The Smart City: How Technology Is Updating Real Estate
'Smart' has become the newest normal. The saying itself changed slightly in meaning over the past Ten years, as new technologies emerge boasting a lot more features that assist us manage and gaze after our lives on a regular basis. Now it's more common to meet someone using a cell phone than not, while watches, TVs, automatic washers and lighting systems in your homes are all getting increasingly connected and attuned to our needs. Now, these real estate property trends take on a bigger target, and we're beginning to go to a new modern phenomenon emerge: the smart city.
What is a smart city?
The U . n . has predicted how the global population will hit 9.7 billion in 2050, with 66% of people projected to live in cities. The smart city belongs to this vision: our metropolises will become increasingly urbanised plus much more tech-heavy, with drones, autonomous vehicles and robots already being introduced into our modern service structures today.
These future cities will leverage data and technology to produce life convenient for residents. Frost & Sullivan define the term as “cities built on ‘Smart’ […] solutions and technology that will resulted in the adoption for at least five of the eight […] smart parameters”.
These parameters include smart energy - which we’ve already seen beginning, with heating systems controlled from a phone - and also smart buildings, transport, healthcare, infrastructure, technology, governance, education and finally, the rather mysterious smart citizen. With regards to real-estate trends, the ‘smart buildings’ parameter can have, which is having, the greatest implications and opportunities for the industry.
Precisely what is already happening?
Smart cities - in other words, the first incarnations ones - exist already. Barcelona and Singapore have basics amount of connectivity and integrated municipal services. Among other things, Barcelona has one of the cleanest surface or trains fleets in Europe, a motorbike sharing network and impressive green energy credentials. Its pneumatic waste management system automates rubbish collection in certain districts, while underground delivery chutes decrease truck and noise pollution.
In the us, Denver and Panasonic have worked together to designate a mixed-use development centre, Pena Station Next, like a hyper-connected community: a ‘smart city’ of sorts. Pena Station Next already has smart city solutions for example street lights mounted with video security cameras and sensors, along with smart bus stops and parking meters. Here, Road X, an ‘intelligent’ Interstate 70, is already underway.
Precisely what does this suggest are the real deal estate trends?
Connected, smart buildings have the prospect to reduce energy use, trigger preventative maintenance, and decrease operating costs. Utilising sensor technologies to track information such as motion, light, temperature and water flow, then automatically analysing the information to identify inefficiencies, and responding in the non-intrusive manner could all become part of how buildings function around us. As outlined by JLL, smart buildings could improve general efficiency levels by 15-20% inside the 1st year. In-depth building and occupant data means that greater transparency in tangible estate transactions, allowing potential renters and buyers to better understand assets and commercial investors to better analyse the likely footfall.
Real estate industry has a lot of opportunities here to embrace smart city solutions and shape the evolution of such areas. Decreasing initial benefit for that property industry will be the enthusiasm and clamour of eco-conscious tenants, buyers and businesses to acquire an element of these efficient structures with lower running costs. Equally, however, the industry will have to move with the times and on top of these changes while they come, to keep knowledgable and up-to-date with one of these increasingly common futuristic properties.
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