ASTM Adopts a New Phase I Environmental Site Assessment Standard
Environmental Partner, Sedina Banks, published "ASTM Adopts a New Phase I Environmental Site Assessment Standard" in the Fall 2022 issue of NAIOP's Development Magazine. In her article, she discusses the revisions made to ASTM's Phase I environmental site assessment standard and how it will affect commercial real estate transactions. Sedina also shares the importance of a comprehensive ESA in that it helps purchasers determine whether there is an environmental issue that might require a site assessment, as well as avoid Superfund liability by complying with the "all appropriate inquiries" requirement.
"In late 2021, ASTM International revised its standard for conducting Phase I environmental site assessments (ESAs), a change that will affect most commercial real estate transactions. First published in 1993, the standard, officially known as ASTM E1527, is revised every eight years to ensure that it continues to reflect the current best practices for conducting ESAs."