The construction industry has been increasingly focused on meeting ever-tightening codes and achieving higher ratings in sustainability certification programs (e.g., LEED, Passive House, etc.). These standards do a good job of raising the bar, but there is a new bar in town and we’re not talking about whiskey.
Local Law 97
NYC’s Local Law 97 of 2019 establishes carbon emissions limits for buildings 25,000 square feet and larger. These emissions limits, which are based on current building performance data, will begin in 2024 and will rachet down in 2030 and beyond. While we continue to work with building owners and portfolio managers of existing buildings (“What Does the Climate Mobilization Act Mean for Building Owners?”), we need to make sure that new buildings and major renovations are set up for success. Developers, designers, and construction teams must take LL97 into account during design, construction and turnover to protect the value of these new assets.
A developer or asset manager’s least favorite word is probably uncertainty, and now there’s a whole new host of uncertainties to think about: