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It means the value of commercial real estate is no longer based solely on location, and landlords and developers now need to provide efficient spaces that offer excellent user experience and promote wellbeing and productivity to compete.
IoT-connected building management systems (BMS) are creating value for real estate companies through substantial efficiency savings. Smart monitoring and predictive capabilities help to reduce energy use, automate decision-making, predict faults and maintenance, and lower administrative costs. They can generate significant amounts of data that can be used to regulate lighting and air-conditioning, they can pre-empt maintenance and bolster security using real-time monitoring systems. All this saves money and makes administration more efficient.
As data analytics becomes more sophisticated, new revenue opportunities will emerge for real estate developers. Smart buildings will gather increasingly large amounts of data on an expanding menu of variables, and developers can sell the analytics they produce on, for example, occupancy, to their tenants as a service to help them improve their own behaviour, or even to urban planners keen to understand how people are using office buildings.
Smart buildings are presenting vast opportunities to real estate developers. From the planning stage to the building’s operational lifecycle, they are creating countless new revenue sources and allowing users and owners to make even more sophisticated decisions about the way they are used. To find out even more about the opportunities of smart buildings, register your interest for Intelligent Building Europe 2021, taking place on 12-14 July 2021 at ExCeL London.