, good, and excellent, respectively.

Quantitative metric

Any measure or parameter in employee or tenant satisfaction that can be represented numerically.

Satisfaction with communication

Satisfaction with the opportunities for, as well as the clarity and quality of, dialogue between property management and tenants.

Satisfaction with property management

Satisfaction with how the people in charge of running the property take care of the property and its tenants.

Satisfaction with communication

Training related to day-to-day operations, health and safety, specialization career development courses, or related/similar topics. Training can be delivered in person, online or in other formats.

Satisfaction with responsiveness

Satisfaction with the speed at which tenant requests are acknowledged and addressed.

Tenant satisfaction survey

A written survey conducted by the landlord, managing agent or by an independent third party on its behalf, which gives the tenant the opportunity to provide feedback on the quality of the building, amenities and customer experience provided.

Value for money

Value for money is used in reference to something that is considered to be worth the money spent on it. Examples include satisfaction with price or likelihood to renew a leasing agreement.

Understanding tenant needs

Understanding tenant expectations and priorities as they related to the property and/or the overall entity. Examples include satisfaction with amenities, programming, or initiatives.

Evidence

The evidence provided will be subject to manual validation.

The evidence must:

1. Confirm that the survey was conducted.

2. Specify whether it was undertaken internally, by an *independent third party, or both.

   1. If both options are selected, the evidence must demonstrate that at least one of the surveys was conducted by an independent third party.

   2. The relationship between the entity and the independent third party must be clearly explained either within the evidence itself or in the accompanying open text box.

      1. *Third-party Independence: Beginning in 2026, GRESB will request additional documentation from a random sample of participants to confirm the third-party independence of their survey provider (as defined in the Terminology section above). GRESB may reject an entity's evidence if it cannot confirm third-party independence. Please note that this will not apply to participants who select 'Internally' as their survey administration method.

3. Confirm that the data collected through the survey corresponds to one of the last three reporting years (2025, 2024, or 2023).

   1. The survey must have been distributed no later than the last day of the reporting year to ensure alignment with the reporting period. The aggregation and analysis of the survey data must be completed before the GRESB submission deadline.

   2. If the survey results report is dated after the reporting year, the entity must provide the survey results report and the sample survey with dates that confirm the survey was conducted within the last three reporting years.

Appropriate evidence includes:

• A sample survey (completed questionnaire)

• Survey results reports containing aggregated feedback

• Blank survey template containing aggregated feedback

Blank survey templates unaccompanied by aggregated results are not acceptable as evidence. If applicable, the evidence must also include the selected quantitative metrics used in the analysis.

Other Answer

The other answer(s) provided will be subject to manual validation.

State the other quantitative metric. The other answer must be a measure or parameter in tenant satisfaction that can be represented numerically. This can include, but is not limited to, the satisfaction with the building/living environment. A metric about the survey itself (i.e., user friendliness) is not appropriate. It is possible to report multiple other answers. If multiple other answers are acceptable, only one will be counted towards scoring.

Validation Basics

The scoring of this indicator is equal to the sum of the fractions assigned to the selected options and respective sub-options, multiplied by the total score of the indicator.

Percentage number: The coverage percentage reported is used as a multiplier to determine the assigned score. The survey response rate is not factored into the scoring and is only used for reporting purposes.

Evidence: The evidence is manually validated and assigned a multiplier, according to the table below. The evidence must support the validation requirements.

If any requirements are not met, the evidence may be partially accepted or not accepted, depending on the level of alignment with the requirements.

Other: The 'Other' answer is manually validated and assigned a score which is used as a multiplying factor, as per the table below:

Scoring Basics

GRI Sustainability Reporting Standards (2016): 102-43, Approach to stakeholder engagement

Brain & Company, Introducing: The Net Promoter System®