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The Next Commercial Building Standards Are For the Birds
Defining the future of real estate
Franco Faraudo
April 01, 2024
Propmodo Daily
By Franco Faraudo · Apr. 1, 2024
Greetings!
A recent mass bird death in Chicago has fueled calls for mandatory bird-safe glass, a practice already adopted in cities like Washington, D.C. In today's email, we explore the possibility of market forces further driving the adoption of bird-safe glass. Will building owners begin promoting their bird-friendly building designs to attract eco-conscious tenants?
This week, Propmodo Technology delves into the realm of capital project management, thanks to our sponsor, Nuveen Green Capital. We'll explore how advancements in technology are transforming the management of commercial construction expenses, the role of green loans in funding clean energy initiatives and energy-efficient improvements in buildings, and the growing acceptance of C-PACE, a financing option once seen as niche.
Now, let's dig in!
The Next Commercial Building Standards Are For the Birds
Here's a fun fact: the Statue of Liberty was the first electric lighthouse in the U.S. Unfortunately, there's a dark side to this history – when the light was first put into use, it caused the deaths of thousands of migratory birds. Artificial light disorients birds, and large buildings in cities become deadly obstacles. This problem has only worsened with modern buildings and their reflective glass cladding.
Last fall, a tragic incident in Chicago saw over 1,000 birds collide with a skyscraper. Environmentalists and bird enthusiasts responded by demanding changes to the city's building codes, advocating for the adoption of bird-safe glass.
Now, Chicago has proposed a new building code that suggests but does not require the use of bird-safe glass. Bird lovers are again raising their voices, urging the city to reconsider. "We cannot wait any longer in our effort to stop needless bird deaths from occurring in Chicago, especially among already dwindling bird populations,” an advocacy group called Bird Friendly Chicago declared in a statement.
Other cities are taking more decisive steps. Washington, D.C., passed a law in 2023 that requires bird-friendly materials up to 100 feet on all new or altered commercial buildings.
Even if cities don't change building codes, market forces could still drive the wider use of bird-safe glass. No one wants to see birds collide with windows. As buildings are increasingly scored for factors like energy efficiency, mobile connectivity, and air quality, bird safety could become a key metric. Ecologically minded renters and corporate occupiers might avoid buildings with poor bird safety ratings, pushing building owners to tout their bird-saving qualities in marketing material.
The Statue of Liberty's days as a lighthouse are over; its lights weren't strong enough to be effective, which is good news for birds. Birds still face plenty of dangers in urban environments, but if the deaths continue, a combination of regulations and market preference could help them navigate our cities more safely.
Insider Insights
🍎 Bigger apple: New York City’s mayor proposed a bill that would eliminate the city’s residential building size restrictions.
🐒 Don’t own squat: Florida Governor Ron DeSantis has signed a bill that makes squatting at a property a crime.
Overheard
One of the most consequential shifts in global markets over the next decade would be a re-pricing of neutral rate expectations.
For nearly 15 years, most investors and central banks have held that neutral in around 2-2.5%, but increasing evidence it may be higher, even 4-5%.
— Bob Elliott (@BobEUnlimited)
11:51 AM • Mar 25, 2024
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