The recent RealComm 2024 conference buzzed with excitement surrounding the latest advancements in Commercial Real Estate (CRE) technology. Devsu was proud to be a part of the event, with Matt Deaton, our Chief Growth Officer, attending and gleaning valuable insights into the technologies poised to reshape the industry in the coming years.
From the ubiquitous presence of the Internet of Things (IoT) to the growing focus on sustainability and the untapped potential of Artificial Intelligence (AI), RealComm 2024 painted a clear picture of the challenges and opportunities facing the CRE space. In this article, we sat down with Matt to discuss his key takeaways from the conference and explore what lies ahead for CRE technology.
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What struck you most about the CRE technology landscape at RealComm?
Matt: The sheer pervasiveness of Internet of Things (IoT) integration was undeniable. Sensors, cameras, and other IoT devices are no longer optional add-ons; they've become standard components within CRE technology solutions.
This reflects the industry's growing focus on smart buildings and real-time data collection for enhanced automation and tenant experiences. It's clear that the future of CRE hinges on leveraging this constant stream of data to optimize building operations and deliver exceptional user experiences.
What were the goals driving CRE technology solutions at RealComm?
Matt: At RealComm, it was clear that CRE technology solutions are being driven by a three-pronged approach I like to call the "triple threat": cost savings, sustainability, and reduced emissions.
The industry is under constant pressure to optimize operational efficiency. CRE technology solutions are helping by streamlining processes, automating tasks, and identifying areas for waste reduction. This translates to lower operating costs for building owners and property managers.
At the same time, environmental regulations are becoming more stringent, and there's a growing societal pressure for greener practices. CRE technology solutions are stepping up by providing tools for energy management, optimizing resource utilization, and even integrating renewable energy sources. This not only helps meet environmental goals but can also contribute to cost savings through reduced energy consumption.
Lastly, there is a significant focus on reducing greenhouse gas emissions from commercial buildings. CRE technology solutions are playing a key role by offering features like smart building controls, occupant behavior monitoring, and optimizing HVAC systems. These features not only contribute to a more sustainable future but can also enhance tenant comfort and improve building performance.
Data is always a major theme for the CRE industry, but how was it being used?
Matt: Data was undeniably a central theme at RealComm. There was a lot of buzz around collecting data from various sources within buildings, aggregating it into a central location, and then visualizing it through user-friendly dashboards. This allows building owners and property managers to see things like energy consumption, occupancy patterns, and equipment performance in a clear and concise way.
However, the current focus seems to be on what I would call "descriptive analytics." This simply means using data to understand what's happening right now. For example, a dashboard might show that energy usage is spiking at a certain time of day. While this information is valuable, it doesn't tell the whole story.
The key takeaway here is that CRE technology has the potential to move beyond basic data visualization and unlock the true power of data through AI-driven prescriptive analytics. This will be a game-changer for how buildings are managed and operated in the future.
What about AI? Was that also a major theme?
Matt: Having been to many tech conferences, I was surprised by the relative absence of AI integration within CRE solutions. Most tools offer dashboards with historical and real-time data, but they stop short of using AI to turn that data into actionable insights.
This is a golden opportunity for innovation! Imagine AI transforming data from a static report into a dynamic tool that suggests improvements and enhances decision-making. For sure it is something that real estate companies would love to see in the future.
Looking ahead, what takeaways do you have from RealComm about the future of CRE technology?
Matt: RealComm showcased the CRE industry's rapid technological advancements. The heavy reliance on IoT for data collection, the increasing focus on sustainability, and the untapped potential of AI all point to exciting opportunities shaping the future of CRE technology. These trends present a roadmap for innovation that will transform how we design, manage, and experience commercial real estate.
Want to delve deeper into these CRE technology challenges and explore how Devsu can help? Schedule a free consultation with Matt Deaton, our Chief Growth Officer. He's happy to discuss your specific needs and share insights on how Devsu's solutions can help you achieve your cost savings, sustainability, and efficiency goals.
Click here to book your time with Matt.