One of my presentations on Connected Real Estate (CRE) this week was to a group attempting to understand the market better. When attempting to describe what it is I listed the 3 phases/areas that I have used for several months. Since it was new to several of them, I thought I would share my view here as well.
When working in CRE, the 3 areas where I divide and focus are the construction process, building systems and tenant services. Each of these has their own stakeholders and their own objectives.
The Construction process benefits from a CRE strategy in streamlining the process through technology, reducing material costs with more technology integrated (“connected”) materials and through better communication of issues and changes with all concerned parties. The materials and information that is used and developed here also benefit the operation of the building systems and tenant services.
The Building systems are overlap into the construction process but are more focused on operating the building after it opens. The “right” building materials can make a building more efficient and for “green” buildings is a must. Even without a green strategy, implementing building systems that communicate can realize the property owner/operator substantial energy savings and tenant satisfaction.
Tenant systems: We live in a connected world. Whatever may be attached to your hip or in your briefcase, it will only be more connected in the months and years to come. Creating a real estate asset that has this connectivity built in as a basic service of the building will provide a much more friendly environment for the tenants. For the best services, this connectivity needs to be designed into the building from the start.
In general Connected Real Estate in any of these area can make a real estate asset more valuable to both the owner and the users. When all of these come together, it is truly a WIN-WIN for all.