Retrofitting Buildings is not a Necessity, It's a Must

Energy-inefficient buildings will not only result in higher operational costs, but will potentially lead to additional expenses from exceeding emissions limit.

Since January 1st of 2024, Local Law 97 has officially taken into effect. In the commercial real estate sector, especially in New York City, this regulation adds another layer of complexity beyond the day to day challenges such as office vacancies and tenant retention. While climate retrofitting may seem less urgent compared to other pressing issues, deferring climate retrofitting can ultimate affects the bottom line, adding on penalty and fines that could have been avoided. Brad Hargreaves, founder and editor at Thesis Driven, offers a perspective to think about this challenge.

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