Advances in technology and tools leave no industry untouched. Commercial real estate (CRE) is one such industry. Technology, automation, and innovation are making the world of the Jetsons a distinct possibility in the near future.
The three pillars have affected CRE in at least five, distinct areas:
- Information management
- Internal and external communication
- Smart buildings
- Efficient spaces
- Security, both physical and digital
Let’s consider each of those in more detail.
Information management is nothing new. But it is changing thanks to technology and “big” data. In today’s world, CRE owners can manage buildings, processes, and, in some cases, people in real time.
Real-time data is beneficial; businesses can respond to changing conditions, be they a security incident or a ribbon cutting. They can even use the information to provide real-time access.
Internal and external communication
The above example alludes to the communication evolution, but it’s only one facet. Communication now includes mobile devices and apps, both customer- and partner-facing.
A customer might use an app as a credential to enter a building. A partner, in contrast, might have an app integrates with the building’s overarching system. Communication between the two occurs automatically, improving the experience for the end user, who could be a building manager or tenant renting a space.
The Internet of Things (IoT) has changed people’s perspectives on buildings. Buildings aren’t static objects anymore; at least, they don’t have to be.
Security professionals have long known the fact. They were the ones originally placing sensors inside and on buildings. IoT has just improved the technology and allowed for the sending and receiving of data.
Buildings are now getting “smart.” They can communicate with people’s devices. That, in turn, leads to improved access and security experiences and building performance. Why run lighting or air conditioning when it isn’t necessary? A smart building can assess conditions continuously and respond automatically.
The more data CRE owners have, the more efficient their building spaces can become. The obvious use case happens in the manufacturing sector, but offices are turning to data, IoT, and other technologies, too. They use them to improve business processes, workflows, and the office space itself.
Commercial real estate has long used physical security systems. As those systems become cloud-based, CRE owners will need to consider the cyber security angle. In today’s age, IT and physical security administrators should work together to provide security and safety to the environment and the people working or living in it.
How have you seen technology impact commercial real estate? Let us know here or join us in San Francisco for a conversation at CRE//Tech Intersect on June 18.