The Smart City: How Modern Technology Is Changing Real Estate
'Smart' is becoming the brand new normal. The word itself has changed slightly in meaning within the last Ten years, as technologies emerge boasting much more features that help us manage and keep our way of life on a regular basis. Now it's more widespread to meet someone using a smart phone these days, while watches, TVs, cleaners and lighting systems in your homes are all becoming increasingly connected and attuned to our needs. Now, these property trends think about on a bigger target, and we're beginning see a new modern phenomenon emerge: the smart city.
What is a smart city?
The Un has predicted the global population will hit 9.7 billion in 2050, with 66% of people projected to reside cities. The smart city belongs to this vision: our metropolises will become increasingly urbanised and more tech-heavy, with drones, autonomous vehicles and robots already being introduced into today's service structures today.
These future cities will leverage data and technology to produce life much more comfortable for residents. Frost & Sullivan define the word as “cities built on ‘Smart’ […] solutions and technology which will resulted in the adoption for at least five in the eight […] smart parameters”.
These parameters include smart energy - which we’ve already seen beginning, with heating systems controlled from the phone - along with smart buildings, transport, healthcare, infrastructure, technology, governance, education and lastly, the rather mysterious smart citizen. In terms of property trends, the ‘smart buildings’ parameter will have, and it is having, the highest implications and opportunities for the industry.
Precisely what is already happening?
Smart cities - or rather, the first incarnations ones - exist already. Barcelona and Singapore both have basics a higher level connectivity and integrated municipal services. Among other things, Barcelona has among the cleanest surface public transport fleets in Europe, a motorcycle sharing network and impressive green energy credentials. Its pneumatic waste management system automates rubbish collection in some districts, while underground delivery chutes decrease truck and environmental noise.
In the us, Denver and Panasonic been employed by together to designate a mixed-use development centre, Pena Station Next, as being a hyper-connected community: a ‘smart city’ of sorts. Pena Station Next already has smart city solutions like street lights mounted with video security cameras and sensors, as well as smart bus stops and parking meters. Here, Road X, an ‘intelligent’ Interstate 70, is underway.
Precisely what does this mean the real deal estate trends?
Connected, smart buildings have the potential to scale back energy use, trigger preventative maintenance, and decrease operating costs. Utilising sensor technologies to follow information including motion, light, temperature and discharge, then automatically analysing the info to detect inefficiencies, and responding in a non-intrusive manner could all join how buildings function around us. In accordance with JLL, smart buildings could improve general efficiency levels by 15-20% from the first year. In-depth building and occupant data would mean greater transparency in actual estate transactions, allowing potential renters and buyers to raised understand assets and commercial investors to raised analyse the likely footfall.
The property industry has plenty of opportunities here to embrace smart city solutions and shape the evolution of such areas. The most apparent initial benefit for the property industry will be the enthusiasm and clamour of eco-conscious tenants, buyers and businesses to acquire an integral part of these efficient structures with lower running costs. Equally, however, the industry will need to move with all the times and make track of these changes as they come, to keep knowledgable and up-to-date with your increasingly common futuristic properties.
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