Lighting upgrades involving energy-efficient lamps, ballasts, controls, etc. stand as some of the most attractive investments around. This special 2007 series offers examples of how real-life commercial, institutional, and industrial properties have successfully pursued and benefited from lighting upgrades.
Faced with continuously escalating electricity prices, the Building Services team at Ontario's Joseph Brant Memorial Hospital undertook an extensive lighting upgrade to help reduce energy consumption and costs throughout the 380,000 s/f, 300-bed facility. The team selected a high-efficiency 25-watt fluorescent lamp system driven by low-watt electronic ballasts to replace their existing fluorescent T12 and early-generation T8 lighting technology. Following the upgrade, light levels visibly improved and energy cost savings were significant, with Joseph Brant expected to enjoy an up to 40% reduction in energy costs in those areas upgraded from T12 to T8 lighting and 20-30% savings potential in those areas upgraded from early-generation T8 technology. The team expects the upgrade to deliver a less than two-year payback and an attractive 50%+ return on investment.
"We are delighted with the results of the upgrade so far," said Joseph Brant director of engineering and building services Duncan McGill. "Overall, energy has become a bigger and bigger part of everyone's operating cost structure and cost savings opportunities are an imperative. Our lighting upgrade should serve the hospital well in the form of markedly improved costs, enhanced light levels, and a more standardized and easy-to-maintain lighting configuration for well into the future."
Susan Bloom is director of corporate communications for Philips Lighting & Advance, Somerset, N.J.
Huntington, NY SABRE Real Estate Advisors has completed the sale of six commercial properties across Long Island and Northern New Jersey, further underscoring the firm’s strength as a trusted partner in complex real estate transactions. The deals were led by executive vice presidents Jimmy Aug and Stu Fagen, whose combined expertise continues to drive exceptional results for clients across the region.
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Lower interest rates and an increased number of loan restructurings will be well received by the commercial real estate industry. Over the past 12 months there has been a negative trend for NOI for many properties across the country.
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account