It’s one of the hottest buzzwords in the real estate industry, but how is PropTech likely to transform the industry in a meaningful way? Four experts give Cityscape Intelligence their predictions for the year ahead.
THE RISE OF CLOUD-BASED OPERATING SYSTEMS
“In real estate, we are witnessing structural shifts in the way properties are being operated, with real estate owners and operators both with an appetite for proactive, agile, and cloud-based management of operations. Moreover, in 2021, occupants expect seamless experiences with improved communication and control of their spaces. With advancements in IoT and Cloud, which are now widely accessible and affordable, we are witnessing a transformation in an industry that has long been averse to change. Cost and time-consuming manual processes are being automated, replaced by data-led, mobile-first operations. And the resulting real-time visibility is being leveraged to enhance the responsiveness, resilience, and future-readiness of real estate portfolios.” – Prabhu Ramachandran, Founder & CEO, Facilio Inc.
CAFM TECH WILL HELP TO PREDICT TRENDS
“The advantages PropTech unlocks for facilities managers are perhaps the most significant. One of the developments we will see is the increased use of computer-aided facility management (CAFM) computing, which will give predictive analytics allowing for improved sustainability functionality, better occupant experiences, as well as asset lifecycle and operating costs to be concurrently optimized, in real time." – Sanjeevv Bhatia, CEO, SB Group & Netix Global BV.
REDUCING THE COST OF CONSTRUCTION
“A key impact of PropTech is that it can reduce the cost of construction itself, adding value for investors. Collaborative workflow software enables architects, engineers, developers and local authorities to work together more efficiently, minimising costly mistakes and the repetition of time-consuming tasks. Self-driving construction machinery can save time and improve onsite safety, potentially reducing insurance premiums and staff costs. Aerial drones can make surveying and mapping of potential construction sites more accurate and efficient. These are just a few technological advances among many in construction and we will continue to see fascinating innovations over the coming months and years. – Fred Bristol, CEO and co-founder of Brickowner.
REVOLUTIONISING PROPERTY MAINTENANCE
“PropTech is helping developers optimise heating, ventilation and air-conditioning (HVAC) systems. Other areas where we can expect to see it revolutionise property maintenance is through installing smart lighting, ensuring predictive maintenance of automation systems, enhancing access control, and delivering exceptional user experiences. Big Data is transforming property maintenance and played a crucial role in allowing commercial real estate to adapt to the post-pandemic new normal. Agile operations and optimal asset performance are key differentiators for the real estate industry, and 2021 will be the year when PropTech truly comes of age in commercial real estate." – Sajid Azmi, CEO, Yegert
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