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‘Smart’ is becoming the brand new normal. The word itself changed slightly in meaning in the last A decade, as technologies emerge boasting more features that assist us manage and look after our lives each day. Now it’s more prevalent to satisfy someone using a smartphone today, while watches, TVs, cleaners and lighting systems within our homes are becoming increasingly connected and attuned to the needs. Now, these real-estate trends consider with a bigger target, and we’re starting to visit a new modern phenomenon emerge: the smart city.
Just what smart city?
The United Nations has predicted that this 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 can become increasingly urbanised and more tech-heavy, with drones, autonomous vehicles and robots already being introduced into our modern service structures today.
These future cities will leverage data and technology to create life convenient for residents. Frost & Sullivan define the word as “cities built on ‘Smart’ […] solutions and technology that will resulted in the adoption that is at least five with the eight […] smart parameters”.
These parameters include smart energy – which we’ve already seen beginning, with heating systems controlled from your phone – along with smart buildings, transport, healthcare, infrastructure, technology, governance, education and finally, the rather mysterious smart citizen. In terms of property trends, the ‘smart buildings’ parameter may have, which is having, the greatest implications and opportunities for the industry.
What’s already happening?
Smart cities – in other words, the initial incarnations of these – exist already. Barcelona and Singapore have a base amount of connectivity and integrated municipal services. Among other things, Barcelona has one of the cleanest surface trains and buses fleets in Europe, a motorcycle sharing network and impressive green energy credentials. Its pneumatic waste management system automates rubbish collection in certain districts, while underground delivery chutes decrease truck and environmental noise.
In america, Denver and Panasonic have been working together to designate a mixed-use development centre, Pena Station Next, as a hyper-connected community: a ‘smart city’ of sorts. Pena Station Next already has smart city solutions such as 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.
Exactly what does this imply legitimate estate trends?
Connected, smart buildings have the potential to cut back energy use, trigger preventative maintenance, and reduce operating costs. Utilising sensor technologies to track information for example motion, light, temperature and water flow, then automatically analysing the info to identify inefficiencies, and responding in a non-intrusive manner could all get involved with how buildings function around us. As outlined by JLL, smart buildings could improve general efficiency levels by 15-20% from the first year. In-depth building and occupant data will mean greater transparency in real estate transactions, allowing potential renters and buyers to improve understand assets and commercial investors to improve analyse the likely footfall.
Real estate industry has plenty of opportunities here to embrace smart city solutions and shape the evolution of those areas. The obvious initial benefit for that property industry may be the enthusiasm and clamour of eco-conscious tenants, buyers and businesses to get part of these efficient structures with lower running costs. Equally, however, the industry should move together with the times and make track of these changes while they come, to stay knowledgable and up-to-date with one of these increasingly common futuristic properties.