Office Leases Become Leverage to Meet NYC Emissions Law
With less than 18 months before New York City begins limiting the amount of greenhouse gases that offices can produce, a building's carbon footprint is starting to become as prevalent in commercial lease agreements as square footage.
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Although landlords and tenants might ideally work together to divvy up their share of a building's carbon footprint, Stuart Kaplan, a partner in Blank Rome LLP's real estate practice, said he's never seen a lease where capital expenses are split down the middle.
Instead, it's up to tenants to pay attention to the fine print in a lease deal.
"There isn't really much give and take," Kaplan said. "Landlords are able to pass through costs to tenants that are less sophisticated. And the more sophisticated tenants are putting up the stop signs."
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"Office Leases Become Leverage to Meet NYC Emissions Law," by Nate Beck was published in Law360 Real Estate Authority on August 8, 2022.