In the latest episode of The REIT Report: NAREIT's Weekly Podcast, Cliff Majersik, executive director of the Institute for Market Transformation, discussed a new effort from the U.S. Department of Energy (DOE) and CoStar Group, Inc. to provide more information on the energy efficiency of buildings.
Last month, the DOE and CoStar announced a plan to display building energy performance information in the CoStar’s online property platforms. The information will come from the growing amount of data that is being disclosed via through city and state benchmarking and transparency laws.
Majersik said the new initiative will provide needed information for "key decision-makers," including brokers, tenants, investors and appraisers.
"It's greatly increasing the energy performance information of buildings," he noted.
Majersik said the spread of information will also put pressure on building owners to boost the energy efficiency of their properties. "We expect this is going to create a virtuous cycle of competition," he explained.
Spending on energy in buildings in the United States annually tops $400 billion, according to Majersik, and estimates show approximately 30 percent of energy usage could be cut through investing in more efficient technology and operational changes.