How do you find the time to locate a new location for your business in Downtown Los Angeles for purchase or lease? In a complex market place with hundreds of choices and considerations, how can you be certain you’ve asked all the right questions, found the right answers and identified the right possibilities?
Hire a professional who has the local knowledge, the access, and the skills to find, analyze, and compare your choices. And when you find just the right property, hire a professional you can depend on to negotiate and close the transaction to your advantage. Hire a CCIM.
DTLA Residents who own their Residences
DTLA Estimated Office Vacancy Rate
DTLA Median Household Income (2014)
DTLA Population Estimate (1/14)
DTLA “it’s the hottest residential market for a developer in Southern California. Demand is just off the charts.”
“Since 2008, over 600 new restaurants, bars, and retail stores have opened in Downtown LA”
“We want 4,000 more rooms by 2020”
New California Law Requires Disclosure of Energy Use
AB 1103 – The new Non-Residential Energy Use Disclosure Law
According to Marika Erdely, CEO, Green EconoMe, Malibu, CA, new energy reporting requirements are now mandatory per the California Energy Commission
AB 1103 requires building owners of non-residential buildings to disclose their building’s energy use in advance of major financial transactions. The disclosure needs to be provided:
- To prospective Buyer – at least 24 hours before the purchase agreement is executed.
- To a prospective Tenant (single tenant lease) – at least 24 hours before the lease is executed
- To a Lender – no later than upon submittal of the loan application.
HOW: The disclosure comes in the form of a report produced by the EPA’s Portfolio Manager online tool (www.energystar.gov). Twelve months of energy usage and certain operational and physical characteristics of the building must be entered into the online tool.
The report produced is the “Data Verification Checklist” for compliance with AB 1103.
TIMING: At least 30 days before a disclosure is anticipated to be required, a building owner shall open an account for the building in Portfolio Manager and begin to prepare the required report. The report expires within thirty days.
WHAT SIZE OF BUILDING: Non-residential buildings greater than 10,000 square feet must begin disclosing their energy usage January 1, 2014. Buildings greater than 5,000 square feet will be required to comply effective July 1, 2016.
BUILDING TYPES: Non Residential building means a building of occupancy type A, B, E, I-1, I-2, M, R1, S, or Type U parking garages as defined in the California Building Code, Title 24, Section 302 et seq. (2007). Buildings with occupancy type F for Factory/Industrial do not need to comply. Brand new buildings, never occupied, do not need to comply.
ENFORCEMENT: California’s Energy Commission will enforce compliance.
Please contact Marika Erdely at Marika@GreenEconoMe.com, 818-681-5750 for full details on how to comply with the new law. GreenEconoMe is a full service Energy Consulting firm.
John Nilsson, CCIM, CRS CalBRE# 01966286