• 30
  • 5.5M
    square feet of gross leasable area (GLA)(1)
  • 84.6%
    portfolio occupancy (including committed)(2)
  • 5.2yr
    weighted average lease term(2)
Dream Office REIT (TSX:D.UN) is a premier office landlord in downtown Toronto with approximately 3.5 million square feet owned and managed. Dream Office has carefully curated an investment portfolio of high-quality assets in irreplaceable locations in one of the finest office markets in the world.
(1) Excluding investment in joint ventures as at September 30, 2021.
(2) Excluding investment in joint ventures and properties under development as at September 30, 2021.

Developing and maintaining high-quality, energy efficient office buildings has become a differentiator that allows us to appeal to a broader range of tenants and sustain high occupancy rates.

2020 Highlights

  • Green Lease Leader
    Recognized as a Green Lease Leader (Gold) by the Institute for Market Transformation and the US Department of Energy Better Buildings Alliance in 2021
  • Green Will
    Joined the City of Toronto Green Will Initiative to support Toronto-based best practices for low carbon buildings and operations in 2021
  • Top Reducer
    350 Bay Street won BOMA Toronto’s 2021 Building Challenge Top Reducer Award as part of the Beyond Earth Hour Challenge
  • $50,823
    donated to charities and
    NGOs in 2020
  • Well Health-Safety Rating
    Recognized as Canada’s largest commercial portfolio to earn the WELL Health-Safety Rating in 2021
  • Return to Operations
    plans were updated to ensure the safe return of our tenants to our buildings amid the COVID-19 pandemic
  • Five Star Rating
    D.UN achieved a five-star GRESB rating in its first GRESB submission
  • 100%
    of properties assessed for climate change risk as of September 30, 2021
  • Developed ESG Framework
    D.UN’s new ESG Framework sets out the most material sustainability topics and how we are responding based on the type of asset class and specific objectives

ESG Scorecard

Indicator 2019 (8) 2020(8) YOY %
On track for target 2025 target
Energy (1)
Energy consumption (ekWh) 170,417,623 141,298,958 -17% 10% reduction of energy consumption
by 2025 versus 2019 baseline
Energy intensity (ekWh / sq. ft.) 26.5 21.8 -18%
GLA metered or sub-metered for energy consumption 25.7% 28% 9%
Emissions (1)(2)

Scope 1 emissions (tCO2e)

10,981 9,121 -17%

Scope 2 emissions (tCO2e)

15,013 12,162 -19%

Total GHG emissions (Scope 1 and 2; tCO2e)

25,994(3) 21,283 -18% 10% reduction of emissions by 2025 versus 2019 baseline

GHG emissions intensity (kgCO2e / sq. ft.)

4.03 3.3 -18%
Water (1)

Water Consumption (m3)

405,633 274,097 -32% 10% reduction of water consumption by 2025 versus 2019 baseline
Water intensity (m3/sq. ft) 0.064 0.042 -34%
Percentage GLA separately metered or sub-metered for
water consumption
2.8% 2.8% 0%
Waste generation (4)(5)
Waste to landfill (tonnes) 674 430 -36%
Waste diverted (tonnes) 539 565 5%
Total waste generated (tonnes) 1213 995 -18%
Waste diversion 44% 57% 30% 75% waste diversion target by 2025
Percentage of portfolio that has a green building certifications (6) 96% 93% 100% certification (any program) of all Canadian office sites by 2025
Percentage of eligible portfolio that has an Energy Rating(7) 83% 83%

(1) Energy, emissions and water metrics reflects all properties in D.UN’s portfolio as of December 31, 2020 where D.UN pays the utility bills. Excludes developments and major renovations.
(2) GHG emissions are calculated in accordance with the World Resource Institute Greenhouse Gas Protocol. Calculations in this table capture activities Dream Office has direct and indirect operational control over:
Scope 1 emissions generated directly from its operations, including heating with Office’s properties
Scope 2 emissions indirectly associated with generation of purchased electricity, heating, cooling and steam consumed by properties
(3) In the previous report, the 2019 metric was reported as 23,819 tCO2e and 4.5 kg tCO2e/sq.ft. This has been updated in this report to reflect the accurate GHG emissions and GHG emissions intensity.
(4) Data coverage represents 89% of D.UN’s portfolio in 2019 and 80% of D.UN’s portfolio in 2020. Reduction in data coverage is due to missing data.
(5) 100% of waste generated at Sussex Centre which is a co-owned asset by D.UN and MPCT.UN is included.
(6) Based on total GLA owned by D.UN as of June 30, 2021 representing 5.5M sq ft of portfolio including owned GLA of Sussex Centre.
(7) Represents the percentage of portfolio (based on sq. ft.) using ENERGY STAR Portfolio Manager.
(8) Each years energy, GHG, water, waste, building certification and energy rating data is based on the relevant properties owned for the full calendar year in that year.
(8) Includes only employees 100% dedicated to Dream Office REIT and shared services functions for the Dream entities. Excludes employees on unpaid leaves of absence (e.g., permanent disability, long-term disability, parental leave) and interns.
(9) Includes employees at all levels.


