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Katrina's oil, gas shock to hurt office tenants.

Publication: Westchester County Business Journal
Publication Date: 26-SEP-05 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Katrina's oil, gas shock to hurt office tenants.(real ESTATE UPDATE)

Article Excerpt
Executives in Fairfield and Westchester counties may be congratulating themselves for locating their businesses in the Northeast, where natural disasters on the scale of Hurricane Katrina are essentially unheard of. They may feel less secure when they realize the financial toll Katrina may take on their businesses through higher energy bills.

One 700,000-square-foot tenant I work with has already started meeting with energy consultants to mitigate the impact. Luckil, there are concrete steps that all tenants can take to protect themselves.

Despite the news media's obsession with crude oil, the worst financial impact will likely come from natural gas. Sixty-one percent of office buildings depend on natural gas, consuming about 28 cubic feet of gas per square foot of space annual. With consumption of this significance, office buildings will be profoundly affected by price rises.

Electrical generation accounts for one-quarter of our natural gas consumption, meaning your...

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