New York City hopes to source 70% of its power from renewable sources by 2023, according to a report released by CBRE. Based on the positive response of this transition to date, all indications point to the start of a new trend.
Since 2019, New York has committed over $50 billion to the state's energy transition. Most of this funding has gone to offshore windmills, solar arrays and battery storage, electric vehicle charging stations, and a nearly 350-mile-long clean energy transmission line. These projects are in various stages of development.
Between 2019 and 2023, 15 companies secured 114,705 square feet of space in the solar market; 7 companies signed leases totaling 127,136 square feet in the offshore wind sector; and 2 companies signed leases totaling 21,687 square feet in infrastructure.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
