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The Internet of Things is Changing the Game for CRE

Historically, the field of commercial real estate hasn’t always been the first area to embrace changes in technology. After all, there are a number of companies in the industry who’re still working to get older employees to adopt cloud technology and embrace CRM platforms. With that said, we’re currently in an era of technological innovation and disruption that’s forcing us all to adapt to a changing market. Here are some ways at the Internet of Things (IoT) devices are influencing CRE.

1. Self-Driving Cars Are Going to Change the Shopping Centers

Automated cars might have some challenges to overcome before being fully adopted by society, but they are coming at some point over the next few years. For CRE specifically, self-driving automobiles will completely change the shopping centers are designed. For example, self-driving cars will reduce the need for parking spaces at shopping centers, as these cars are able to drop passengers off at the shopping center door and drive themselves to an off-site parking lot.

2. Smart Buildings Are Going to Become More Prevalent

Smart buildings are already a popular solution to reducing unnecessary energy expenditure. But as we push harder for green energy, there will also be a higher demand of office, industrial, and retail properties with smart technology that monitors and remotely regulates HVAC usage, electricity, and security with the help of cloud technology.

The benefit of smart buildings is that they’re continuously adapting and changing to suit the needs to the occupants – imagine walking into a break room and having the coffee maker automatically switch on, or sitting down at your desk and watching as your computer automatically retrieves the daily agenda for you. All of this is possible with IoT technology that links buildings to the internet and smart devices.

3. The IoT Is Making Us More Data Driven

When it comes to commercial real estate, the biggest focus surrounding IoT devices is the implementation of smart buildings. Smart buildings stand to be revolutionary not only because they help conserve electricity, but because they ensure that the workspace is optimized for every employee as they enter and leave the room.

This means having lights switch on and off when one enters the room, or implementing parking management system that automatically recognizes a person when he or she parks. But before we can get the most out of smart buildings, we first need to analyze real-time data from our computer, phones, cars, and other devices, so that smart systems build the intelligence to respond to every person or situation so that the environment is optimized to suit their conditions or needs.

The Bottom Line

With technology rapidly being integrated into CRE planning and development, it’s safe to say that IoT devices are only a hop, skip, and a jump away from completely changing the way we approach real estate. For this reason, it’s essential that we take the time to get used to emerging technology, so that we’re able to adapt to the changes in the industry.

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