According to the Journal News, New York, more of the commercial real estate industry is embracing green technologies due mainly to market forces.
“Who knows where energy rates are going?” asked John Barnes, senior vice president of SL Green Realty Corp.’s Reckson division. “Three dollars a foot in electric [costs] could be $5 a foot in a very short period of time.”
Jeffrey H. Newman, executive vice president of W&M Properties, noted that some green technological improvements in office properties are done with the health of a building’s occupants in mind.
CB Richard Ellis has vowed increase its use of renewable energy. The property services giant also has pledged to assist tenants with energy-efficiency programs. On the downside, an increasing number of utilities are pulling back on incentive p-rograms.