Smart buildings in commercial real estate use digital systems to enhance a tenant's experience, or to improve the behind-the-scenes property management. Investment in smart buildings is expected to reach £14.4 billion as we enter 2019, according to a report by Unwork. But what does it mean to have a smart building and should Gold Coast commercial landlords be adapting?
A smart building is about more than just providing tenants with appropriate technology. Of course they want high-speed internet and environments that promote employee wellbeing. Smart buildings stand out because they allow landlords and tenants to manage the technology and use it to increase business efficiency.
The most basic type of smart building has features most of us are familiar with – movement-sensor lights, or automatic temperature adjustments, for example. These features contribute to the efficient running of the property by streamlining expenditure, but also contribute to the wellbeing and health of the building users to help productivity.
More advanced technologies allow various building systems to be controlled via a network of shared information, allowing different equipment to adjust its output according to what's happening elsewhere.
Additionally, smart buildings provide data insights to allow resources to be deployed efficiently and highlight issues such as equipment failure automatically, and often before it happens. They also allow real-time monitoring, as well as important security measures such as facial or fingerprint recognition and automatically activate agreed protocols when needed.
As the old saying goes, if it ain't broke, don't fix it. Landlords and property managers have been maintaining their buildings quite happily for many years, so why do they need to change? New technology comes with installation costs and set-up time before they provide any return on investment.
However, there are some key benefits that well outweigh the initial outlay:
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