C-PACE in NYC

Commercial Property Assessed Clean Energy financing, or C-PACE, enables property owners to obtain favorable financing in exchange for certain energy-efficient building improvements. You can’t get C-PACE everywhere, though. That included in New York City until recently. Now, owners can avail themselves of the financing vehicle — and C-PACE lenders and their lawyers want to share the good news. Also, life sciences, a darling asset class during the pandemic, continues to exhibit healthy growth. What’s the long-term prognosis, though?

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— Tom Acitelli, Co-Deputy Editor

Welcome to New York City, C-PACE

New York City is finally picking up the pace on, well, PACE. Commercial Property Assessed Clean Energy financing, or C-PACE, is a form of financing that enables property owners to obtain funding in exchange for certain energy-efficient building improvements. New York State permitted C-PACE for New York City in March, but withdrew the permission less than a month later. However, with the release of the long-awaited revised C-PACE program guidelines on Sept. 27, the program is again open for business in Gotham. Just not for every type of project. While C-PACE program documents required for loan closings on renovation projects for existing buildings are now available, new construction and major renovation projects continue to remain ineligible, according to the NYC PACE website.

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Life Sciences Landlords Have Never Felt Better

It’s a good time to own lab space. While workers appear to be wandering away from traditional offices, laboratories and research & development real estate are full as the number of life sciences jobs continues to reach new heights. A new report from Cushman & Wakefield shows how life sciences employment in the U.S. has grown at an accelerated pace and more than doubled over the past 10 years. The rate of hiring for scientists and lab users has outpaced overall employment in that time with an annual growth rate of 6.6 percent, according to the life sciences market update. The total annual job growth rate is just 1.2 percent, by comparison.

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