- Posts by Stacy MarchesanoAssociate
Stacy counsels clients through a broad range of real estate transactions, including acquisitions and dispositions of commercial property; commercial leasing of retail, restaurant, office and industrial space; residential ...
In our upcoming Short-Term Rental Updates, we will share with you the latest news and stories related to short-term rentals, with a focus on industry-wide trends and regulatory developments, enforcement, and practical implications for owners and operators. Anyone involved in this industry knows that it is continuing to experience immense expansion pressure from companies looking to play in the space, from long-standing industry behemoths to scrappy start-ups and everything in-between. The growth side faces strong competition from local governments attempting to regulate an industry that is constantly evolving and innovating. In this inaugural Update, I'd like to share with you some interesting notes from this week’s news:
The City of Seattle recently implemented a new progressive energy efficiency policy that requires certain commercial buildings in Seattle to get a tune-up assessment every five years. The program encourages commercial buildings to run more efficiently by reducing energy and water costs, which is good for the environment and good for lowering building operating costs. We expect that most commercial landlords will try to pass through the initial cost of obtaining a building assessment to commercial tenants via common area maintenance (CAM) charges. The upside is that, in the long-term, energy and water costs are expected to decrease as the systems become more efficient.
Before commercial landlords decide to pass through any tune-up program costs to tenants, they should first analyze their leases to confirm whether they are allowed to do so. Conversely, commercial tenants should also review their leases to understand their rights, including potential savings that could be passed through.
We regularly update clients about changes in real estate law and on industry trends. This includes briefing clients on legislative proposals in the federal tax, housing and other legal areas affecting their businesses. Staying current enables you to anticipate and prevent legal problems as well as capitalize on new developments.