Smart Buildings

Commercial properties were once defined by location and square footage, but nowadays, intelligence is a big part of the mix. As smart buildings spring up across cities, they are solidifying a new way to work, live, and play, for developers, owners, operators, and occupants alike. CRE leaders realize that “smart buildings” is not just another buzzword- it’s a measurable way to gauge investments, tenant experience, and net operating income (NOI). In this article, we will explain what building intelligence means, take a look at smart building tech, and explore how smart building systems are paving the way for buildings to be more connected, human-centric, and efficient. 

Key Takeaways:

Smart buildings use a variety of technologies to enable automation that optimizes efficiency, security, and comfort. 

Smart buildings improve asset value and marketability- they are becoming the norm across CRE. 

Property technology links smart building technology with its property management team to offer insights and an easy-to-use interface for connected data and action. 

What are Smart Buildings?

Known as intelligent buildings or smart buildings, these structures operate with connected and advanced technologies to enable operational efficiency. Smart building solutions make it possible for everyday amenities and resources, like ventilation, lighting, HVAC, security, etc., to operate automatically. 

Powered by the Internet of Things (connected devices), cloud software, augmented reality, and futuristic systems, smart building design puts the building in control. For example, a smart building learns when a tenant enters an office every day, and only then will the HVAC system kick in, as opposed to having the air conditioning running all night when the office is vacant. 

In an effort to optimize safety, comfort, and resource allocation, smart buildings provide analysis and insights so that owners and operators can make data-backed decisions. Intelligent buildings improve the overall occupant experience, creating more comfortable and tailored environments. 

What Makes a Building “Smart?” 

Of course, there are no IQ tests for buildings, so what exactly makes a building “smart?” These are the common characteristics that can define building intelligence: 

Why are Smart Buildings Beneficial?

Whether you’re investing, owning, or operating a smart building, the benefits are plentiful. They include: 

Operational Efficiency = Lowered Costs 

Given the automation of smart buildings, costs are inherently lower. Optimizing water, energy, and maintenance translates into less waste and a smaller spend. Preventative maintenance helps to catch issues before they worsen or become more expensive to remedy. 

Boosted Comfort and Personalized Experiences

The overall tenant experience is improved as the building grants smart access, climate control, and even mobile-first amenities. For landlords, tenants, and managers, access to data and analysis allows for smarter decisions that can improve services based on usage and tenant desires. Better smart tech experiences and environments support attraction and retention. In fact, a recent Rently survey found that 58% of renters would rather have smart tech than pools and gyms. 

Perfected Portfolio Performance 

With data access and insights, owners are able to benchmark performance across their portfolio and highlight areas for improvement. 

Increased Asset Value 

Smart capabilities make a building more attractive to investors and tenants. Smart building features and functions serve as an attractive market differentiator, but soon, they will become the norm. 

How it Works: What are Intelligent Building Systems? 

Behind every smart building is the smart building technology that makes it work. But, what exactly are these technologies driving buildings forward? 

Let’s take a look at some of the most tried and proven systems that separate a regular edifice from an artificial intelligence building. 

1. Building Management System (BMS)/ Building Automation Systems (BAS) 
   Consider a building management system (BMS) to be like the brain of a smart building. An intelligent building management system centralizes the control of key systems, like lighting, elevators, HVAC, and more to empower smart building automation. With sensors and automation capabilities, it is able to adjust settings based on need and usage. 

2. Internet of Things (IoT) Devices 
   IoT devices are the nervous system of the smart building- transferring information from the brain (BMS) to the different systems within the building. Embedded sensors are able to constantly collect information from the environment, feeding it back the BMS so it can adjust accordingly and make real-time decisions. 

3. Cloud Technology and Cybersecurity 
   Cloud technology and data analysis platforms capture the data from different systems and analyze it. Think of it like the skin - encapsulating everything inside and protecting the information, along with encrypted cybersecurity measures. 

4. Property Technology Platforms and Integrated Workplace Management Systems (IWMS) 
   While technology can do a lot, it cannot do it all. There is a human element that is needed to manage everything and make informed decisions. Owners, operators, and managers seek an easy way to understand all the insights– which is where PropTech enters the picture. Property technology is like the muscles - making it possible to turn knowledge into action. 

Visitt: The Key to Connecting Smart Buildings with Property Management Teams

Speaking of action, Visitt is an AI-enabled proptech platform that serves as an operational layer to connect smart building systems with property teams. It allows for the knowledge transfer from building intelligence to become real-time, actionable workflows across portfolios.

Featuring a unified dashboard, property management teams can rely on a single interface for operations and AI-powered automation. Visitt’s open API makes seamless integration with smart building tech possible. Its system is scalable for multi-site, smart building operation and management. Request a demo to learn more. 

The Bottom Line

Smart buildings are no longer a science fiction concept. Thanks to smart building technologies, these structures now dominate in their ability to command efficiency, deliver superior experiences, and maximize investability. With property technology like Visitt, owners and managers can unlock a building’s potential and transform insights into action. 

The future of commercial real estate lies in intelligent buildings and the forward-thinking operators who leverage the data from the inside out.

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