This study investigates the factors that influence investment decisions in environmentally certified properties within large Swedish real estate companies. Primary data has been collected through semi-structured interviews with eight respondents with good insight into investment decisions and sustainability work, as well as secondary data in the form of annual reports from seven companies for the period 2020–2025. The theoretical framework includes legitimacy theory, new institutional theory, information asymmetry and risk and return theory.

The study shows that investment decisions in environmentally certified properties are influenced by several interacting factors. A central factor is that tenants are increasingly demanding sustainable premises, while investors are monitoring the level of certification in their property portfolios. This drives companies towards certification and contributes to lower vacancies and the possibility of higher rent levels for the real estate companies. The study concludes that today it is perceived as riskier to forgo certification than to implement it, as properties without certification risk higher vacancies and reduced property value. Green financing with more favorable loan terms has also made environmental certification an important financial instrument for real estate companies.

In summary, the study shows that environmental certification today is much more than just a sustainability goal; it has become a business requirement that affects real estate companies' financing, competitiveness and long-term value creation.