Paradigm Tax Group Industry News

Paradigm Tax Group Industry News

Stay informed with the most current Industry News that affects your business and impacts property taxes across the nation.

    More U.S. Cities Adopt Energy Benchmarks for Commercial Buildings

    20 Nov, 2014

    Energy benchmarking for large commercial buildings is fast becoming U.S. law. According to The International Council of Shopping Centers (ICSC), ten cities — Austin, Texas; Boston; Cambridge, Mass.; Chicago; Minneapolis; New York City; Philadelphia; San Francisco; Seattle; and Washington, D.C. — have enacted energy-benchmarking requirements, as have the states of California and Washington. This year Montgomery County, Md., became the first county to pass such a law, mandating a benchmark deadline of Dec. 1, 2016, for private buildings measuring at least 250,000 square feet and a deadline one year later for those measuring at least 50,000 square feet.

    Sustainability experts say that a good building-efficiency rating is quickly becoming the real estate equivalent of a motor vehicle’s miles-per-gallon rating and helps bring capital to owners and investors, and firms that manage these material risks effectively are deemed a safer investment. According to ICSC, collecting data to create a building-performance report is difficult for many retail landlords because tenants do not typically report consumption to them. Thus, some owners are working with their tenants to introduce metering and create energy assessments for their spaces. Generally speaking, any landlord that helps vulnerable tenants reduce energy costs also helps prevent lease defaults or the loss of those tenants.

    For the full article from the ICSC, click here.

    Topics: Maryland, Pennsylvania, Washington, Real Property, Environment, Strip Centers, District of Columbia, Retail, Malls, Illinois, Massachusetts, Texas, New York, Green Initiatives, California