Smart building technology solutions and their possibilities stand at a crossroads, and small and mid-sized commercial real estate (CRE) portfolio managers are the crossing guards. Their decisions will define the future of smart buildings, smart cities, and smart everything. In fact, the smart city market is expected to reach a $1.6 trillion value within the next three years, reports Jon Bolen, COO of ENTOUCH, via CRE.Tech. Rather than allowing your organization to fade into the backdrop, small and mid-sized CRE portfolio managers can leverage growing interest in smart cities and smart buildings to prepare for the imminent revolution.
Know Where Smart Building Technology Solutions Stand Today
The road to smart cities looks to be paved with gold. While the U.S. wastes 30 percent of energy, Smart building technology solutions can drive this down to near-zero, explains the Harvard Business Review. Moreover, the impact of smart tech will be felt among CRE providers in building design, mobility, infrastructure, education and citizen concerns, governance structure and much more. Stakeholders continue operating under a false sense of security that without a government-driven mandate, smart buildings will perish. In truth, this is a catalyst for change.
For stakeholders, it can be difficult to measure ROI of Smart building technology solutions without understanding the technology and upfront investment needed for connected devices in building management, explains Wipro’s Smart Buildings Enable Smart Cities. Therein lies the key; up-front technology investment into connected devices is crucial to discovering the value of smart buildings, which Gartner estimates will climb to more than 10 billion devices by 2020. Now, what exactly is driving this trend?
Enter Investors, Generation Z and Consumer Demands
Smart technology is a major source of disruption to all markets. Companies, ranging from the likes of the well-established like Oracle to smaller start-ups, are already turning their eyes to the prize, investing $500 million+ in smart city projects across the U.S. Coupled with growing investment by government-run agencies, the opportunities for savings grow exponentially.
The next generation, Generation Z, otherwise known as “the Plurals,” also propagates this fantastic future. These individuals, born and raised after 9-11, are focused on environmental conservation more than millennials, and they are willing to take any actions necessary, including joining groups and working with businesses that support their causes. Since this includes socially responsible business practices, your organization must adapt to these demands or face unrelenting cacophony.
Take a moment to think about who your customers are. If you want Plurals to be your next customer base, CRE spaces must meet their demands, as must CRE portfolio managers. The only way to ensure the continued growth of your company lies in taking advantage of this fact.
The Landscape Is Ripe for the Taking Among CRE Professionals
Unless your organization’s future lies in bankruptcy, you need to start thinking about how you can upgrade your facilities’ smart technology. The benefits of data analytics, remote management, and control, and lower maintenance costs and total cost of ownership will put your organization in the position to eclipse your competitors, even those whose size far exceeds your own, reports CRE.Tech. Learn more about how your organization can take advantage of and implement smart building technology solutions today. or call 1-800-820-3511 to start implementing smart building technology solutions.