OPERATING COMMERCIAL real estate is such a complex process that it can sometimes be overwhelming. Building owners and operators need to keep track of demand, interest rates, management, attracting and retaining tenants, lease negotiations and so many other things that it is easy for some things to fall through the cracks. Often, those things that are overlooked can result in very expensive consequences.
One such event recently occurred. At the beginning of July 2015, new standards were released, which took effect that same month. These codes deal with energy efficiency standards that are mandatory for residential and commercial building owners to follow. One aspect of the code changes that could have unforeseen consequences for both tenants and owners of commercial space is new mandates associated with lighting fixtures and switches.
Read more: New Mandatory Lighting Codes
By: Robert Hartley, director of research for Colliers International in the Greater Washington D.C. area.
This article is adapted from one that originally appeared in “Colliers Insights.” Winter 2015 2016