New York City is on the brink of a significant wave of elevator replacements, driven by aging systems, new legislation, and the push for modernized buildings. With over 70,000 elevators in the city, many are reaching the end of their 20-25 year lifespan, and landlords are facing costs of up to $500,000 per replacement.

Several factors are accelerating this trend, including ADA compliance, Local Law 97’s emission reduction targets, and the demand for more advanced systems in modern office and residential spaces. Elevator manufacturers like Otis and Schindler are ramping up operations to meet the growing demand, while smaller firms are expanding their workforce to handle the surge in business. The elevator modernization push is part of a larger effort by landlords to attract tenants and improve building value, with new technology offering faster, more energy-efficient rides. However, challenges remain, including rising costs, supply chain issues, and a shortage of specialized workers needed to carry out the modernizations.

Original article posted on September 2, 2024