Challenges in Adopting New Life and Safety Ordinances in Existing Office Buildings

Sofia Dermisi

Journal of Real Estate Portfolio Management, 2008, vol. 14, issue 2, 155-178

Abstract: Abstract. The effect of high-rise fires on building code changes is illustrated through three cases studies: one in Philadelphia and two more recent in Chicago. An indepth statistical analysis in the case of the two Chicago office building fires indicates that both fires register a statistically significant impact on vacancy levels of the non-sprinkled buildings as a result of the retrofitting process and tenant hesitation to lease non-sprinkled space. This effect is more evident in Class B buildings, which have commenced their retrofitting efforts, compared to Class C buildings, where the retrofitting process stalled because of the overwhelming cost in comparison to the more marginal property returns.

Date: 2008
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DOI: 10.1080/10835547.2008.12089805

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