November 01, 2008

Green Leases and Green Buildings (2008, 22:06)

Green Leases and Green Buildings

Probate & Property Magazine: November/December 2008, Volume 22, Number. 5

By S. Michael Brook
S. Michael Brooks is counsel to the Toronto, Canada, law firm of Aird & Berlis LLP and chief executive officer of the Real Property Association of Canada (www.realpac.ca).

A more detailed article on green leases by the author was published as part of Conference Proceedings for the Green Real Estate Summit (Mar. 5, 2008) by the Practising Law Institute, 810 7th Avenue, New York, NY 10019 (contact bschwartz@pli.edu).

Leases are long-lived agreements. Terms of 5, 10, or even 20 years are not uncommon for office, retail, and industrial premises. Therefore, the commercial leasing market must act quickly to respond to the recent critical awareness of global warming and local environmental degradation. Commercial leases must be modified now if these leases are to be flexible enough to accommodate the emergence of regional and global targets for reductions in the production of greenhouse gases and the consumption of other resources. Both landlords and tenants need to be involved in achieving these goals.

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