Flexibility from building loads can be used for integrating renewable energy and providing different grid services. It is challenging to quantify and compare the flexibility from different classes of building loads due to their diversified characteristics and dynamics. Methodology has been proposed to model building loads as a virtual battery (VB), which is simple and general, yet able to capture physical characteristics of building loads, environmental parameters, human behavior, and other factors. This paper presents a regional assessment of VB technical potential and economic benefits from residential loads and commercial buildings. Housing, population, weather station, and climate zone information have been collected and used to estimate VB technical potential. Energy and ancillary service prices are then used for economic benefits assessment and analysis.