From unique smartphone amenities to smart contracts, here’s the latest in CRE tech news.
Some of the country’s largest office buildings, including Salesforce Tower in San Francisco and AON Center in Chicago, are ditching RFID key fobs in favor of smartphone access technology. Not only can smartphones offer keyless entry—they can also streamline processes throughout the building. WeWork, for example, uses smartphone access for room reservations. Rather than booking conference rooms the old-fashioned way, employees can walk into any open conference room and book it automatically.
Smartphone access not only improves security but the overall tenant experience. Visitors, for example, can get temporary access to elevators, restrooms, and other places in the building without escorts or guest keys. Property managers should look at the existing smartphone technology to see how they can improve their tenant experience and increase the value of their property.
In a recent Forbes Real Estate Council post, Yulia Yaani of RealAtom talks about exciting ways CRE professionals can adapt PropTech, from automating mundane tasks (like auditing financial documents) to using augmented reality (AR) to manage build sites.
It’s not too early to start thinking about next year’s trends, especially if you want to stay ahead of the curve. Take a look at new, emerging technology and compare it to your business needs or the pain points you want to solve.
Traditionally, the HVAC industry has been reactive to customer complaints—like when the A/C stops working on a 90-degree day. For facilities managers, receiving complaints about the building’s temperature is nothing new—but the HVAC industry wants to make it a thing of the past.
By using the “internet of things” (IoT), HVAC companies are hoping to become more proactive. Much like AI, IoT technology collects data, learns, and spots anomalies or areas for improvement. Combined, asset tracking and machine learning can help building managers respond to stress signals ahead of time, which can increase customer satisfaction and improve building efficiency.
Smart contracts—or self-executing and self-enforcing contracts—are grabbing the attention of some CRE professionals in the U.S. and in the U.K. A recent survey of more than 500 CRE professionals found that 66% believed this new technology would make their transactions more efficient. Plus, 71% believed speed of contract execution would be the biggest benefit to using them.
CRE professionals are constantly looking for ways to optimize their processes, and contracts are no exception. But where some see promise, others see potential roadblocks, such as being unable to code certain contract obligations into the executing technology. As this technology evolves, keep your eye on smart contracts to see how they work for early adopters.