It’s an exciting time to be in the real estate industry. Prior to 2020, there had already been major steps forward in the advancement of technological solutions, but there was still quite a big disconnect between the interest and adoption of those solutions in the day-to-day operations of many real estate companies. It was a ‘nice to have’ rather than a ‘must have’.
For those of us in the industry, it wasn’t surprising. Many of us were far too caught up in higher priorities and short term goals to create a comprehensive strategy to align digital tools with the direction of the company.
Then, COVID-19 hit.
The world was turned upside down and the real estate industry was not spared. Almost overnight, companies were forced to push the limits of their current technologies in order to deal with a newly remote workforce, highlighting the intensifying need to integrate digital solutions that will ensure business continuity whilst reducing the risk of virus transmission.
One year on, the benefits of technology integration is clear. It allowed companies to reduce virus transmission and enhanced employee confidence for re-entering the office, reduced disruption to business operations, improved the employee experience and increased cost savings.
Companies who resisted found themselves falling behind and struggling to keep up while those who swiftly adapted to and implemented the relevant technology within a planned framework were able to reap the benefits and come out on top.
It is important to note that the interest in technology integration and smart property extended beyond the ongoing health crisis. A recent survey by CBRE discovered that even prior to the COVID-19 pandemic, 63 per cent of respondents planned to deploy technology to improve user experience in the workplace, whilst 21 per cent confirmed that they would be willing to pay a premium for rent in a tech-enabled building.
As we look ahead to the future, we expect to see more investments in technology that focus on driving efficiencies across operations, increasing growth and connectivity, improving cleaning and hygiene, and promoting the health and well-being of employees.
- Workplace booking software to enable better automated space management for property managers and provide a more seamless booking process for users
- Real-time occupancy tracking and space utilization analytics to allow property managers to know how often and when spaces are in use and gain a better understanding of the types of spaces they should be supplying
- Contactless access control to minimize the risks of spreading germs
- Environmental sensors and control allows property managers to have better climate control over the airflow, temperature and lighting in the workplace
- Virtual reality and 3D imaging to support the design and construction of new developments
These are but a few types of technologies that present tremendous opportunities for companies in the real estate market.
And as smart spaces become increasingly prominent, property owners will be further able to collect data to make informed decisions about what technologies to invest in.
But despite the high interest in smart offices, it’s not enough to purchase the latest digital solutions willy-nilly. After all, the industry might be going through a bit of a rough patch but that doesn’t mean it’s any less competitive!
In order to reap the full benefits of technology adoption, real estate companies need to start by developing a carefully articulated strategy that outlines how each application will fit in to a fully integrated infrastructure before making steps to implement those technological solutions.
It doesn’t stop there. The great thing about technology in this day and age is the rate at which new technologies are constantly being developed. Assuming that you want to stand out from the crowd, one of the most important things you can do is continuously reviewing and updating the technologies in use. Because if the pandemic has shown us anything, it’s that companies shouldn’t fear change, but rather harness the growing power of technology to elevate their spaces to the next level. So, let’s do it!
Are you looking for the latest ‘must-have’ in workspace technology?
Check out Qubic, a dedicated work pod equipped with the latest access control technology and web app supporting real-time booking, pod management, and usage analytics. For more information on implementing the latest technology solutions in your workspace, our team of experts are here to chat!