This report presents the findings of a two stage research project commissioned by the RICS (Royal Institution of Chartered Surveyors) Education Trustees. The first report (2006) examined all office buildings in the Melbourne CBD using a high level of detail including building age, area, quality and number of employees in the building. This report follows on and examines the energy efficiency of all relevant building stock (29 land uses) located in a central business district (CBD) with Melbourne, Australia selected as a typical example of a global city. Rather than using a sample of buildings designed to represent all buildings, this research analysed individual floors on every relevant building equating to 1,125 buildings. The results give a unique insight into the profile of carbon emissions based on land use in a CBD and consequently illustrate energy efficiency and climate change mitigation potential. The analysis has produced five key findings with accompanying recommendations for addressing the contribution of CBD buildings towards climate change. It should be noted that, in a similar manner to the broader real estate market, property markets are influenced by an extremely large number of factors including prevailing market conditions, government policy, investor sentiment and overall market perception. Consideration should be given to these external influences when interpreting the key findings and recommendations, as well as observed variations between different global cities including characteristics such as age of stock and the highest and best use of CBD land. These key findings and accompanying recommendations illustrate the steps required to effectively reduce the level of CO2 emissions produced by Melbourne CBD buildings. Much research has featured a focus on static ëone-offí timeframes of the CBD market with a strong reliance on assumptions or using a sample only of the stock. This report overcomes these deficits and in this process produced five key findings and accompanying recommendations. There is another very important aspect to be emphasised in this conclusion. Since the initial stage 1 report only three year earlier the Stern (2007) and Garnaut (2008) reports have both concluded that much greater reductions are required within a shorter time frame to stabilise greenhouse gas emissions and the global climate. In order to fully embrace the level of change requires a whole of market commitment by all property players ñ anything less will not deliver the reductions required.