New York City is experiencing a surge in energy-related leasing as the state commits to sourcing 70% of its power from renewable sources by 2030, investing over $55 billion. According to CBRE’s report, this trend can be attributed to green energy companies expanding their operations in order to take advantage of the state’s transition towards sustainable energy, access top talent and benefit from an improved investment climate.
In 2022 alone, a record-breaking number of thirteen firms involved in the energy sector – nine being renewable companies – signed leases. This trend continued into 2023 with eight more firms signing leases for NYC properties. The total amount of leased space for these transactions reached an impressive 165,000 sq.ft., reflecting New York State’s commitment towards advancing its clean energy programs.
CBRE representative Ben Friedland stated that while it may still be early days for this trend, it is definitely one worth keeping a close eye on over the next few years. With such promising growth and potential within Manhattan’s green-energy related leasing market , there are sure signs that this industry will continue thriving well into the future.
