USA - ALABAMA Trends and Developments Contributed by: Adam J. Sigman, Crystal H. Walls, Nathan Stotser and Katie Sinclair, Dentons
cial leasing remained steady, and multiple mul - ti-tenant office redevelopments are ongoing in the CBD and midtown supermarkets, including the Hardwick, which is expected to add around 40,000 square feet of office space to the CBD. While some have predicted that office devel - opment will continue in the future, it is unclear whether this will favor the suburban market or the CBD/midtown areas, given the lack of growth over the past few years. With office spaces open and generally fully func - tional, building owners and managers should stay up to date on the newest regulations to avoid potential liabilities. Specifically, the CDC has directed building owners to review the guid - ance from the Building Owners and Managers Association (BOMA), which assembled a task group from across North America to develop best practices for owners and managers. BOMA recommends that owners meet with their risk managers and insurance brokers to review policies and coverage, and to assess new and ongoing liability risks. Guidance for Businesses and Employers From a Real Estate Perspective In general, all the major asset classes are expe - riencing and undergoing evolution in design and use. Office spaces are now more efficient with the use of space, reducing space demand. Mul - tifamily projects are transforming from simple complexes to luxury-oriented locations with a focus on extensive amenities, and retail contin - ues to evolve with an increased focus on experi - ences tied with food and other activities, in addi - tion to shopping. Although there were fewer updates on any poli - cies concerning health safety practices in 2023 than in previous years, it is important for employ - ers to keep in mind that the CDC has provided
Interim Guidance for Businesses and Employers, which offers guidelines and recommendations for employers to protect their workers and cli - ents. Specifically, the CDC has referenced the guidance provided in ASHRAE Standard 180- 2018, Standard Practice for the Inspection and Maintenance of Commercial Building HVAC Sys - tems. The best insurance building owners can have is to schedule and document an inspec - tion of HVAC systems. Current and potential real estate investors should carefully study each particular law, as they vary greatly regarding the types of businesses covered and the extent to which local health department guidance must be followed to qualify for immunity. Office owners and managers will want to review the current construction start-up guidance, particularly for HVAC systems that have been shut down or put on setback, and possibly to consult with legal counsel to cover all of their bases. Employee burnout in workplaces continued in 2023. The American Psychological Association provides five areas of focus for employers and companies: • employee involvement in decision-making; • work-life integration; • employee growth and development; • employee recognition; and • health and safety. Employers would be wise to address these are - as, and to show consideration for not only the physical health and safety of employees but also their mental health. The Corporate Transparency Act The Corporate Transparency Act (CTA) became effective on 1 January 2024, and now requires entities to report information, including specific beneficial ownership information, to FinCEN (the
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