A Chance To Address Carbon Reduction In NYC Office Leases

Law360 (February 19, 2021, 5:15 PM EST) -- Just months before the COVID-19 pandemic abruptly shut down the world, and brought with it an over 90% reduction in occupancy in New York City commercial buildings, the New York City Council passed a suite of environmental legislation: Local Laws 92, 94, 95, 96 and 97.

Local Law 97 mandates carbon reduction goals for office buildings exceeding 25,000 gross leasable square feet and, as such, constitutes a municipal Green New Deal in the truest sense of the term.

The law sets, as its primary goal, a citywide 40% reduction of carbon emissions by 2030 and an 80% reduction by 2050, as...

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