Buildings Are Empty, Now They Have to Go Green
Real Estate partner, Brendan Schmitt, was quoted in The Wall Street Journal in an article discussing how the challenges in the office market present opportunities for buildings to consider going green as states and cities climate standards begin to go into effect.
The article states, "Cities are toughening their climate standards and are beginning to tax buildings that don’t meet the new requirements. Landlords are left with a difficult choice between paying for expensive upgrades to reduce emissions or paying the tax."
The costly upgrades needed to comply with the law will hit some properties when they are on the block or when they are trying to attract tenants, who know they will effectively be paying for any improvements. "Tenants are looking to be in a building that is greener," said Brendan.
Click here to read the full article from The Wall Street Journal. Access may require a subscription.