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Green Energy-Related Leasing Accelerates in Manhattan
Energy-related leasing in New York City is growing as the state commits over $55 billion to source 70% of its power from renewable energy by 2030, according to CBRE’s report. The trend is attributed to green energy companies expanding operations to capitalize on the state’s green energy transition, access to talent, and improved investment climate.
A record 13 energy-related firms, including nine renewable companies, signed leases in 2022. In 2023, eight energy-related firms, all renewable, signed NYC leases. Energy-related investment leasing reached 165,000 sq. ft. across 10 transactions in 2023, reflecting the state’s advancing energy transition programs.
“These are the early days, but energy-related leasing is definitely a growing trend to keep a close eye on over the next few years,” said CBRE’s Ben Friedland.
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