Commercial real estate developers and property owners may do well to learn about how the internet of things may help them to gain a competitive advantage with their properties. Smart building technologies may allow Missouri developers and owners to differentiate their spaces, making them more attractive to potential tenants and buyers as compared to other buildings.
By 2020, experts believe that around 50 percent of the American workforce will be freelance workers. On average, today’s students will have worked at eight to 10 different jobs by the time they turn age 38. These changes to the economic landscape mean that it is imperative for commercial property owners to make their spaces more attractive in order to attain full occupancy.
Smart building technologies began with better optimization of HVAC and other energy systems within buildings. Today, the technology allows connecting these systems in order to provide visualizations of how they are working. This lets building owners see areas of inefficiency so that they can be corrected. Owners may monitor their systems, including the lighting, physical security and HVAC, with their mobile devices or wearables from anywhere. This 24-hour monitoring and control ability may offer improved efficiencies while making the properties more attractive to prospective buyers and tenants.
Using technology to gain a competitive advantage may help developers and owners to reach full occupancy rates or to market their properties more effectively. People who are involved in the commercial real estate market might also want to work with attorneys who are experienced in commercial development representation to make certain that they remain in compliance with the numerous rules and regulations that affect commercial real estate. Attorneys may advise their clients about the legal aspects of their transactions and guide them throughout the process.