3 Ways Real-Time Data is Changing Commercial Real Estate

2017-12-20

There’s no time like the present. This familiar phrase has evolved into an entirely new level of significance in the world of commercial real estate. Real-time data is changing the face of retail, facilities maintenance, portfolio management, and tenant screening, to name a few. Let’s look at how real-time data can benefit today’s CRE professional in these areas.

Real-time data is changing retail marketing.

Identified by one-third of respondents to a recent Boston Retail Partners survey, real-time retail, which is disseminating data across all channels real-time, is a top priority in customer engagement. Sensors placed around stores gather data needed for retailers to have the ability to “engage with the exact consumers at the right stores where their products are sold,” says Lindsey Thomas, marketing lead at Westfield’s OneMarket. Beacon technology can enable retailers to push desirable content to customers’ mobile devices and can even detect consumers’ reactions to signs, product displays, and employee interactions, reports Forbes. Retailers like Walgreens, Target, and Walmart employ beacon technology for marketing and customer engagement strategies. Commercial real estate professionals will need to consider strategies for retail tenants to be able to take advantage of the technology as well.

Real-time data is changing facilities management.

Sensors strategically placed throughout a facility, including retail, industrial, multifamily, and office space, can create a virtually self-managing system for HVAC, handtowel dispensers, trash cans, lights, and more. What’s more, as Facilitiesnet points out, building IoT can help managers understand how tenants use a facility by providing occupancy information related to energy use. In addition, Faculty Executive reports how the Internet of Things (IoT) will continue to transform properties into intelligent, resilient, and sustainable buildings and spaces, with about 45% of facility decision makers already utilizing some type of power quality monitoring and analytics..

Real-time data is changing property management.

Technology that gathers, analyzes, and shares real-time data is empowering landlords to access essential data with portfolio-wide implications. (RE)meter provides insight at this level by supplying real-time data on industry performance, and further enables landlords to optimize lease conversion with high-quality tenants. With tools like (RE)meter’s TIL Score, leasing teams have at their fingertips real-time leasing conditions with insight into demand for space, efficiency, leasing spread, retention, and more. Ultimately, a real-time data-driven approach sets up landlords to make more informed, strategic portfolio decisions that drive higher returns, as VTS explains.