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  1. Energy Efficiency Investment in Commercial Office Space NYSERDA COMMERCIAL OFFICE Solutions

  2. THE CHALLENGE Governor Spitzer and Mayor Bloomberg have set admirable goals for energy and carbon reduction.

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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.

  8. Manhattan dominates the NYC office market, with over 90% of total SF. SOURCE: Grubb & Ellis, Q1 2007

  9. Major Manhattan submarkets Midtown Midtown South Downtown Brooklyn Market Profile

  10. Tight vacancy in most Manhattan submarkets suggest a “landlord’s market.” SOURCE: Grubb & Ellis, CBRE, Q1 2007

  11. Operating expense clauses define the ability of energy efficiency to reduce costs. 1. Direct operating cost pass-through 2. Indexed escalation 3. Fixed escalation

  12. 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

  13. 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

  14. 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

  15. 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

  16. 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

  17. Importance of labels & awards This may result is a “pressure to green” to attract and retain tenants.

  18. 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.

  19. 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.

  20. We plan to reach out to the top owners and managers of NYC office space. SOURCE: CB Richard Ellis

  21. 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

  22. 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

  23. 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

  24. 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

  25. 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

  26. 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

  27. 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

  28. 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

  29. $ Operating Costs STEP FOUR Address systemic barriers, and create value from savings. • Incentives • Federal • State • Local $Operating Savings

  30. 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.

  31. NYSERDA’s ONE-STOP-SHOP COMINGSUMMER 2007. CONTACT Kimberlie A. Lenihan Project Manager, NYSERDA 518.862.1090 x3410