Most commercial real estate (CRE) businesses still rely on manual methods for data collection and validation that they utilize to control building layout, temperature, and maintenance schedules.
Until recently, only huge real estate corporations with budgets totalling millions of dollars could fulfil the promise of smart office technology. IoT has proved unreasonably complicated and expensive for most building owners and facilities managers. Additionally, it costs money and takes time to install sensors to collect data.
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What is Prop Tech?
A variety of technologies known as “Proptech” help in the development, marketing, management, and occupancy of real estate. The sector has frequently trailed behind in terms of technology, although a number of factors have sped up adoption recently, including:-
- consumer inclinations
- a desire for sustainability and efficiency
- the development of technology
- electronic transformation
Smart Office for Everyone’s Accessibility
PropTech products that incorporate intelligent, wireless sensors are currently revolutionizing the market for smart offices. Real estate firms of all sizes may benefit from the IoT’s cost savings, higher margins, and enhanced tenant relationships thanks to accessible, low-maintenance PropTech.
Innovative real estate firms can offer renters numerous cutting-edge smart office features and services to charge premium fees and cost savings. In fact, without them, buildings may struggle to fill space and need to cut their pricing as renters start to expect a smart experience.
Let’s examine the quantitative and qualitative advantages that the new PropTech generation can offer for smart offices.
Maintenance of Smart Buildings
- Prevent unwanted and expensive repairs
- Keep supplies stocked
- Enhance the cleaning service
Building facilities managers may prevent unanticipated and expensive repairs, downtime, and tenant complaints if they are aware when vital equipment, like an HVAC system, is likely to fail. Smart sensors can monitor equipment usage, overheating, or unanticipated changes and report the results so you may anticipate issues before they arise.
Smart buildings are incorporating sensors into services that are customer-facing, in addition to enhancements to maintenance that take place behind the scenes. Sensors in supply rooms, for instance, can alert facility managers when inventory needs to be restocked. Office building sensors enable the optimization and verification of smart cleaning services.
How Proptech Makes Buildings Smart?
Since much of the real estate industry continues to function as it has for many years, it is primed for innovation. However, this disruption is made possible by the emergence of “smart buildings,” structures that have already digitalized their footprint and use systems that report usage and status data.
For instance, analyzing utility usage in the past required waiting for monthly meter readings and could only be done retrospectively, on an average basis, unrelated to weather or property usage. Proptech enables this data to be gathered in real-time and reported in an understandable manner to owners and users. It’s only the very tip of the iceberg.
Proptech Smoothens the User-vendor Relationships
These virtual tours enable users and other vendors to work together on interior design for offices and homes as well as machine placement in manufacturing spaces in both old and new facilities. These virtual tours, as opposed to protracted in-person sessions that require weeks of back and forth:-
- Designing a room quickly for use
- Quick occupancy
- Boost client satisfaction
Smart Management of Energy
- Adjust the temperatures and lighting
- Reduce the cost of operating the building
- Encourage sustainability initiatives
With energy accounting for 19% of a typical building’s overall expenses, proactive, data-driven energy management can have a positive financial impact. By automatically altering lighting, ventilation, and temperatures in accordance with occupant density and usage patterns, smart sensors save building operation expenses. Energy Star claims that even a 10% reduction in energy use can result in a 1.5% rise in net operating income and a $500k improvement in the asset value of a 200k square foot space. Additionally, occupancy detection sensors can cut building operation expenses by up to 18% merely by adjusting air settings based on the number of occupants in a room.
As part of a holistic sustainability program, CREs and building managers look to sensor-driven smart office technology to meet stringent energy laws and cost savings.
Sensors for Offices
- Based on occupancy and footpath detection, configure the layout
- Prepare for office relocations, remote work, and hot-desking tactics.
- Reserve conference rooms with push-button controls.
There are 12 billion square feet of commercial space in the US, yet only 67% of it is being used. Numerous businesses are also being forced to reassess their real estate footprint and adjust to a decline in the demand for physical space as a result of evolving work patterns.
Occupancy sensors can accurately count, locate, and track the movement of building occupants while respecting their right to privacy. Smart CRE companies can adjust building layouts or plan to shift demand based on the data. Additionally, they can assist renters in implementing hotdesking tactics, adding or removing meeting spaces, or changing office layouts depending on data.
Occupancy sensors can detect foot traffic in a smart retail setting, allowing store managers to alter product placement, schedule staffing for peak periods, and adjust inventory to meet client demand.
Sensors for Renting a Building
- Ensure the health and comfort of the renters
- Lessen complaints and evictions
- Increase productivity at work
The main objective of smart buildings is to keep renters satisfied. Smart buildings have happier, healthier, and more productive employees. Less tenant turnover and fewer complaints also benefit CRE companies.
Numerous clients utilize sensors to monitor their needs for temperature based on occupancy, the time of day, and other factors. They indicate dramatic differences in their capacity to meet client expectations as a result.
Proptech: Changing the Face of Real Estate
In about one hour, 100 portable mini-sensors may be installed. Even in huge buildings, wireless smart office technology with low power and long-range capabilities can be deployed without utilizing the tenant’s infrastructure. Because of exceptional battery life, you can “stick and forget” without continuing maintenance.
Smart sensor data can now be seamlessly integrated into building management systems and analytics software, enabling you to take rapid action on your findings for an outstanding office environment.
