Air Pollution, Carbon Monoxide, Smoke, Fire

In the midst of economic uncertainty, there is one constant within the real estate market: safety. More to the point, the only thing separating a residential home or commercial property from devastation is the right protection. And, lest I come across as too alarmist or unfamiliar with the "real world," I write these words from Southern California, where fires and other natural disasters can quickly destroy buildings, upend lives and cause massive financial losses. Also, while I believe fire safety should be part of any property ownerâs vocabulary, I recognize that maintenance of existing fire safety equipment is often the difference between saving a building and watching something go up in flames.

For commercial building owners, including hoteliers and anyone else in the service or business industry, it is essential to do an overview of all existing fire safety equipment. This inventory of sprinklers, alarms, pipes and pressure systems can produce considerable savings. Think of the alternative: a fire starts, quickly enveloping multiple floors of a high-rise, and none of the sprinklers - no matter how expensive or advanced this equipment may be - start, leaving tenants trapped.

If this scenario seems too far fetched, or if this warning seems too removed from the everyday concerns of commercial real estate, I would remind people that fire is one of the biggest threats - and one of the largest insurance liabilities - a commercial property can face. So, it is one thing to install fire safety equipment, which various laws require, but it is something else, entirely, to inspect and maintain these devices. On this latter point, too many building owners fail to give themselves - and their tenants - the peace of mind they deserve.

By making safety a hallmark of service, commercial property owners can distinguish themselves in an otherwise depressed marketplace. For example: when the difference between two otherwise identical (in terms of square footage, pricing and amenities) buildings is an emphasis on safety, then prospective tenants will gravitate towards a property that makes protection a priority.

This emphasis on working with licensed, fire safety professionals is yet another way for building owners to stand apart from the competition. In addition, this campaign for safety may result in lower insurance costs; these types of rewards translate directly into savings for owners, which can be reinvested for other real estate projects. In fact, the success of other campaigns - like the green movement and the push for energy efficiency - proves that tenants want to partner with building owners who are also good citizens. Meaning: safety begets many returns, attracting more prospective occupants and favorable press attention.

As someone who values these principles, I can attest to the importance of protection as a workplace necessity. With this commitment to properly maintaining existing fire safety equipment, building owners can enjoy the best form of free advertising: word-of-mouth testimonials from tenants who appreciate this campaign against possible threats and probable hazards. The long-term benefits will be evident to everyone - higher occupancy rates, increased applications by prospective tenants and the respect of colleagues. Those goals are admirable, indeed.

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