Bill Tryon Bill Tryon
ASTM recently released updates to the E2600-15: Standard Guide for Vapor Encroachment Screening on Property Involved in Real Estate Transactions . The update includes many changes that are important to the professionals completing the work, but have no practical impact on users. The use of more precise language in some definitions or the addition of new definitions, for example, improves the Guide; but probably do not warrant close review by most users.  What are key items to be aware of?

Why Vapor Risk Is a Concern

Property value, business operations, occupancy and cash flow can be significantly impacted when contamination is found at a property. Contamination affecting soil or groundwater is generally confined below the ground surface soil, which can limit the impact on occupants and properties unless it becomes necessary to remediate the issue, usually as a result of regulatory requirements or the discovery of contamination as a result of property transfer or refinance of the property.

Some contaminants; however, can be released from impacted soil or groundwater in vapor form. When those vapors migrate into structures, the equation is changed. Resultant health risks to occupants can expose them to health threats which can disrupt business operations, reduce occupancy, and require more immediate cleanup or mitigation. In some cases, it could even allow tenants to break or renegotiate an over-market or otherwise undesirable lease, which may dramatically affect the cash flow and value of properties. This is true whether the vapor originates on-site, or has migrated to the property from an off-site source.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.