Press Release Summary:
ASTM International Committee E50 is developing proposed standard for collection and disclosure of energy use information associated with buildings involved in real estate transactions. Some areas that would be covered in screening process to be described in ASTM WK24707 include property and building characteristics; electrical consumption and cost; oil, natural gas, and steam consumption and cost; water consumption and cost; and Green building certification/rating.
Original Press Release:
New Standard on Energy Use Information from ASTM Environmental Assessment Committee
New Standard on Collection and Disclosure of Energy Use Information Under Development by ASTM Environmental Assessment Committee
W. CONSHOHOCKEN, Pa., August 4, 2009-As interest in energy efficiency and green buildings continues to build, it is easy to imagine that property due diligence by prospective buyers and lessees will begin to include such environmental considerations, which can impact property values and rental rates. This is particularly true in light of legislation such as California's Assembly Bill 1103, a new law that became effective Jan. 1 and is directed at benchmarking energy use in existing commercial buildings.
In order to accommodate these changes, ASTM International Committee E50 on Environmental Assessment, Risk Management and Corrective Action is developing a proposed new standard for the collection and disclosure of energy use information associated with buildings involved in real estate transactions.
The proposed new standard, ASTM WK24707, Guide for Building Energy Performance Disclosure, is under the jurisdiction of Subcommittee E50.02 on Real Estate Assessment and Management.
ASTM WK24707 will be used by professionals conducting due diligence for prospective property purchasers and lessees.
"It is anticipated that energy disclosure obligations will be incorporated into the traditional legal obligations of landlords and sellers relative to traditional real estate-related disclosures as to the conditions of a property," says Anthony Buonicore, a member of Committee E50. "Thus, our efforts to standardize this process will assist in establishing disclosure clarity in a routine commercial real estate sale or lease transaction upon which all parties to the transaction can rely."
Areas that could be covered in the screening process to be described in ASTM WK24707 include:
All interested parties are invited to join in the ongoing work on ASTM WK24707 and in other standards developing activities of E50.02.
For technical information, contact Anthony Buonicore, Buonicore Group, Milford, Conn. (phone: 800-238-184; firstname.lastname@example.org). ASTM Committee E50 meets Oct. 20-22 during October committee week in Atlanta, Ga.
ASTM International welcomes and encourages participation in the development of its standards. ASTM's open consensus process, using advance Internet-based standards development tools, ensures worldwide access for all interested individuals. For more information on becoming an ASTM member, please contact Daniel Smith, ASTM International (phone: 610-832-9730; email@example.com).
Established in 1898, ASTM International is one of the largest international standards development and delivery systems in the world. ASTM International meets the World Trade Organization (WTO) principles for the development of international standards: coherence, consensus, development dimension, effectiveness, impartiality, openness, relevance and transparency. ASTM standards are accepted and used in research and development, product testing, quality systems and commercial transactions around the globe.
Barbara Schindler, ASTM International
100 Barr Harbor Drive, W. Conshohocken, PA 19428
610-832-9603; firstname.lastname@example.org, www.astm.org