Weekly Update

January 9, 2025

Greetings From Your 2025 BOMA Cal President

Heartfelt greetings to the BOMA California Community! As we embark on a new year, I am excited to serve as your 2025 BOMA California President.

Together, I know that our eight local BOMAs in California will pull together to advocate for our industry as we face legislative challenges that will potentially affect the commercial real estate industry.

In the 2024 election, we can feel proud that the measures which BOMA California took a position on had favorable outcomes. These included propositions to curtail retail theft, maintain current rent control laws, prevent minimum wage increases, and support our schools.

If you belong to a local BOMA, we thank you for supporting and contributing to our statewide association. If you are not currently a member, we hope that you will join us. Our state is known for its spirit of innovation, and BOMA California embodies that ethos fully.

Let’s embrace opportunities that enhance our industries, our communities, and our way of life. Please take the time to share your ideas, thoughts, and experiences with me.

- Glenn Good, BOMA Fellow, BOMA California President 2025

LA Fires – How You Can Help

As wildfires continue to devastate Los Angeles Area communities, BOMA California extends our thoughts to everyone affected by these disastrous events. The safety and well-being of our members, partners, and the broader community are our top priorities during this challenging time. For those interested in helping those in need, we’ve provided some resources below.

Support the California Fire Foundation Wildfire and Disaster Relief Fund which is working with local agencies to support victims of these fires.
The American Red Cross is working to provide shelter, food, and other health services across Los Angeles County. You can donate to their disaster relief fund here.
Friends in Deed is providing emergency shelter and services to homeless and at-risk individuals in Southern California. You can donate here.

Thank you for your support of our communities in need. To those impacted, if BOMA California can be of any support, don’t hesitate to reach out.

Save The Date For 2025's Signature Events

BOMA International Winter Business Meeting

January 24-27, 2025 | Indian Wells, CA

Legislative All-Star Luncheon

February 19, 2025 | Sacramento

BOMA International Conference

June 28 - July 1, 2025 | Boston

California Commercial Real Estate Summit

August 26-27, 2025 | Sacramento

West Coast Strategic Issues Conference

November 6-7, 2025 | San Diego

Check Out BOMA California's Annual Report

As we welcome 2025, we’re pausing to look back on all that 2024 brought us. BOMA California’s Annual Report provides a glimpse into the year, showcasing our achievements, the obstacles faced, the events we hosted, and the efforts we made to champion our industry and support our members.

BOMA California's Board of Directors and staff extend our heartfelt gratitude to all our members. Your dedication, engagement, and support enable us to advocate with strength and purpose for our industry in Sacramento. Together, we are driving meaningful change!

VIEW REPORT

BOMA California Partners on Prop 36 Kickoff

Proposition 36, a measure designed to make communities safer by increasing penalties for certain theft and drug crimes, passed overwhelmingly with nearly 69% of the vote. BOMA California was among the first business groups to endorse Proposition 36 due to the impact retail theft and organized retail crime have had not only on the commercial real estate industry but also on the broader economic health of our state.

BOMA California participated in a Proposition 36 implementation meeting on December 12th in partnership with California Business Properties Association and California District Attorneys Association. This event convened over 100 professionals from the commercial real estate sector, law enforcement, and various other stakeholders to strategize on the next steps in bringing Prop 36 to life. We look forward to continued partnership with stakeholders and engagement on this critical issue.

Governor Newsom Proposes Balanced 2025-26 Budget

Governor Gavin Newsom has declared that the state is on track to achieve a "modest" budget surplus in 2025 after two consecutive years of deficits. Unveiling his $322.2 billion budget proposal this week, Newsom assured that the plan avoids both cuts to core programs and tax hikes, as stakeholders begin to react to the details.

The brighter fiscal outlook is attributed to a $16.5 billion surge in state tax revenues, driven by strong stock market performance and investment returns. Additionally, the proposal includes $17 billion drawn from reserve funds.

Newsom will formally present the budget to the legislature on Friday, with lawmakers and the governor facing a June deadline to finalize details.

GOVERNOR'S ANNOUNCEMENT

Resources On New Legislation Signed Into Law

The 2024 legislative session led to numerous new laws impacting the commercial real estate industry. BOMA California has created fact sheets to help keep you informed on new laws. These legislative summaries include:

AB 98 - Warehouse Development Restrictions
SB 1103 - Commercial Lease Mandates
AB 2364 - Janitorial Regulations
AB 2904 - Industry Sponsored Zoning Notice Bill
And more!

While these summaries outline the significant provisions and implications of the new laws, it is not intended to serve as legal advice. Members are encouraged to consult with legal counsel for specific guidance on compliance on new laws.

Follow BOMA California On LinkedIn!

View as Webpage