To meet NYC's aggressive new emissions standards, owners of existing buildings should consider starting sooner than later. According to Urban Green's 2019 Retrofit Market Analysis, building owners only spent $235 million on efficiency improvements. However, in the next four years, that market must grow to about $2.2 billion to meet the 2024 goals and to a whopping $18 billion by 2030.
Owners today must consider the impact of time on costs and competition. Early action will cost less and will position buildings to be competitive in a highly competitive NYC leasing market. Enlightened owners would be wise to find a Performance Advocate to help them set goals and develop a plan that leverages every investment in a building to deliver the most of what's possible in terms of energy efficiency.