Here's an alternative using PARSENAME()
SELECT
bi.Building_Name,
COUNT(di.DeviceNum) NumberOfDevices
FROM #Building_Information bi
INNER JOIN #Device_Information di
ON PARSENAME(bi.Subnet,4) = PARSENAME(di.IP_Address,4)
AND PARSENAME(bi.Subnet,3) = PARSENAME(di.IP_Address,3)
AND PARSENAME(bi.Subnet,2) = PARSENAME(di.IP_Address,2)
GROUP BY Building_Name;
For fast, accurate and documented assistance in answering your questions, please read this article.
Understanding and using APPLY, (I) and (II) Paul White
Hidden RBAR: Triangular Joins / The "Numbers" or "Tally" Table: What it is and how it replaces a loop Jeff Moden