A change is in the air in Australia after the introduction of the Building Energy Efficiency Disclosure Bill into Parliament on 18 March. The Bill aims to ensure that credible and meaningful energy efficiency information is given to prospective purchasers and lessees of large commercial office space.
The Bill requires owners and head lessees wishing to sell, lease or sublease commercial office space with a net lettable area of 2,000 sqm or more to disclose the following items prior to any transaction:
1. National Australian Built Environment Rating System (NABERS) Energy base building rating (similar to Energy Star in the US)
2. Tenancy lighting assessment
3. Energy efficiency guidance
This move by the Australian Government will add an unprecedented level of transparency to the commercial real estate market. Owners and occupiers will be able to see “at a glance” the energy performance of buildings. This adds even more incentive for owners to update building energy performance to maintain pace with the market.