BOULDER COMMONS

Boulder Commons is a 100,000 square foot multitenant project in Boulder, Colorado, that demonstrates the feasibility of net-zero energy (NZE) commercial real estate. The project achieved NZE through a combination of high-efficiency building systems and 575 kW of solar PV, including an innovative vertical installation on the southeast façade. The developer, Morgan Creek Ventures, implemented a specific NZE lease structure that includes plug load budgets for tenants and annual recommissioning to ensure performance. Financially, the project saw a 12% hard cost premium (excluding solar) but expects higher net cash flow due to increased tenant retention and a lower capitalization rate at the point of sale.

• Boulder Commons is identified as the largest multitenant net-zero energy (NZE) project in the U.S., serving as a model to prove that NZE-leased buildings offer a compelling value proposition for developers, landlords, and tenants.
• The project achieved an estimated Energy Use Intensity (EIU) of 26 kBtu/sf before solar PV, which is 70% lower than the average office building in Boulder.
• To reach NZE, the project utilized a 575 kW solar PV system producing 716,397 kWh/yr. This included an innovative installation of 205 kW on the southeast façade, which was more cost-effective than deeper efficiency measures because it offset exterior cladding costs, resulting in an incremental cost of only $42/sf.
• The developer faced a 12% hard cost premium compared to code-compliant office buildings in Boulder (excluding solar PV, site, and soft costs). However, the project is expected to see 5% higher net cash flow over 10 years due to an anticipated 10% increase in tenant retention and 5% higher occupancy rates.
• The business case for the landlord includes a projected $33/sf premium at the point of sale, driven by an anticipated capitalization rate of 5.5%, which is 0.5% lower than typical office buildings.
• Tenants benefit from reduced operating expenses (approximately 13% lower) because they do not pay a utility bill as long as they remain within their energy budget. Additionally, the building's design is intended to increase employee productivity by 6–16%.
• A specialized NZE lease model was developed requiring all tenants to adhere to a plug load budget of 7 kBtu/sf, which is 69% below the U.S. average for office plug load usage. Tenants exceeding this budget must pay the incremental utility bill and purchase renewable energy certificates (RECs).

APA

RMI (2018). BOULDER COMMONS. https://rmi.org/app/uploads/2018/01/BoulderCommons_casestudy_digital-1.pdf

Chicago

RMI. BOULDER COMMONS. 2018. https://rmi.org/app/uploads/2018/01/BoulderCommons_casestudy_digital-1.pdf.

Wikipedia

{{cite report |author=RMI |title=BOULDER COMMONS |date=January 2018 |url=https://rmi.org/app/uploads/2018/01/BoulderCommons_casestudy_digital-1.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{rmi2018boulder, author = {{RMI}}, title = {{BOULDER COMMONS}}, institution = {RMI}, year = {2018}, month = jan, url = {https://rmi.org/app/uploads/2018/01/BoulderCommons_casestudy_digital-1.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }