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IoT’s Impact on Commercial Real Estate

Technology is transforming Commercial Real Estate’s fundamentals completely. The technology is becoming a key enabler as the sector continues to evolve at a phenomenal pace. “Smart commercial buildings will be the highest Internet of Things (IoT) user until 2017, according to Gartner, after which smart homes will take the lead with just over a billion connected things in 2018.” Disruptive innovations accelerate smart real estate space growth with the advancement of data capture devices and sensors. Several IoT Solutions Provider companies are completely changing the functioning of Commercial Real Estate, allowing managers, tenants and building owners to control various unit or building operations. This enables business real estate providers to create key differentiators by providing customers with smart solutions by controlling various home and office systems. 

IoT has a significant impact on energy efficiency

IoT provides actionable insights related to system patterns of energy consumption and initiates predictive maintenance to ensure smooth operation. Whether it is automating building maintenance services, allowing users to track machine operations by collecting data such as elevator, HVAC system, and lighting system operating time, idle time, and maintenance cycle.

IoT makes spaces smart

In order to perform their daily tasks, users require automated solutions that make life easier. For example, a smart home HVAC system will feel the ambient temperature and schedule of the tenant and start automatically before the tenant enters the home. This will help to enhance user experience and also contribute to the efficient operation of the system, resulting in improved economic benefits. Similarly, by sensing and analyzing regular activities in the house and notifying the user of any changes or irregularities, a smart security system will help ensure safety.

IoT is helping in making decisions faster

The Internet of Things (IoT) helps to understand the pattern of customer behaviour and where customers spend time. With this actionable information, retailers can leverage information strategically to streamline operations and make decisions on the store or merchandising design layout. By rapidly adapting to beacon technology, IoT also helps home buyers. Houses for sale can now have beacons technology that enables buyers to make decisions by sending push notifications to potential buyers with property specifications.

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