08:28:29 | 2012-05-14
(New York, NY) — As one of the most significant members of the Manhattan skyline; the Empire State Building has long been an iconic staple in the city of New York. While the building still looks to same to those who pass by it every day, the 81-year-old building has recently gone under a massive makeover. Even though the skyscraper is about to be dethroned from its position as tallest building is New York once the 102 floor One World Trade Center is finished, the remodel is not being done to the outside of the structure, but to the inside.
The three year makeover was designed to cut the building’s energy use and to remodel the look of the current office suites to make them more modern. The initiative was put in place to help the building join the recent “green movement” and to attract new tenants willing to pay higher rents. While the Empire State Building may be one of the most publicized buildings to go under this type of renovation; it isn’t the only building. As many of the country’s biggest towers start to age they are undergoing these transformations and achieving significant energy savings.
The process of remodeling these buildings also known as doing a retrofit, is helping buildings like the Empire State Building save millions. Even though a large upfront payment of around $20 million was required in order for the Empire State Building to go under these renovations; the building is expected to have an estimated return of 4% on the investment. However, there are other buildings seeing returns in the triple digits, after going through the retrofit project.
The retrofit industry is helping these larger towers do these massive renovations all while the industry creates numerous new employment opportunities. In fact, there is an estimated six jobs created for every million dollars spent in the retrofit industry; meaning that the industry alone will provide almost 100,000 jobs to U.S. citizens. After the success of the high profile Empire State building renovation; those in the retrofit industry are hoping that more of the country’s larger towers will follow suit and embrace the energy-saving movement as well.
—Email rlorenzen@brokerpulse.com
