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Although IoT technologies now provide extensive operational data, heterogeneous data models, device descriptions, and contextual representations continue to limit semantic interoperability, limiting the development of generalisable, autonomous, context-aware BEM applications. Ontologies address this challenge by providing structured, machine-interpretable representations of building data, systems, and operational context. This survey examines semantic modelling for BEM during the building operational phase. It reviews 60 semantic models and analyses more than 20 ontology-based BEM use cases. It further quantifies Ontology Instantiation Rates (OIR) and missing concepts across those use cases. 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