As reported by my land use partner, Elizabeth Watson, a LEED accredited professional (click here and here), on January 1, 2011, the long-awaited statewide green building code for new commercial and residential construction in California went into effect. Referred to as the California Green Building Standards Code or CALGreen, the new code sets forth a series of mandatory requirements and voluntary measures for public and privately constructed commercial and residential buildings.

To avoid undue stress, even distress, coming to grips with these new sustainability requirements, consider the following:
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The Urban Land Institute (ULI), a nationally recognized organization which encourages sustainable development practices, has favorably reviewed SB 375 in its June 2010 report, “SB 375, Impact Analysis Report.” Adopted in 2008 by the California Legislature, SB 375 for the first time links land use decisions to funding of transportation infrastructure.

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A story from the New York Times, published March 3rd underscores what we have been saying for over a year: green leases — or commercial leases that draw on the benefits of sustainability — are attracting the attention of both tenants and investors.

The story, “Seeing the Investor Value in Being Green,” reports that a German real estate investment company, Jamestown Properties, has proclaimed that it will go “green” in its entire $4 billion portfolio of buildings here in the U.S. According to the New York Times, Jamestown will overhaul its existing properties by installing low-flow water fixtures and better lighting, by revamping heating, ventilation and air conditioning systems, and even by adding bike-share stations to some of its buildings. Jamestown expects to spend between $3 million and $10 million to retrofit its properties, the Times reported. (Click here to read the article.)
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Despite a troubled economy, developers are exploring the opportunity for new Leadership in Energy and Environmental Design (LEED) certified energy efficient buildings. Likewise, many tenants are also bent on reducing their carbon footprints and meeting emerging corporate sustainability requirements demanded by their customers and encouraged by their employees. As a result, many tenants today desire to be in buildings that truly manage their energy, water and resource consumption. The bottom line is this: Building “green” requirements into commercial leases can result in growing dollars in your pocket.

But what are “green” leases? Under one definition, green leases encourage sustainability in the construction, renovation and operation of commercial buildings. Sustainability is best viewed as a journey — a process of continued improvement to achieve higher efficiencies in water and energy usage, as well as recycled materials, waste minimization, healthier indoor air, and ever more efficient transportation options for the tenant’s employees and customers.
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