EV Charging Poised To Become a Fixture of Future Office Leases

Whether you like them or not, electric vehicles are poised to be a big part of our future. The industry is growing, driven by legislation at all levels of government aimed at using less fossil fuels and more alternative energy. Last year, EVs made up 10 percent of all cars sold, a record high. In California, all new cars sold in 2035 and after are required to be zero-emission vehicles like EVs. With so much growth expected in the industry, building owners and city officials are planning ahead by adding charging stations in order to accommodate future demand. For office landlords, the importance of EV charging facilities is finding its way into leases too, as many occupiers are now looking to include language about charging stations in their leases. 

The demand for EV infrastructure is high not just in the U.S. but around the world. More than 40 percent of companies in North America, Europe, the Middle East, and Africa are seeking to include EV charging stations in future leases, according to JLL. Adding language around charging stations can help both landlords and occupiers meet ESG goals and support green building certifications. This is just another example of what’s known as green leases. These kinds of leases, while not entirely new, are becoming increasingly popular. More green leases could have a huge impact on the office market, with the potential to save up to $3.3 billion in annual costs, according to a report from the Institute for Market Transformation.

Read more at Propmodo.

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