CoStar Group, US DOE team up to advance building energy usage information
The CoStar Group, Inc., a leading provider of commercial real estate information, analytics and online marketplaces, will collaborate with the US Department of Energy (DOE) to advance and promote commercial and industrial buildings’ energy usage information. In an effort directly tied to the company’s commitment to fostering environmentally responsible business practices, CoStar plans to display building energy efficiency and energy performance information in the CoStar Property® database.
State and local governments across the country are implementing policies requiring businesses to disclose building energy usage information. This information will soon be funneled to CoStar for display in its database. Washington, DC and Chicago will be the first two cities with commercial real estate energy usage data to appear in CoStar’s system. This information is expected to be available later this year, with more cities’ building energy usage information becoming available regularly.
For more than 30 years, CoStar has grown to provide the most comprehensive data and intelligence solutions available to professionals involved in every aspect of multifamily and commercial real estate. CoStar previously partnered with the Environmental Protection Agency to display ENERGY STAR ratings and with the US Green Building Council to display LEED-certified buildings in the CoStar database.
The company already identifies, highlights and promotes the benefits of more than 15,000 Energy Star-labeled and LEED-certified properties currently in its database. In addition, CoStar incorporates an environmentally friendly approach to its research initiatives. The company has a fleet of more than one-hundred low-emission research vehicles and the company’s headquarters in Washington, DC is LEED-certified platinum.
“CoStar is thrilled to partner with the Department of Energy in creating a cleaner future for our communities,” said Andrew Florance, Founder and CEO of CoStar Group. “We believe providing energy data on commercial, multifamily and industrial properties will contribute to long-term advancements in energy efficiency across the nation. This information also provides our customers – including brokers, owners, investors and lenders – with intelligence they can use to find their edge in the market and make informed decisions.”
“Reducing wasted energy in our buildings is one of the quickest and most cost-effective ways to reduce energy bills for Americans, make local communities more affordable, cut harmful pollution, and create new jobs,” said Dr. Kathleen Hogan, US Department of Energy Deputy Assistant Secretary for Energy Efficiency. “DOE’s partnership with CoStar Group will not only improve our understanding of the benefits of energy efficiency for building owners and occupants, but will also result in an historic expansion of the energy efficiency information available to commercial real estate consumers that will drive demand for energy efficiency improvements nationwide.”
According to the DOE, buildings commonly account for as much as eighty percent of local carbon emissions generated within cities, and hundreds of millions of dollars in collective energy costs for residents and businesses. Increased transparency within this sector is expected to drive progress. An increasing number of city governments across the country are beginning to require this energy information to be reported by businesses. Participating cities currently include Atlanta, Boston, Boulder, Chicago,Kansas City, New York, Philadelphia, Portland, Seattle, and the District of Columbia.