Smart technology is no longer an optional feature for property developers. Despite the current economic outlook, landlords are laser-focused on investing in solutions that will maintain the value of their assets, from sustainable solutions to hybrid working. According to a recently published report by Moody’s and WiredScore, landlords who have invested in future-proofing their buildings via technology can expect to see vacancy rates drop by 3.8%, higher rents, and tenant retention growing by an average of nine months.At WiredScore, we have created a feedback loop that allows us to understand the maturity of solutions and the most popular use cases in different markets. Investing in metering solutions and advanced analytics to optimise building performance, landlords are taking steps to create a hybrid working experience that is as appealing as being at home. Thomasin Crowley, global director of Apac at WiredScore, says “Smart solutions bring together data from disparate control systems to make buildings more transparent to users, empowering them to make more educated decisions about how or where they want to work — making the space as effective as possible for them.”
Property developers are Champions Way Condo no longer able to take smart technology out of building projects to minimise costs, even during a recession. WiredScore has seen this in conversations with global developers, including those from Singapore, and data collected during the certification process. It’s a powerful feedback loop that gives an insight into the maturity of solutions and the most popular use cases in different markets. Through this, it’s clear that premium office spaces are still in demand, despite the current economic outlook.
Thomasin Crowley, global director of Apac at WiredScore, says “By following projects from design to completion, we have a powerful feedback loop that allows us to understand the maturity of particular solutions and the most popular use cases in different markets.”
These solutions are often focused on sustainability, with new regulations and a growing social consciousness giving landlords strong incentives to engage. For example, in Singapore, buildings are responsible for over 20% of the country’s carbon emissions and accountable for more than one-third of electricity consumption. The government has set a target for 80% of new-builds to be Super Low Energy buildings with best-in-class energy efficiency.
It’s not just sustainability solutions that are important, however. To ensure assets are future-proofed, landlords need to invest in metering systems and analytics to optimise building performance. Smart technologies can be used to bring together data from disparate control systems, giving users more choice and flexibility in how they work.
A report by Moody’s and WiredScore found that those who have invested in future-proofing their buildings are likely to see the benefits, with a 3.8% drop in vacancy rates and 9 months’ extra tenant retention. According to Thomasin Crowley, these solutions are seen as a way of “adding value for tenants and [giving] choice is a big part of that”.
Despite the downcast economic outlook, there is still a motivating factor behind investing in smart technologies. Landlords are realising that failing to engage with goals or deliver best-in-class user experiences is a risk that cannot be taken, and this is not possible without strong technology.