The Smart City: How Modern Technology Is Transforming Real Estate

'Smart' is now the new normal. The phrase itself changed slightly in meaning over the past Decade, as new technology emerge boasting even more features that assist us manage and gaze after our way of life every day. Now it's more common in order to meet someone using a smart phone today, while watches, TVs, automatic washers and lighting systems in our homes are typical becoming increasingly connected and attuned to your needs. Now, these property trends think about on the bigger target, and we're needs to go to a new modern phenomenon emerge: the smart city.

Exactly what is a smart city?
The United Nations has predicted how the global population will hit 9.7 billion in 2050, with 66% of men and women projected to reside cities. The smart city is part of this vision: our metropolises can become increasingly urbanised plus 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 which will resulted in the adoption of at least five from the eight […] smart parameters”.



These parameters include smart energy - which we’ve already seen beginning, with heating systems controlled out of your phone - and also smart buildings, transport, healthcare, infrastructure, technology, governance, education last but not least, the rather mysterious smart citizen. In terms of property trends, the ‘smart buildings’ parameter may have, and is having, the maximum implications and opportunities for the industry.

What exactly is already happening?
Smart cities - or in other words, the very first incarnations of them - exist already. Barcelona and Singapore have a base amount of connectivity and integrated municipal services. Among other things, Barcelona has among the cleanest surface trains and fleets in Europe, a motorbike sharing network and impressive green energy credentials. Its pneumatic waste management system automates rubbish collection in some 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 like street lights mounted with video cameras and sensors, along with smart bus stops and parking meters. Here, Road X, an ‘intelligent’ Interstate 70, is already underway.

Precisely what does this imply the real deal estate trends?
Connected, smart buildings have the potential to lessen energy use, trigger preventative maintenance, and reduce operating costs. Utilising sensor technologies to follow information such as motion, light, temperature and water flow, then automatically analysing your data to detect inefficiencies, and responding inside a non-intrusive manner could all join how buildings function around us. As outlined by JLL, smart buildings could improve general efficiency levels by 15-20% from the newbie. In-depth building and occupant data will mean greater transparency in solid estate transactions, allowing potential renters and buyers to better understand assets and commercial investors to better analyse the likely footfall.

The real estate industry has plenty of opportunities here to embrace smart city solutions and shape the evolution of these areas. Decreasing initial benefit for that property industry will be the enthusiasm and clamour of eco-conscious tenants, buyers and businesses to acquire a part of these efficient structures with lower running costs. Equally, however, the industry will have to move with the times and make with these changes because they come, to be knowledgable and up-to-date with these increasingly common futuristic properties.

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