Many building owners and facility managers have been investing thickly on several technologies including smart systems, sensors, etc. under a label of Smart Buildings. Some may call it Building Automations, others name it Building Intelligence - but now there’s a new crown in town: “BIoT” Short nomenclature for ‘Building Internet of Things’, BIoT is a future solution that has deep promises. It is said to subdue all current imperfections with the Smart Buildings, and as it becomes a ‘mature solution’ it is also said to come with a rather wallet-friendly price-tag, in comparison to the incumbent. It will also bring more and advanced sensors, devices, ‘things’, and objects into the network, and help expand the system tremendously. So, it’s no surprise that the building owners and building managers, especially with sizeable real estate portfolio, are looking forward to it!
While the incumbent Smart, intelligent building solutions have their own drawbacks and limitations, they sure are the building blocks to the impending rush of IoT, and they undoubtedly were the ‘teaser’ to what’s yet to come. They were a key driver in bringing about the genesis of BIoT, and now we are patiently and excitedly waiting for the possibility to connect anything and everything. We’re looking ahead at the future where all devices, and virtually almost every object through sensors, will be connected on the network through IoT - and with Big Data analytics, we will be able to make sense of, tweak, adjust, and automate every data without the need for human intervention.
While all industries are bound to have an impact, the real estate industry, especially commercial, is positioned in a peculiar way to see the most benefit from the IoT. There are many reasons for it.
It goes without saying that while Intelligent Buildings had some degree of impact on the real estate, the BIoT will largely improve the building efficiency and diminish the deficiencies experienced in the current solutions. BIoT is uniquely positioned to favor the commercial real estate sector by creating immense customer value, enhance competitive differentiations, and unveil new revenue opportunities.
The cost of sensors are on the plunge, and the interest and fascination in IoT in the Real Estate market is soaring. This early interest in the is creating a very fertile soil for the rapid growth of the technology, transporting the commercial real estate sector into a new epoch of user-centric building design, operation, and management.
Not only is IoT positioned to result in happier, healthier, and more productive tenants and building occupants with enhanced experiences, but also in creating better value, more effective building security, higher energy efficiencies, low tenant churn rates, lower operating costs, better overall building performance, and increasing revenue streams and increased profitability for the building owners.