Everyone knows the problem.
Even while expectations from tenants, investors and regulators keep rising, operating commercial real estate continues to get more complicated.
In addition to the existential threats of the Delta Variant and experienced operators retiring, there are also more software tools than ever, each of which only serve a narrow purpose.
Ask most asset managers or operations executives and they’ll admit that, when looking at the whole portfolio, the “tech stack” is a mess.
However, there’s a difference between knowing this intrinsically and seeing the facts first hand.
That’s why we partnered with one of our clients and performed a survey of 12M sq ft of assets.
Together, we wanted to determine exactly what the tech landscape looked like and hopefully come out with some actionable insights for budgeting season.
We split the questionnaire into two sections.
Basic operations, or the technology that helps streamline the processes that have to happen anyway. This includes property management, tenant experience, accounting, rounds & inspections, preventative maintenance, work orders, energy management, ESG reporting, capital planning, and tenant billing.
Optimization, or the technology that takes things to the next level through end-to-end automation, real-time alerts, and predictive analytics. This covers things like BMS analytics, elevator monitoring, equipment fault detection, leak detection, occupancy tracking, and air quality monitoring.
Of course, before trying to consolidate siloed technology, it’s important to identify gaps where there is no technology at all.
Despite the rapid adoption of solutions in the past couple years, there are still plenty of workflows being performed on clipboards, spreadsheets or otherwise reactively and manually.