Property’s tech awakening
It is generally accepted that getting on board the technology train has not come easily to the private real estate sector. But many owners and asset managers have had the light bulb moment that tech is an ally in the mission to improve operational efficiencies and deliver returns in an increasingly competitive global market.
Technology’s capacity to capture the most granular data, and at ever-quicker speeds, is what makes it worth its weight in gold to the sector. Information that only a few years ago would have been difficult to uncover about an asset is today readily available. And that is empowering owners to make better management and investment decisions. Take sustainability measurements, for example. Under pressure to meet ESG criteria, tech and the data it generates offers owners visibility on a range of factors like a building’s carbon footprint, air quality and energy usage, allowing cost savings to be made, tenant expectations to be met, and additional value to be generated.
So, if you are one of the managers still swimming against the tech tide, now might be the time to rethink your position and adopt a clear strategy.