IREM and CCIM take real estate issues to Washington DC.The Institute of Real Estate Management This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. (IREM IREM Institute of Real Estate Management (Chicago, Illinois) IREM Institute of Real Estate Managers IREM Integrated Research, Evaluation, and System Analysis Model IREM Infra-Red Emission Microscopy [R]) and the CCIM CCIM Certified Commercial Investment Member CCIM Centro Cultural Islámico de México CCIM Client Component Installation Manager (Microsoft) CCIM Comité Consultatif pour l'Informatique Médicale CCIM Command Computer Input Multiplexer Institute recently joined forces to raise awareness on Capitol Hill of key issues affecting the commercial real estate industry. More than 275 IREM and CCIM Institute members representing 40 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). held 200 meetings with their respective senators, congressmen and their staffs to voice the industry's concerns about four pending legislative initiatives: Banks in Real Estate; Leasehold Improvements; Property/ Casualty/Terrorism Insurance; and Climate Change/Energy. Commercial real estate practitioners oppose changes or interpretations in current federal regulations that would permit banks or bank holding companies or subsidiaries to enter the field of real estate management and brokerage beyond properties owned by these institutions. Reasons for opposition include: The safety and soundness of the economy should not be put at risk by untested regulation; The Gramm-Leach-Bliley Act The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102, 113 Stat. 1338 (November 12, 1999), is an Act of the United States Congress which repealed the Glass-Steagall Act, opening up competition adopted by Congress in 1999 maintains a separation between banking and commerce; Financial holding companies do not have the ability to manage and broker commercial real estate with the same level of competence and personal service as independent real estate professionals. Commercial real estate practitioners believe that the current 15-year cost recovery period for leasehold improvements should not be permitted to expire at the end of this year. It would be unrealistic to revert to the prior recovery period of 39 years depreciable depreciable Of, relating to, or being a long-term tangible asset that is subject to depreciation. life for tenant improvements. Among their arguments: A realistic cost recovery period, such as 10-15 years, is a reasonable incentive to keep downtown office, commercial and retail space modem, efficient and competitive with suburban space. In addition, such a change would more closely mirror corresponding lease terms for these properties. Commercial real estate practitioners support extending the Terrorism Risk Insurance Extension Act (TRIEA TRIEA Terrorism Risk Insurance Extension Act of 2005 ), set to expire at the end of 2007. They note that: The frequency and intensity of large natural disasters in recent years has made purchasing and maintaining adequate property insurance very difficult in some areas. Insurers are declining to write new policies, failing to renew existing policies and increasing premiums on existing policies. Both commercial and multifamily properties should have access to affordable property insurance. Terrorism insurance Terrorism insurance is insurance purchased by property owners to cover their potential losses and liabilities that might occur due to terrorist activities. It is considered to be a difficult product for insurance companies, as the odds of terrorist attacks are very availability is critical to financing commercial real estate development, particularly in densely populated areas that are perceived to be terrorist targets. Commercial real state practitioners support positive incentives for energy conservation activities, energy tax credits and voluntary programs like Energy Star and EPA's Green Lights. In addition: They support the development of voluntary standards for reducing greenhouse gas greenhouse gas n. Any of the atmospheric gases that contribute to the greenhouse effect. greenhouse gas emissions; They acknowledge the serious concerns about global climate change but believe additional research is needed to determine what level of greenhouse gases are affecting the environment versus natural climatic changes humans cannot control. |
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