Introducing Source Forward: A Driver for Climate Action and Profitability in Commercial Real Estate
The CRE industry is at an important crossroad.
Market growth is slowing with many players posting average growth. New development activity is at record lows across most property types. The only exception being multi-family and hotel projects.
Furthermore, there are growing concerns about climate change and environmental degradation. According to the U.S. Department of Energy, commercial buildings account for 35 percent of energy usage and 16 percent of carbon dioxide emissions in the U.S. These metrics paint CRE as one of the highest polluting industries. This fact has made the industry a major target for climate action. As such, the government is putting pressure on CRE owners to adopt more sustainable practices or risk severe financial penalties.
The situation has left many property owners and managers in an uncertain position. Balancing your top line and bottom line growth with the government’s ever-evolving sustainability guidelines is almost impossible.
Fortunately, there are strong and rewarding incentives to adopt more sustainable practices. The government, along with utility companies, are offering aggressive rebate programs to do so. But beyond government incentives, greener buildings inherently have strong cost benefits. These include reduced costs, slower depreciation, higher tenant demand, and greater sale prices.
However, owners are finding it difficult to effectively take advantage of these opportunities. There are numerous energy incentives and rebate programs to sift through. None of which are centrally located or easy to find. Then complicated application and evaluation processes dissuade owners from taking action. In addition, it's difficult for owners to understand what the ROI of these projects will be.
This is where Source Forward steps in.
Based in New York City, our team firmly believes the current environment holds immense opportunity for increased profitability. Greener buildings aren't just more sustainable, they're way more valuable. And with current rebate programs, they're also highly cost-effective to implement as well.
Our team has worked closely with utility companies to analyze hundreds of subsidy and rebate programs. We've gained unique insight into which sustainability measures are most impactful for profitability. And within six months of launch, we secured over $200 million in utility incentives and rebates for our clients via insulation upgrades. With these projects, Source Forward is rapidly emerging as a leader in driving sustainability for CRE.
The key to our success lies in our deep understanding of building facilities and property level financials. We pair that knowledge with continuous research on emerging building technologies. Then we determine how those elements can benefit from national and regional energy initiative goals. Our approach enables quick determination of the most advantageous programs for property owners. We're then able to swiftly execute and capitalize on the opportunity windows of these programs.
"We are believers that sustainable buildings translate into more profitable assets," states Sarah Mae Selnick, Head of Partnerships. "Our aim is to streamline the process of accessing energy incentives. We help building owners in integrating green technologies while maximizing their financial gains."
Source Forward assists building owners in a range of sustainable profitability services. Currently, our main offerings include EV charging station implementation, insulation upgrades, motor retrofits, and rebate administration consulting.
What sets Source Forward apart from your standard consulting firm is our team. We blend our expertise in real estate, building technology, and sustainability with strong partnerships alongside utility companies and specialized contractors. This mix enables us to provide complete services that go far beyond consulting. We're not here to deliver research reports. We're here to build your bottom line.
"We're far more than consultants," notes Jamie DeNicola, Head of Business Development. "We're sustainability partners who are fully invested in our clients’ success. From the initial assessment to project execution to managing rebates, we take care of the entire process."
With climate change continuing to be an ever-growing concern. The need for sustainable building practices is expected to only grow further. In this context, Source Forward is taking a leading role in the sustainability movement. By making sustainability both accessible and lucrative, we're driving CRE forward into a greener, profitable future.
