This paper investigates how leases are evolving to become “greener” in the United Kingdom and Australia. The authors provide evidence from five varied sources including (1) UK office and retail leases, (2) retail sector energy management in the UK, (3) a major UK retailer case study, (4) office leasing in Sydney and (5) expert interviews on Australian retail leases. With some exceptions, the evidence reveals an increasing trend towards green leases in prime offices in both countries, but not in retail or sub-prime offices.