The world of CRE is changing rapidly with the innovations of technology as well as the Internet of Things (IoT). Technology has resulted in smart buildings that have gotten more and more intelligent over the past 20 years. Now, they are getting even better because they are using advanced sensor technology to make them more effective as well as the IoT to make their operation even better, more valuable, and seamless.
What is the Internet of Things?
To put it simply, the Internet of Things, abbreviated IoT for short, is a large system of technology. This technology can consist of digital machines, mechanical devices, computing devices, animals, people, or even objects that all have unique identifiers associated with them. These objects have the capability of transferring data of all kinds through networks. This action does not require any hum to computer or human to human interaction in order to work.
A thing, for the purpose of the Internet of Things, can be a variety of objects or devices such as heart monitor, built in sensors in a vehicle, and more. Essentially, to be a thing, the object only needs to have an IP address associated with it as well as the capability of transferring data over a network.
How is it Impacting CRE?
The IoT is starting to really change the way that CRE operates. More specifically, it has allowed managers, tenants, and even owners to have more control over their various operations of a unit or building. This has increased the focus on the creation and design of intelligent buildings that are not only architecturally designed to maximize efficiency, but also employ the latest technology. These buildings, along with the IoT have created a type of property that is very different in the market. Prior to the IoT, spaces could only be differentiated by their location, size, and layout but now it is much bigger than that.
How This Changes Things for Property Managers and Owners
This improvement in technology creates more detail and ability to evaluate their properties. They can keep a closer eye on not only the things that happen to the space but also determine the potential of the property. For investors, this gives you better operating data to provide so that properties can be properly evaluated in terms of risk and investment options and potential. Owners of these properties will be able to better manage their operating costs in areas such as energy, repairs, maintenance, waste, and any other administrative costs. As a result, these types of properties will become more competitive in the market and more sought after. This added control takes away a lot of the risk that can be associated with these types of properties and CRE brokerages can have better results as well.
This is just one of the ways that the CRE industry is rapidly changing for the better. Only time will tell how things will continue to change but with Commissiontrac on your side you will be ready to take it on.