The other thing the industry was lacking was good benchmarks. It turned out that there were no good reference systems for industry-wide comparison of commercial real estate. The benchmarks that did exist were either based on largely undisclosed input data (TM46), modeled on a wide range of assumptions and not regularly updated (ECON19), US specific (EnergyStar), or the property of service providers.
There was – and still very much is – also the problem of getting access to reliable and granular consumption data about assets in the first place. But we’ll get to that point later.
Given the absence of reliable benchmarks, the BBP set out to create their own. The objective was to provide a relevant reference with traceable input data to operators in the commercial real estate industry. In this case, UK offices and retail. The driving idea behind this effort was that once landlords had access to granular and reliable benchmarks, they would find it easier to validate the performance of their assets, learn from shared best practices, and ultimately reduce resource consumption and emissions across their portfolios.
When REEB – the Real Estate Environmental Benchmark – was launched in 2010, the BBP started with just over 300 assets in the benchmark. As of 2015, the REEB dataset comprised nearly 1,000 of the top UK commercial properties, contributed by no fewer than 24 major investor members. Several hundreds of assets have multiple years of electricity and (where applicable) gas consumption data, and sometimes also water.
For 2016, the BBP’s intention is to implement a wide range of improvements to the programme. So a search was conducted for a partner to help take REEB to the next level in order to:
We are today extremely happy to announce that EnergyDeck are the chosen partner for the next stage of REEB. We were selected from a wide pool of applicants and through a process spanning multiple rounds, in order to ensure that all of the BBP’s members were on board (or shall we say, deck!).
We are especially proud that our core mission was recognised as a major alignment with REEB – the aspiration to help drive the industry forward by providing better data and advanced insights into asset performance, delivered through a platform that makes this process as automated, streamlined and transparent as possible.
Speaking of which, we have a few more thoughts on how we can help take REEB even further. Having access to such a large dataset presents an exciting opportunity in its own right. But we think it can be improved over time by:
But more on this another time. We have work to do and can’t wait to get started, so let’s get cracking!
REEBooting in 3, 2, 1, …
CEO, EnergyDeck Ltd