The commercial real estate (CRE) landscape is poised for a transformative shift towards green property management thanks largely to technology advancements. As environmental concerns take center stage, businesses are striving to minimize their carbon footprint and embrace greener practices. In this context, the integration of smart technology serves as a game-changer, pushing the boundaries of what is possible for CRE sustainability initiatives.
Here’s how technology is revolutionizing properties and propelling them towards a more sustainable future.
Automatically calculate utility analytics and performance metrics
Advanced technology solutions present a novel way to dissect utility performance, usage, and costs. Properties can harness data to illuminate areas of inefficiency and create a comprehensive view of energy consumption. These insights are critical in securing certifications such as ENERGY STAR and GRESB—benchmarks of sustainability that hold significant weight within the industry.
Plus, cutting-edge software simplifies the generation of compliance reports. Seamless access to these reports empowers property teams to design impactful sustainability improvement projects that are tailored to their unique building.
Smart CRE software and its multifaceted benefits
The emergence of smart CRE software has reshaped the approach to property management, instilling a sense of synergy between work orders, bid management, and overall operational workflow. Accountability is not merely an abstract concept with these systems; it’s ingrained into the fabric of daily operations.
In addition to streamlining processes, the intuitive dashboards provided by these platforms produce critical sustainability metrics—energy, water, carbon usage—which can be broken down to the level of individual properties. This granular view allows for targeted strategies that align with broader environmental objectives.
Project management software for CapEx sustainability projects
Despite the benefits, there is a surprising hesitancy in the adoption of project management software for capital expenditure (CapEx) sustainability projects. According to a recent Building Engines survey, the majority of property teams (81%) have not invested—or were unsure of their investment—in this technology. Yet, the consensus suggests that the introduction of such software could be significantly advantageous. It’s crucial then to examine the capabilities these systems hold.
CapEx project management software provides a visual itinerary of all ongoing and planned capital projects—all activities are meticulously documented and made accessible for review and audit. This powerful overview ensures that property teams can not only monitor performance data but also estimate material costs, keep track of expenditures, and carefully schedule project tasks.
For example, if HVAC units need repair, property teams aren’t spending unnecessary time, money, or energy usage because they are already being maintained, tracked, and accounted for via the software.
Embracing technology for green property management
In an industry that is both resource-intensive and influential, embracing technology solutions for sustainability is not just prudent but perhaps imperative. The practical advantages of advanced technology are clear: operational efficiency, compliance ease, and financial savings. However, the true value lies deeper. By integrating cutting-edge technology into sustainability strategies, the CRE industry not only improves its bottom line but also contributes to the creation of a more sustainable future.
For more useful ways technology is being harnessed in the CRE industry, download the full, informative report, “The state of commercial real estate property management for 2024.”
