Liberty Property Trust Benchmarks Energy with WegoWise
Building performance analytics provider WegoWise launched its commercial platform to track and benchmark utility data across all types of commercial buildings, and Liberty Property Trust, a $7 billion real estate investment trust, is one of the first large property owners to deploy WegoWise’s commercial platform.
WegoWise is now tracking utility usage over more than 2.9 million square feet of Liberty’s commercial properties and will continue to be deployed throughout its 81-million-sq-ft portfolio.
Expanding on its expertise in utility tracking for multifamily buildings, WegoWise identifies the least efficient buildings in broad commercial building portfolios for targeted energy upgrades. WegoWise’s commercial platform also offers integration with Energy Star Portfolio Manager, helping customers comply with an increasing number of energy regulations across the country. WegoWise’s technology automatically retrieves utility bill data without extensive office work to populate spreadsheets. The platform then normalizes building characteristics and weather and compares those buildings by energy intensity. The data is deposited into one dashboard that can then be transferred to Portfolio Manager.
Several large cities including New York, Washington, DC, and Seattle require large buildings to benchmark and report their energy consumption using Portfolio Manager, but some building owners in Boston are complaining the cost of benchmarking outweighs the benefits.
In any event, WegoWise says besides benchmarking, its commercial product can help solve the split incentive issue that arises when property owners do not make efficiency investments because renters pay the utility bills; whereas renters do not make investments in property they don’t own. By tracking tenant utility data in WegoWise, owners can demonstrate how different efficiency upgrades reduce costs and develop leases that split costs fairly, expediting energy retrofit projects.
The new commercial platform comes on the heels of WegoWise’s recent acquisition of Melon Power, a benchmarking service for commercial buildings.
Liberty Property Trust says it has achieved over 100 Energy Star labeled buildings and has 50 LEED buildings completed or under construction.
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