Data is one of the driving forces of change in the commercial real estate (CRE) industry. Information from work order management, visitor access, and tenant compliance are some of the ways buildings collect real-time data. With this data in hand, landlords have the power to improve tenant experience, optimize building systems, and more.
Building Engines’ CEO, Tim Curran, and Empire State Realty Trust’s CTO, Sandy Jacolow, recently spoke during Propmodo’s webinar, “Using Building Data to Make Decisions that Drive NOI.” Curran along with Jacolow addressed how building data is contributing to the success of the CRE industry, and most importantly, its future. Here are the biggest takeaways from the discussion.
Improve Building Access Control for Better Tenant Experience
Access control in CRE buildings is quickly becoming a top priority for tenants. So, what can be done to improve building access control? And what does this improvement allow? For both CRE landlords and tenants, tenant experience is top of mind. And a big player for tenant experience is building access.
For many, it’s not so much the cost of building access, rather the legwork that goes into it. Consider the administration of setting up an access card – manually entering every tenant’s information, coordinating individual access levels, administering new access cards every time one is lost or stolen, never mind doing this for tenants across multiple properties.
“It’s going to go mobile; there’s no way around it,” Jacolow said, touching on the importance of visitor and tenant access. And modern building access systems are helping to do just that.
Modern access systems provide secure mobile access with less administrative work. And using the building access data collected from the software helps CRE owners and operators better understand the coming and going of tenants, the areas of the building tenants are accessing the most, and more. With this data in hand, CRE landlords can build a better tenant experience and increase NOI.
Optimizing HVAC Systems to Maintain Comfort Levels
Maintaining HVAC systems is one of the biggest expenses for a property. It’s difficult for landlords to find a happy medium between reducing HVAC costs while also properly maintaining comfort levels for tenants. Factors that need to be considered when optimizing HVAC systems include:
- Temperature
- Indoor air quality (IAQ)
- Energy usage
- CO2 levels
So, while many properties work on reducing costs and committing to net zero, tenant experience cannot be forgotten. HVAC management, energy consumption, and tenant comfort all go hand in hand.
“There’s a big balance here – getting people back, keeping them comfortable, keeping the air fresh, and maintaining low energy usage – it’s hard,” Curran said. “But that’s what tech, or software, is for – to solve those kinds of problems.” With HVAC management software, property teams can make data-driven decisions to minimize the use of HVAC systems. Through predictive analytics and building monitoring, HVAC management software provides property teams with the data needed to show how HVAC systems are running and where there is opportunity for functional improvement.
Choosing the Right Proptech for Data Collection Needs
From tenant experience to building management, proptech is helping CRE owners and operators better understand the ins and outs of their properties through data collection.
Data collection at CRE properties once meant (and still means for many) an annual survey. But this method is no longer enough information to successfully run buildings today. Data cannot be collected just once a year, especially from tenants. With proptech, building data is collected every day – and property teams can have access to it in real time.
However, the proptech landscape is littered. Choosing the right software solution begins with prioritization and establishing partnerships that work best for your specific property. It’s all about finding the right tech partner. Look for a partner who is rooted in the CRE industry and who offers a robust platform that gives you the flexibility to build what you need to meet your goals.
