We recently attended Realcomm’s third episode of their CRE Tech Innovation Series, “Innovation Outlook: Intelligent Building Technologies.” The webinar went into depth about the current state of technology in the commercial real estate (CRE) industry, how data is playing a major role in building operations, the latest property management trends, and so much more.
Experts on the panel included Building Engines’ Jeff Thompson along with CRE experts from the likes of Google, QuadReal, and more.
In case you weren’t able to attend, here are the main takeaways from the recent Realcomm webinar discussion.
1. Buildings are Destinations
It comes as no surprise that there have been permanent impacts on buildings from the pandemic. The idea of what a workplace should look like has changed. Rather than cubicles on the top floor of a building, the office has a different meaning now. Tenants have taken to hybrid work and even desk hoteling.
Kira Dickson, Technology Program Manager at Google, made the convincing argument for CRE teams to “look at their buildings as destinations.” Characteristics of this ideology Dickson provided were:
- Believing deeply in people getting together
- Providing a modern lifestyle experience
- Adjusting to the hybrid workplace
Archie Mahalingam, Senior Project Manager at QuadReal, concurred and noted how instrumental technology has been in transforming buildings to meet new, post-pandemic needs. For example, technology is allowing tenants to book desks online for their work week. Or, from another perspective, cleaning staff know when to safely enter spaces during low occupancy based off data from tech tools.
The bottom line? Encouraging people to come back to the office is a challenge many are still trying to get the hang of. So, when looking at the current state of your buildings, consider changing your mindset about how you look at them. When you establish your buildings as destinations, and leverage technology in the process, you’re creating a unique experience for your tenants – and a place they’ll want to come back to.
2. Sourcing Data from Buildings is Critical
“Actionable data is business critical,” said Dickson. Your buildings store more information than you may even realize. And if you aren’t sourcing data from your buildings, then you are already at a disadvantage. CRE property teams who don’t have access to important building data risk oversight on several key parts of their operations. Without data, property teams could:
- Miss out on key insights to help meet sustainability goals
- Have trouble effectively reacting to emergencies
- Underutilize spaces that could lead to additional revenue
When you have access to real-time commercial real estate data, you’ll have actionable insights that could change the way you run your buildings. For example, you may learn that you can relocate resources to another area of focus. Mahalingam also suggested that with the proper insights from buildings you can, “leverage data to plan for capital spend and negotiate new opportunities.”
The bottom line? What can be most critical with collecting data is how it’s being stored. Storing commercial real estate data in a central repository is essential to building operations. Having all information in one central location makes it easier for property teams to do their jobs and in turn, run better buildings. It’s also about access. CRE teams need to be able to access building data anytime, anywhere when they’re on the go. So, consider using software that acts as a digital repository for your buildings and can also mobile-enable property teams as well.
3. The Future of Automation is Here
Property and asset management can mean everything under the sun, from preventative maintenance to tenant experience and even sustainability initiates. Building operations requires a holistic approach. And in doing so, you’ll want your tech stack to act in the same way.
Building technologies have evolved to meet the unique needs of the end user. That’s because not every property falls under the same use case. Some properties might need technology for HVAC maintenance and others for building access. The key here is finding one software platform that houses all these needs.
Jeff Thompson, VP of Product Management at Building Engines, said, “offer a fully integrated stack but make it selective.” He discussed how technology is available for properties to build modules around specific property managers’ needs. In doing so, you’ll want to “get the buy in from the business as a whole,” he said. Meaning, encourage properties to use one platform and then build out solutions with them so they can fully leverage the technology.
The bottom line? In the case of CRE technology, one size does not fit all. It’s important for property teams to acknowledge that if they want to get the most out of their software provider.
More Property Management Trends to Know
The Realcomm webinar was nothing short of insightful. We encourage CRE landlords and property teams to leverage the property management trends provided in the discussion to help run better buildings.
We learned:
- How to turn your buildings into the place tenants want to come back to
- How much information your buildings are collecting – and why you need access to it
- The importance of building a tech stack that fits your building’s specific needs
To learn more property management trends, download the free Report, “The State of Commercial Real Estate Building Operations for 2023.”
