The IoT (Internet of Things) is a suite of applications and technology that furnishes locations and devices to bring out all kinds of necessary and significant information in order to connect those devices and locations for instant smart actions. IoT plays a vital role in the growth and success of managed office spaces by utilizing the internet as a backbone to communicate data and other attributes. Technology is rapidly advancing the fundamental principles of commercial real estate and office spaces.
As the workforce has returned to the offices, IoT has become the foremost solution for employers to ensure and maintain social distancing and boost the confidence of their workforce in professional office spaces. Considering the change in the trend, Tech-Savvy companies are leveraging IoT to transform their traditional offices into smart or managed office spaces.
IoT creates a whole new level of experience in the managed office space by generating information that is valuable for CRE companies (Commercial Real Estate). IoT applications do not only enhance productivity and efficiency but they also create new opportunities for both employers and employees.
IoT is creating a constructive impact on the BMS (Building Management System). BMS is the backbone of commercial real estate companies that are providing fully-furnished tech-enabled commercial office spaces to large business enterprises and SMEs. Let’s take a deep dive into IoT and its role in framing the future of office spaces.
Benefits of IoT to Businesses
With the integration of IoT and BMS, Businesses are now aiming to maximize efficiency through robust building performance and user experience. The CRE companies can use the data which is generated via connected systems to acknowledge new revenue opportunities and separate their services. There are several pros of IoT in managed office spaces, such as:
Real-Time Responsiveness and Feedback:
Technological advancement is what attracts most entrepreneurs and their workforce. Technically sound sensors and Wi-Fi can be used effectively to collect data and give real-time responses to employees. Real-Time feedback and response can positively impact the productivity of the workforce. IoT in the workplace gives the employees authority to control the temperature and lights, and book meetings or conference rooms for formal discussions.
Advanced Building Performance:
The IoT authorized Building Management Systems are highly responsive and they can surely be used to minimize the use and wastage of energy. It is also extremely useful when it comes to reducing repair and maintenance expenditure. Reducing the cost of energy and optimizing the internal environments offers value to the clients that are leasing commercial office space for better working conditions and the ecosystem.
IoT-enabled buildings are even capable of detecting any building or asset issue through continuous predictive capabilities and monitoring. Another amazing benefit of IoT-enabled buildings is the weather sensors that can warn the workforce about adverse weather events like tornadoes, floods, hurricanes, and so on.
Better Portfolio Management and Monitoring Space Occupancy:
Advanced monitoring, tracking, and implementation in the workplace or building can reduce the chances of uncertainties for CRE companies and their valuable clients. With the help of portfolio analytics, it has become easier for companies to reduce asset risks. It is also beneficial for CRE companies to track space usage patterns and the flow of people to analyze the behavior thoroughly. Knowing space usage patterns allows CRE companies to identify the excess capacity and create action plans for peak and lean hours for better space and time management.
Creating Separate Value through Differentiation:
Generating value through differentiation is one of the most prominent benefits of IoT to businesses. With the help of IoT-enabled infrastructures, CRE companies can achieve an impressive level of connectivity with the amount of collected information.
This allows them to utilize this data to identify and fulfill consumer needs and provide them with more sophisticated services with ease. It is important for CRE companies to offer the services that their competitors are lacking.
There are certain opportunities that can differentiate Smart CRE companies from their competitors. Some of these opportunities are:
- Focus on occupant and employee health for increased productivity
- Innovation in the services offered to the clients
- Providing a powerful and broader ecosystem
Office Layout and Design:
Another benefit of IoT in commercial office spaces is that it gives a wider perspective of office layout and design. IoT gives valuable insights and data that can be visualized to understand the presence of the clients and their workforce. Analysis of the acquired data enables the CRE companies to move, merge, or eliminate the meeting or conference rooms as per the requirements to efficiently use the available office space.
There’s no doubt that the IoT is going to make a beneficial impact on the future of professional or managed office spaces. It saves energy and cost for commercial real estate companies to invest their valuable time in working efficiently to achieve predetermined goals and objectives. IoT is not only fruitful to CRE companies, but it also offers great value and user experience to the clients as well as their workforce.