Due to COVID-19 and the transition to working remotely, energy and water consumption and waste generation in our office properties significantly decreased in 2020.

366 Bay Street Profile

Throughout its history, D.UN has been developing in-house expertise to lower the embodied carbon footprint for new developments by re-using as much of the existing buildings as possible instead of demolishing carbon intensive materials and starting anew.

Within our ESG Framework, we call this Sustainable Redevelopment. Building off our successes at 30 Adelaide Street East and 357 Bay Street in Toronto, D.UN is taking the opportunity to revitalize its latest boutique modernist building in Toronto’s financial core at 366 Bay Street to provide the latest technologies that companies and their employees want plus a sophisticated, luxury look and feel that will impress their clients and partners.

Situated in the middle of the Dream Collection buildings, 366 Bay Street will be improved with better floor layouts, improved air quality systems, and new technology for smart building applications. Dream is also actively implementing the recently announced social procurement strategy to ensure equality in accessing opportunities for individuals and companies to do business with Dream. Additionally, by redeveloping a building from 1959, Dream is retaining in-place embodied carbon, which is significantly more efficient, from a GHG emission perspective, than demolishing and building new.

Building Certifications(1)

  • Boma Best Logo
    BOMA BEST certification of
    all Canadian properties
    over 100,000 sq.ft
  • LEED Logo
    LEED certified buildings, downtown Toronto
  • Well Health and Safety Logo
    WELL certified buildings

(1) Based on total GLA owned by D.UN as of September 30, 2021, representing 5.5M sq ft of portfolio, including owned GLA of Sussex Centre. Properties may have more than one certification.

Key Accomplishments

  • Net Zero Asset Managers logo
    As part of the Dream group of companies’ commitment(1), D.UN, is supporting the Net Zero Asset Managers (NZAM) Initiative, which is a group of international asset managers committed to supporting the goal of net zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5 degrees Celsius.
  • Principles for Responsible Investment logo
    As part of the Dream group of companies’ commitment, D.UN is supporting the United Nations Principles for Responsible Investing (UN PRI) initiative, which includes a group of more than 4,300 investment managers and asset owners from nearly 90 countries committed to developing a more sustainable global financial system.
  • Task Force on Climate-Related Financial Disclosures logo
    D.UN is an official supporter of the Task Force for Climate-related Financial Disclosures (TCFD) which provides guidance and recommendations to help companies provide better climate disclosures to support capital allocation. More than 2,300 companies support the TCFD and Dream is one of the first Canadian public real estate companies to become an official supporter.

(1)  While DRM is the official signatory, D.UN will be an active participant in the reporting to the NZAM initiative and UN PRI as part of the Dream group of companies’ commitment.


D.UN’s strength as an organization comes from our strong and diverse workforce. Our employees possess expertise in a wide variety of areas that benefit our business, from real estate management and development to capital markets, risk, insurance and many more.

Return to Operations Plans: Supporting our Tenants to Return to Work Safely

As we continue navigating the COVID-19 pandemic, keeping our tenants safe at work is our number one priority.

Over the last year, we improved tenant-facing Return to Operations plans to help ensure the safe return of tenants to our office buildings. As part of these plans, we’ve prepared our buildings with numerous safety measures to ensure a safe and healthy workplace for our tenants and their employees.

We have implemented a variety of enhancements including increased cleaning measures, new operational safety checks, building employee PPE, HVAC upgrades, UV lights and behavioural and directional signage. We’ve also acquired some of North America’s leading safety designations including WELL Health-Safety and Post Promise ↗.

D.UN Employee Gender Breakdown(1)

(1) Includes only employees 100% dedicated to Dream Office REIT and shared services functions for the Dream entities. Excludes employees on unpaid leaves of absence (e.g., permanent disability, long-term disability, parental leave) and interns.
(2) Includes employees at all levels.


As part of the ESG Framework, D.UN links ESG performance to executive and employee goals and compensation.

Strong Inaugural GRESB Results

We are proud to share that D.UN achieved a five-star rating achievement in the 2021 Global Real Estate Sustainability Benchmark (GRESB) real estate assessment. D.UN received a score of 91/100 which is one of the best first year scores among GRESB participants, placing it in the top 20% of the benchmark. The 2021 GRESB real estate assessment covered the reporting period January 1 – December 31, 2020. This score exceeds the GRESB average of 73/100 and is attributed to our ability to collect environmental data for all of our properties, simultaneously achieve strong utility and GHG reductions and our high building certification rate, among other strengths.

Established in 2009, GRESB has become the leading ESG benchmark for real estate and infrastructure investments across the world, used by 140 institutional and financial investors to inform decision-making and covering $5.7 trillion of AUM and nearly 117,000 individual assets.

Sustainability at D.UN is managed by the following:

Zibi Boardroom - 30 Adelaide - Toronto, ON
Zibi Boardroom – 30 Adelaide – Toronto, ON

Case Studies

Sustainability Reports