Proposition 10: A Threat to All Property Owners and Investors
New California Regulation Enacted Affecting Commercial Real Estate
In an effort to increase environmental awareness, the state of California is now requiring owners of nonresidential properties of 10,000 square feet or larger to benchmark a building’s energy use. Before selling, leasing, financing or refinancing, property owners will need to take the necessary steps to keep their buildings’ energy use in line with California’s standards.
As soon as this July, commercial properties 5,000 square feet or larger will be required to comply with the program as well. That’s just around the corner!
The U.S. Environmental Protection Agency is providing an online Portfolio Manager tool that allows building managers to track and assess a building’s energy consumption. To learn more, visit the Portfolio Manager home page.
Be sure to stay aware of the latest regulations to help meet California’s energy and climate change goals.
