Legislative Victory for Commercial Office Buildings -
The Building Owners and Managers Association (BOMA) International recognized today’s signing by President Bush of the energy bill as a victory for commercial real estate professionals.
Among the bill’s far-reaching provisions are incentives for building owners and managers to incorporate energy efficient upgrades in commercial buildings. Specifically, the bill provides for tax incentives totaling $1.80 per square foot for energy efficient upgrades that result in performance exceeding the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) 90.1 Standard by 50 percent. Partial credit of up to $0.60 per square foot will also be available for upgrades to the lighting, HVAC or the building envelope that achieve the same level of performance. The incentives will be in effect from January 1, 2006 through December 31, 2007.
“This energy bill is a well-earned win for commercial real estate,” said BOMA International Chairman and Chief Elected Officer David W. Hewett, RPA, CPM, CCIM, FMA, CFM, Trammell Crow Company. “BOMA International has long encouraged its members to adopt more energy efficient building management practices, and this legislation provides another incentive towards achieving that goal. These near-term incentives will help moderate demand for natural gas, conserve electric power and reduce the risk of electricity blackouts and price spikes.”
Now that the energy bill is signed into law, BOMA International will continue its work with the Department of Energy (DOE) to implement the program.
BOMA International has earned a reputation as a leader in the pursuit of greater energy efficiency. In 2001, the association’s Board of Governors unanimously passed an energy policy calling on all members to take voluntary steps to reduce their energy demand. More recently, BOMA International joined the Environmental Protection Agency (EPA) to challenge building managers to reduce their energy consumption by 10 percent in conjunction with the agency’s Energy Star program.
In 2005, BOMA International introduced the BOMA Energy Efficiency Program (BEEP), an educational program designed to further assist building managers in streamlining their energy plans. In addition, the BOMA International annual Earth Award recognizes a commercial building for their achievement in preserving the internal and external environments of their property. The 2005 Earth Award was presented to FedEx World Tech Center in Collierville, Tenn.
Founded in 1907, the Building Owners and Managers Association (BOMA) International is a dynamic international federation of more than 100 local associations. The 19,000-plus members of BOMA International own or manage more than 9 billion square feet of downtown and suburban commercial properties and facilities in North America and abroad. BOMA’s mission is to enhance the human, intellectual and physical assets of the commercial real estate industry through advocacy, education, research, standards and information. For more information, please visit the BOMA International Web site at www.boma.org.
For Immediate Release - August 8, 2005
Contact: Brian Lonergan, (202) 326-6315, blonergan@boma.org