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BOMA NEWS - March 14, 2024

Building Tomorrow Today: A Smarter, More Sustainable, Tenant-Focused Approach

By Victoria Papp

The world of commercial real estate is going through an evolution. Property management companies, owners, and operators are discovering new and innovative ways to make buildings better for everyone. They’re focusing on creating smart, healthy, and sustainable spaces that improve user experience and make operations more efficient.

Smart technologies are changing the game.

With innovation at the forefront, smart technologies are revolutionizing property operations.  It’s about harnessing real-time data interpretation to enhance decision-making, enabling property owners and managers to optimize energy efficiency, reduce operational costs, and improve tenant happiness. This data-driven approach empowers users to make informed choices and respond proactively to changing conditions, leading to more streamlined operations and enhanced energy efficiency, all while adapting to the ever-evolving needs of building occupants. The integration of artificial intelligence-driven building automation systems (BAS), Internet of Things (IoT) sensor solutions, and cloud-based open API platforms is positioned to be a game-changer in achieving energy efficiency, optimizing space, and creating healthier living and working environments.

Two things the industry should not forget.

Start with the end in mind. We should begin our journey with a clear destination in sight. It’s not about technology; it’s about what technology can do for us. This means prioritizing the actual benefits that technology can bring to buildings.

Every Building Has a Unique DNA. Marlene Farias, SVP at JLL Canada, reminds us to “Look at what you are trying to solve. Every building has a unique DNA, and addressing its specific needs is key to success.” Each building possesses a unique set of challenges and opportunities, and addressing these specifics is key when implementing smart technologies.

Getting the Best from Smart Buildings

Smart technology can make a big difference in four main areas:

  • Cutting Carbon Emissions: Smart systems can lower a building’s carbon footprint by adjusting things like lighting and heating based on how the building is used and the weather. They can also predict when things need fixing, which saves money.
  • Keeping People Comfortable: Smart buildings monitor things like air quality and temperature to keep people comfy and healthy.
  • Boosting Security: Smart security systems, like ones that use AI for video surveillance, make buildings safer and help operations run more smoothly.
  • Connecting Everything: When all the different parts of a building can talk to each other, it’s easier to manage everything. Smart systems provide a complete view of what’s going on 24/7, so problems can be fixed before they get big.

Why Property Managers Love Tech

Property managers are loving technology for a few good reasons:

  • Getting More Done: Technology helps them work more efficiently, so they get more done.
  • Saving Money: Smart systems help cut energy and maintenance costs, which adds up to big savings.
  • One Source of Truth: Having all the data in one place makes it easier to make good decisions and manage properties better.
  • Better Communication: Tech makes it easier to talk to tenants and others involved in a property, which makes everything run smoother.

The world of commercial real estate is getting a major upgrade. Smart, sustainable buildings are leading the way to a greener and smarter future. This technology and its real-time data capabilities, can make proactive decisions, improve operational efficiency, and create sustainable, future-ready properties that stand out in the market. But it’s not just about technology; it’s about managing it to make our buildings, and our lives better.