Like many other verticals, the global pandemic has revolutionized commercial real estate. While the industry was already dealing with challenges including operational costs, energy efficiency and ongoing sustainability of real estate portfolios, now it must also focus on the health of building occupants and rethink how space is used. A new opinion paper from IDC explains how connected building technologies can help deliver higher real estate asset values and help manage the new challenges brought about by the global pandemic.
In our recentwebinar, Carrie MacGillivray (Group VP and GM for Mobility and IoT Research at IDC), Ruud van der Sman (Sr. Smart Solutions Manager at Edge Technologies) and our own Cormac Crossan (Business Developer of Commercial Real Estate), outlined the trends they see in the commercial real estate market and how smart building platforms can help address them based on their experiences and recent research.
Prior to the onset of COVID-19, the top commercial real estate priorities were keeping costs down, making spaces more appealing for tenants, and meeting sustainability goals through increased energy efficiency. Presently, those priorities are all still in place, MacGillivray said, but they’re joined by three additional priorities:
These overall drivers are pushing commercial real estate players to adopt connected building technologies that can help them deliver on these priorities. For one, the technologies are the foundation of a connected building, one that uses sensors, connects disparate engineered systems and optimizes operation.
Another driver is the ability to make data-driven development decisions, helping companies to optimize new projects and adopt predictive maintenance capabilities, which leads to improved tenant satisfaction.
The third driver is a desire to be positioned as a leader in sustainable design. Connected building technologies can help companies meet or exceed sustainability goals, create sustainable urban designs and achieve long-term cost savings, MacGillivray said.
IDC’s research showed that connected building technologies can deliver value in four distinct areas:
For their research, IDC interviewed companies that were using our EcoStruxure for Commercial Real Estate solutions, an open IoT platform that brings together data from numerous smart building sensors and components, including lighting, HVAC, access controls, surveillance systems, energy management, and shade/sunblind controls.
The research showed the value customers are getting from our platform, including:
Ruud van der Sman echoed some of IDC’s findings. He believes EcoStruxure is helping his company meet many of the demands the pandemic presents. It’s a simple matter to regulate air circulation, for example, to meet new guidelines and make sure rooms are clean before anyone enters.
Edge Technologies is currently developing touch screen technology that will display a room’s air quality metrics, such as via a tablet on the wall. The technology will make clear whether the room is safe or not, and even count the number of people in the room and, based on the layout and air quality metrics, issue a warning if there are too many people in the room.
The best part? “We can do that by using data we already have,” he said, thanks to EcoStruxure.
While there’s no question COVID presents challenges for real estate companies, there are solutions available today to help support the rapid transition to digital while enabling greater real estate value. To learn more, watch our webinar and download IDC’s report, “The Business Value of Schneider Electric’s EcoStruxure Solutions for Commercial Property.”