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Energy Efficiency Investment in Commercial Office Space NYSERDA COMMERCIAL OFFICE Solutions THE CHALLENGE Governor Spitzer and Mayor Bloomberg have set admirable goals for energy and carbon reduction. THE CHALLENGE The commercial sector has a major role to play in responding to that call.

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the commercial sector has a major role to play in responding to that call

THE CHALLENGE

The commercial sector has a major role to play in responding to that call.

35%

45%

64%

U.S. Total Load

U.S. Peak Load

NY State Peak Load (2007)

Commercial Buildings

slide4

THE CHALLENGE

The commercial sector has a major role to play in responding to that call.

35%

45%

67%

U.S. Total Load

U.S. Peak Load

NY State Peak Load (2030)

Commercial Buildings

the commercial sector represents over 25 of total energy consumption in the state
The commercial sector represents over 25% of total energy consumption in the state.

SOURCE: NYSERDA “Patterns and Trends: New York State Energy Profiles 1991 - 2005

in large markets offices represent the vast majority of commercial space
In large markets, offices represent the vast majority of commercial space.

NYC Commercial Space

Office

65%

35%

Other

SOURCE: Real Deal Databook, 2006, NYC Dept. of Finance

nyc represents over 81 of the total square footage of office space in major state markets
NYC represents over 81% of the total square footage of office space in major state markets.

SOURCE: CBRE survey of major NYS office markets. * Excludes small markets, which may add modest additional sq ft.

manhattan dominates the nyc office market with over 90 of total sf
Manhattan dominates the NYC office market, with over 90% of total SF.

SOURCE: Grubb & Ellis, Q1 2007

major manhattan submarkets
Major Manhattan submarkets

Midtown

Midtown South

Downtown

Brooklyn

Market Profile

tight vacancy in most manhattan submarkets suggest a landlord s market
Tight vacancy in most Manhattan submarkets suggest a “landlord’s market.”

SOURCE: Grubb & Ellis, CBRE, Q1 2007

operating expense clauses define the ability of energy efficiency to reduce costs
Operating expense clauses define the ability of energy efficiency to reduce costs.

1. Direct operating cost pass-through

2. Indexed escalation

3. Fixed escalation

in pass throughs expense reductions may accrue only to tenants
In pass-throughs, expense reductions may accrue only to tenants.

1. Direct operating cost pass-through

BARRIER

2. Indexed escalation

Building Systems Improvements

3. Fixed escalation

in other clauses significant incentives to invest exist
In other clauses, significant incentives to invest exist.

1. Direct operating cost pass-through

BARRIER

2. Indexed escalation

Building Systems Improvements

3. Fixed escalation

INCENTIVE

however individual leases within a single building may treat expenses differently

Recoverable to Owner

Unrecoverable to Owner

However, individual leases within a single building may treat expenses differently.

Expense Pool 1

8 leases

Expense Pool 2

6 leases

Expense Pool 3

3 leases

HeatingCoolingCA Elec

HeatingCoolingCA Elec

HeatingCoolingCA Elec

in all cases landlord interest in promoting tenant electric measures will be affected by metering

Direct-metered

Sub-metered

Master-metered w/o sub-meter

In all cases, landlord interest in promoting tenant electric measures will be affected by metering.

NEUTRAL

Tenant Electric Improvements

MARK-UP BARRIER

INCENTIVE

  • Indexed & Fixed Escalation
cbre suggests that many tenants are becoming cost conscious for building energy expenses
CBRE suggests that many tenants are becoming cost-conscious for building energy expenses.

Increased energy awareness

Increase in tenant operating cost audits

Pressure to improve operations to attract & retain tenants

Government incentives

there is disagreement in the marketplace whether this will translate to rent differentials
There is disagreement in the marketplace whether this will translate to rent differentials.

City and State mandates may render this question moot.

?

Focused deployment of resources may lessen the need for mandates.

the first step is to streamline nyserda s ability to address owner motivations

Owner Motivations

NYSERDA Resources

ONE STOP SHOP

Energy Savings

Base Year Reductions

2015/2030 Compliance

Labels/Awards

Attraction/Retention

Rent Increases

ECIP

FlexTech/TA

Peak Load Reduction

Small Commercial Lighting

HVAC & Building Performance

Energy $mart Loan Fund

ECIP

FlexTech/TA

Peak Load Reduction

Commercial Lighting

HVAC & Building Performance

Energy $mart Loan Fund

The first step is to streamline NYSERDA’s ability to address owner motivations.
we will initially target specific types of office building within their portfolios
We will initially target specific types of office building within their portfolios.
  • Master-metered
  • Indexed & fixed rent escalation clauses
  • Single-tenant/ Owner occupant
  • Large tenants
analysis suggests a number of entities will be responsive to the marketability of green
Analysis suggests a number of entities will be responsive to the marketability of green.
  • REITs
  • Company headquarters
  • Major not-for-profits
  • Companies with current green practices
establishing partnerships is the most critical task we can undertake in this effort
Establishing partnerships is the most critical task we can undertake in this effort.
  • The Clinton Foundation
  • New York City Mayor’s Office
  • REBNY
  • Partnership for New York
  • New York City Energy Task Force
  • BOMA
building owners managers and tenants are looking for means to respond

Energy Efficiency & Load Reduction

Carbon Footprint Reduction

THE CHALLENGE

Building owners, managers and tenants are looking for means to respond.
  • Reduced operating costs
  • Government incentives
  • “Green prestige”
  • Marketable tenant spaces
a fast forward switch to sustainability

THE SOLUTION

A fast forward switch to sustainability

NYSERDA’s ONE-STOP-SHOP

Commercial office energy efficiency & peak load reduction

SIMPLE…SENSIBLE… SUSTAINABLE.

COMINGSUMMER 2007

a dedicated account executive will connect office clients with resources based on individual needs

Owner Goals

  • Peak load reduction
  • Carbon reduction
  • Building performance
  • Technical Assistance
  • Basic assessment
  • Financial guidance

One Stop Shop

  • Financial Incentives
  • Capital
  • Operating

$

STEP ONE

A dedicated account executive will connect office clients with resources based on individual needs.

Client

benchmark your portfolio to evaluate usage and prioritize among properties

STEP TWO

Benchmark your portfolio to evaluate usage and prioritize among properties.

ENERGY STARPortfolio Manager

  • Upload data
  • Evaluate usage against peers
  • Track performance

Forthcoming Enhancements

  • Make New York comparisons
  • Evaluate tenant spaces
  • Measure potential savings

www.energystar.gov

perform basic energy assessments in target buildings and prioritize energy saving steps

STEP THREE

Perform basic energy assessments in target buildings and prioritize energy-saving steps.

Evaluate medium-term opportunities

● cogeneration ● load curtailment ●heat recovery

Identify near-term strategies

●lighting ● motors/drives ● retro-commissioning

Develop comprehensive approach to savings goals

address systemic barriers and create value from savings

$ Operating Costs

STEP FOUR

Address systemic barriers, and create value from savings.
  • Incentives
  • Federal
  • State
  • Local

$Operating Savings

recognize building owners and managers for progress toward established goals

STEP FIVE

Recognize building owners and managers for progress toward established goals.

Setting goals: Benchmarking and establishing savings goals.

Short-term achievements: 10% by 2010 through low-cost O&M and capital improvements.

Long-term achievements:Reducing energy 15% by 2015, and carbon 30% by 2030.

slide31

NYSERDA’s ONE-STOP-SHOP

COMINGSUMMER 2007.

CONTACT

Kimberlie A. Lenihan

Project Manager, NYSERDA

518.862.1090 x3410

kal@nyserda.org