Officebroker.com is rebranding as Officio to move away from the broker model and aid clients in finding long-term solutions, rather than completing short-term goals.
What are the standards for “smart buildings”?
Disruption in the real estate industry is coming to a head thanks to smart technologies being implemented throughout buildings.
Two contributing factors of this change comes from the property sector becoming more tech-oriented (proptech) and urban environments and buildings interacting through digital innovations.
These smart buildings foster productivity, efficiency and the well-being of their clients.
Still, smart buildings need to find a way to address the lack of common standards and metrics in order to fully realize their value.
Similar to green buildings’ LEED certification, smart buildings need to come with a set of standards that certify their performances. The lack of consensus among stakeholders has prevented the attempts to design evaluation frameworks and smartness scores.
So far, the most well-known corporate indicator of building smartness is the Honeywell Building Score (HSBS) that was compiled by Honeywell. It covers three characteristics: greeness, safety, and productivity.
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An alternative to corporate indicators of smart buildings are public indicators that are created by industry organizations, academics and/or governments. Countries have adopted various key performance indicators (KPIs) for its smart buildings. For example, Europe’s Smart Readiness Index (SRI) is geared towards sustainability, while USA’s Building Intelligence Quotient (BiQ) emphasizes cost effectiveness.
Another important factor for stakeholders to keep in mind is the cyber-risks imposed by technologies within smart buildings.
Real estate has been the target of numerous cybersecurity breaches. In 2013, hackers gained access to up to 40 million debit and credit card users of retail store Target, which was stolen through the company’s heat and air-conditioning operator.
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JLL research revealed that Dallas-Fort Worth is ranked 12th out of the country’s top 15 coworking and flexible space markets, taking up 3 million square feet of space.
Office provider LABS has launched its 96,100 square foot flagship property LABS House in Bloomsbury, London that features coworking, offices, and full-service dining.
Cool office interiors are ideal at first glance, but looking into a company’s principles, such as gender equality and flexibility, will be the factors that retain talent.
Colliers International revealed the success of the office market last year due to high demand for coworking and tech firms, but predictions for 2019 are uncertain.
Shared office space providers as tenants have become the norm for many landlords and building owners, and now many REITs have adopted coworking as it continues to expand.
Brookfield Properties has teamed up with Convene to spruce up the 73,000 square foot Brookfield Place into a full-service events venue that accommodates up to 500 people.
Many coworking operators pride themselves on massive, rampant expansion, but some industry experts believe this growth could lead to failure and consolidation in 2019.