The Smart City: How Technological Innovation Is Updating Real Estate


'Smart' is becoming the new normal. The word itself has evolved slightly in meaning within the last Ten years, as technologies emerge boasting more features which help us manage and maintain us on a daily basis. Now it's more established to fulfill someone having a smartphone these days, while watches, TVs, washers and lighting systems in your homes are all getting increasingly connected and attuned to our needs. Now, these property trends consider with a bigger target, and we're starting to go to a new modern phenomenon emerge: the smart city.

Just what is a smart city?
The Un has predicted that the global population will hit 9.7 billion in 2050, with 66% of folks projected to reside in cities. The smart city belongs to this vision: our metropolises can become increasingly urbanised and much more tech-heavy, with drones, autonomous vehicles and robots already being introduced into our modern service structures today.

These future cities will leverage data and technology to create life convenient for residents. Frost & Sullivan define the word as “cities built on ‘Smart’ […] solutions and technology which will resulted in the adoption of at least five in the eight […] smart parameters”.



These parameters include smart energy - which we’ve already seen beginning, with heating systems controlled from a phone - and also smart buildings, transport, healthcare, infrastructure, technology, governance, education and lastly, the rather mysterious smart citizen. With regards to property trends, the ‘smart buildings’ parameter may have, and is having, the maximum implications and opportunities to the industry.

Precisely what is already happening?
Smart cities - or in other words, the very first incarnations ones - exist already. Barcelona and Singapore both have a base a higher level connectivity and integrated municipal services. Amongst other things, Barcelona has among the cleanest surface or trains fleets in Europe, a motorcycle sharing network and impressive green energy credentials. Its pneumatic waste management system automates rubbish collection in certain districts, while underground delivery chutes decrease truck and environmental noise.

In the USA, Denver and Panasonic been employed together to designate a mixed-use development centre, Pena Station Next, like a hyper-connected community: a ‘smart city’ of sorts. Pena Station Next already has smart city solutions for example street lights mounted with video security cameras and sensors, together with smart bus stops and parking meters. Here, Road X, an ‘intelligent’ Interstate 70, has already been underway.

Precisely what does this implies the real deal estate trends?
Connected, smart buildings potentially have to scale back energy use, trigger preventative maintenance, and reduce operating costs. Utilising sensor technologies to monitor information including motion, light, temperature and discharge, then automatically analysing your data to detect inefficiencies, and responding in a non-intrusive manner could all join how buildings function around us. In accordance with JLL, smart buildings could improve general efficiency levels by 15-20% within the fresh. In-depth building and occupant data means that greater transparency in actual estate transactions, allowing potential renters and buyers to raised understand assets and commercial investors to improve analyse the likely footfall.

Agreement industry has a lot of opportunities here to embrace smart city solutions and shape the evolution of such areas. The most apparent initial benefit for the property industry could be the enthusiasm and clamour of eco-conscious tenants, buyers and businesses to acquire part of these efficient structures with lower running costs. Equally, however, the market should move with all the times and keep with these changes because they come, to remain knowledgable and up-to-date with your increasingly common futuristic properties.

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