This article is our final installment of our 3-part series, where we will delve into global trends affecting the Commercial Real Estate sector, how they have evolved in the past year and how professionals are adopting technology to stay ahead of the curve. If you missed our January webinar, led by Sine’s Global Sales Lead, Jordan King, be sure to check it out here. Part 1 of the series can be found here, and Part 2 here.
Commercial real estate (CRE) owners have found creative ways to repurpose their holdings thanks to the implementation of new CRE technology. PropTech and next-level analytics have become critical components in this evolution. The key is using these tools to leverage data.
Data-driven decision-making has helped building owners and operators understand and respond to changing health, efficiency, and sustainability needs. In fact, 80% of real estate owners and operators said they’re already benefitting from PropTech’s positive impact to maintain their competitive edge.
Next-level analytics and compliance reporting
The pandemic has been a major catalyst for developing new strategies that take into account decreased building occupancy and increasing data gathering needs. Hybrid work schedules, social distancing requirements, and the need to track wellness certifications and conduct contact tracing all require new management procedures and hardware.
Enterprise-level solutions need a way of collecting this data, but the next challenge is enduring the connectivity of a building’s systems and creating a centralized control interface. These are no longer luxuries when it comes to CRE planning. Real estate teams that are focused on transformation need to have a variety of data at their fingertips if they’re going to maximize investments and keep buildings running smoothly.
Let’s look at vaccination status as an example. Vaccine mandates change frequently based on new public health data, and they can differ by geographic location. A fully-optimized building system should enable operators to view, analyze, and take action on occupant data in order to fulfill public health compliance obligations. The right tools can help:
- Prescreen arrivals with COVID-19 health questionnaires
- Confirm vaccination or testing status and digitize vaccination data
- Manage access to sites based on vaccination status
- Compile compliance reports for governing agencies
These same tools can also help manage other types of security and compliance data. For example, visitor management systems can check-in guests and assign them specific permissions based on their status as an employee, guest, contractor, etc. Operators can manage people flow or secure areas are off-limits to those without approval and/or the right qualifications – and these systems work on job sites and in buildings.
Harnessing the power of AI
Data is only useful when actionable. And all the hardware in the world can’t make a building more efficient unless it can replace manual diagnostics and help make adjustments in real-time. That’s where AI and machine learning solutions come in.
CRE owners and operators who invest in tools like predictive algorithms to enhance human decision-making and autonomize processes will be able to:
- Optimize their building systems’ efficiency and responsiveness
- Help protect occupant health and safety
- Increase the comfort and security of facilities
As buildings get smarter, the goal is to create a frictionless experience for tenants and guests despite increased needs for data collection.
Optimizing operations with systems that work together
Smart technology is the key to building a better tenant experience. Over the next five years, over 75% of new construction will involve at least one IoT or smart technology. But buildings work better when these systems are integrated. Even in facilities that need to be retrofitted for new technology, an ACEEE report found that those with integrated smart building systems could realize 30–50% in savings – and that’s a pre-pandemic estimate.
CRE owners and operators will need open, scalable solutions that work with a wide range of third-party equipment and software.
Maximizing productivity with Honeywell Sine
Honeywell Sine’s occupant and visitor management solutions were built to meet the changing needs of building owners, operators, and occupants. Mobile-based wellness verifications, touchless access, location-based notifications, comfort and lighting requests, and indoor navigation are just some of the tools that enable a frictionless tenant experience while also providing data for better building management.
Honeywell’s Enterprise Buildings Integrator (EBI), enabled by the Forge platform, offers a cloud-based solution for optimal data collection and dispersal to Sine’s integrated third-party systems. This is what powers the analytics on occupant usage that makes buildings safe, sustainable, and smart.
Give all arrivals the VIP treatment with Sine.
Find out how Sine can help improve your workplace