The post-COVID-19 world is a complex one. It’s a world that seems like a dystopia and utopia that unfold simultaneously in cinematic parallels. The pandemic has caused a global economic downturn and yet, like most crises, it has also been an incredible opportunity to innovate and accelerate the shift to the smart hyper-connected future that seemed so distant just a year ago.
Long before the COVID-19 crisis, technology has started to revolutionize every major industry with new innovative digital solutions, the exception being, the commercial real estate industry. That’s why it is not an overstatement to say, that the lockdown has ‘forced’ both consumers and professionals within commercial real estate into a new era of digitalization.
The industry is currently catching up quickly to new technologies and tools which facilitate communication, management, and assurance of the safety of all major stakeholders in real-time. From remote working, virtual viewings, and meetings to new applications of cleaning and ventilation as well as centralized dashboards for remote management. COVID-19 resulted in a catalyzer for a clear digital roadmap in order to stay relevant in the ‘post-pandemic world’.
The Future Of Commercial Real Estate Is Now
The aftermath of the COVID-19 pandemic has left something clear within the commercial real estate sector: digital trends have become the norm within the industry. Below, we explore 4 major PropTech solutions and how they solve critical needs in the current crisis.
1. Market need: Remote management
PropTech solution: Smart buildings & property management systems
IoT has proven extremely helpful to the challenge of remote working during the lockdown. Why? The fact that IoT systems enable real-time information querying from any device and location in the world comes in handy when you are not allowed to leave your house. For some time now, IoT has been helping in monitoring and improving working conditions, especially when it comes to energy savings, adding a competitive edge for owners and property managers. PropTech companies such as Envio Systems, offer exactly that. An interactive, smart, user-friendly platform that allows managing all property assets in one place from any device. Keeping track and optimizing electricity, gas, water, or heat consumption with secure historic and real-time data collection, all from the comfort of your home.
2. Market need: Uncertainty requires faster decision-making and better-informed choices
PropTech solution: Big data application
Traditionally companies collect data manually in spreadsheets for internal evaluations and as a basis for decision-making. This results in inefficiencies, low accuracy, and slow processes. Today, companies can take advantage of big data solutions to capture user data through their devices and turn it into state-of-the-art business intelligence. This enables companies to obtain more detailed information about their buildings, identify and visualize insights to make immediate decisions while measuring success. Big data can help to navigate through the normalization process and improve influx flows to commercial spaces after lockdown restrictions have been eased in many regions.
3. Market need: Driving ROI in times of crisis
PropTech solution: Building efficiency systems with a focus on customer experience
For commercial real estate (CRE) owners, implementing PropTech involves a significant investment, but an increasing amount of owners are realizing its full potential in terms of ROI. Building management automation software can lower energy bills. However, the practical impact on user experience that increases productivity, engagement, and well-being can be far more valuable to business leaders.
4. Market need: The enhanced value of sustainable assets
PropTech solution: IoT controllers for energy efficiency
The COVID-19 crisis has given a spotlight on corporate social responsibility, which leads to greater awareness regarding the fragility of our society and the ecosystem. According to the European Commission, ‘buildings are responsible for approximately 40% of EU energy consumption and 36% of the greenhouse gas emissions,’ making them the ‘single largest energy consumer in Europe.’
About 42% of real estate investors see climate change as a ‘net opportunity’, centered around enhancing properties with environmentally friendly materials, technologies, and governmental support. Countries such as Germany are currently incentivizing energy efficiency in course of economic stimulus programs during COVID-19 to facilitate corporate investments while reducing carbon emissions.
The commercial real estate sector has entered an era of reinvention through digitization. Future buildings will be smart, efficient, and sustainable. Only those within the industry who understand the increasing technological shift will emerge as stronger than before from the post-pandemic recession.
Find out how Envio can help you achieve the most efficient and secure way to save time, money, and energy with our complete suite of building management software and affordable IoT devices.