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The Smart City: Insights On How Modern Technology Is Updating Real Estate

'Smart' is starting to become the brand new normal. The term itself changed slightly in meaning during the last A decade, as technologies emerge boasting even more features that really help us manage and keep our lives each day. Now it's more common to fulfill someone which has a smartphone absolutely nothing, while watches, TVs, washing machines and lighting systems in our homes are typical becoming increasingly connected and attuned to your needs. Now, these real-estate trends consider with a bigger target, and we're needs to visit a new modern phenomenon emerge: the smart city.

Exactly what is a smart city?
The Un has predicted how the global population will hit 9.7 billion in 2050, with 66% of folks projected to exist in cities. The smart city belongs to this vision: our metropolises will end up increasingly urbanised and much 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 make life much more comfortable for residents. Frost & Sullivan define the definition of as “cities built on ‘Smart’ […] solutions and technology that can result in the adoption of at least five of the eight […] smart parameters”.

These parameters include smart energy - which we’ve already seen beginning, with heating systems controlled from the phone - in addition to smart buildings, transport, healthcare, infrastructure, technology, governance, education and lastly, the rather mysterious smart citizen. With regards to real-estate trends, the ‘smart buildings’ parameter may have, and it is having, the highest implications and opportunities for the industry.

What is already happening?
Smart cities - or rather, the 1st incarnations ones - exist already. Barcelona and Singapore have basics a higher level connectivity and integrated municipal services. Amongst other things, Barcelona has one of the cleanest surface trains and fleets in Europe, a motorcycle sharing network and impressive green energy credentials. Its pneumatic waste management system automates rubbish collection in a few districts, while underground delivery chutes decrease truck and noise pollution.

In the united states, Denver and Panasonic have been working 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 for example 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 already underway.

What does this imply the real deal estate trends?
Connected, smart buildings have the prospect to reduce energy use, trigger preventative maintenance, and reduce operating costs. Utilising sensor technologies to trace information like motion, light, temperature and waterflow and drainage, then automatically analysing the data to identify inefficiencies, and responding in the non-intrusive manner could all join how buildings function around us. According to JLL, smart buildings could improve general efficiency levels by 15-20% inside the first year. In-depth building and occupant data means that greater transparency in tangible estate transactions, allowing potential renters and buyers to higher understand assets and commercial investors to improve analyse the likely footfall.

The property industry has plenty of opportunities here to embrace smart city solutions and shape the evolution of these areas. The obvious initial benefit to the property industry would be the enthusiasm and clamour of eco-conscious tenants, buyers and businesses to buy part of these efficient structures with lower running costs. Equally, however, a will need to move with the times and keep on top of these changes since they come, to stay knowledgable and up-to-date with these increasingly common futuristic properties.

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