When it comes to developing and implementing commercial or multifamily building performance policies, many cities desire long-term and mutually beneficial relationships with their local real estate communities. These relationships enable cities to more effectively drive legislation forward that reaps maximum benefits and ensures a thriving, resilient community for all. However, policy development and implementation can be challenging when neither building owners nor tenants have absolute control over energy consumption and are disincentivized to make building performance improvements. To overcome this hurdle, it is important that policymakers understand the business side of real estate. Until then, building performance policies will not be able to achieve their fullest potential impacts. This document aims to enhance city personnel perspectives on how the real estate industry functions—including how different market actors work together throughout the various phases of a building’s lifecycle—and foster more meaningful conversations with stakeholders.