NYC Mayor Predicts Quick Comeback for Local Commercial Real Estate

Kicking off the Building Owners and Managers Association of Greater New York's (BOMA) Energy Action Day!, NYC Mayor Michael Bloomberg said despite the gloom and doom heard daily in the media, he is confident that NYC will weather the current economic tough times better than any other city. "New York is the place where people want to be; it's the capital of more industries than any other city. We've been written off many times. The post 9/11 zeitgeist was that no one would move downtown, but we have more companies today than in 2000 and twice as many people living downtown."

Part of New York's attraction is its goal to be America's greenest major city, he stated, calling on BOMA/NY's members, who manage 400 million square feet of commercial office space, to keep up "the good work you've performed over the past 15 years by continually lowering the energy costs of your buildings. The way you manage costs may be painful, but long-term, it is good for the economy and good for the City."

The Mayor, who has pushed the City to spend $100 million to save energy immediately through "small simple things like changing to compact fluorescent bulbs (CFL) and insulating windows," said "the secret" to enrolling the public is to "see savings right away."

Mayor Bloomberg says he is also pushing for legislation to give commercial tenants benefits regarding energy use and to make existing "going green regulations" more user-friendly.

"In the end it is the people in this room who get the people in the City to save energy, which makes us more competitive--you are going to be the stars." Green buildings attract and retain tenants and a "green agenda ultimately helps the taxpayers," the Mayor concluded.

Source: BOMA NY