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• Equipment nearing end of life
• New heat source potential
• Shifting tenant loads
• Poor indoor air quality
• Façade maintenance
• Resilience upgrades
• Repositioning
• Recapitalization
• Capital event cycles
• Tenant turnover/vacancy
• Carbon emission limits
• Tenant and investor sustainability
demands
• Building codes
• Technology improves
• Market supply and demand changes
• Policy advances
• Utility prices fluctuate
• Infrastructure transitions
• Fuels phase out
• Assets are stranded
