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Modern technology has changed every aspect of our lives, so it should be no surprise that it also plays a significant role in asset management in industrial real estate.
Industrial asset management can be extremely complicated having to manage dozens or hundreds of industrial properties at once, but technology is playing an increasingly important role in helping companies manage their portfolios. From communicating with tenants to viewing the condition of the building remotely, technology helps facility owners and operators keep up-to-date on everything involved in the asset management of an industrial facility.
There are several ways that technology helps manage industrial real estate and we'll cover them here in this article.
Ways Technology Helps Manage Industrial Real Estate
1. Digital Settlement
Professionals in industrial real estate have always gone about their business mobile and on the go. Seeing them travel from their workplace to numerous locations and return is normal. However, today's technology provides even more mobility for agents and brokers. Whereas industrial real estate professionals used to be required to spend a specific amount of time on the road, these agents now have the luxury of operating remotely. Settlement of properties can often be slow but PEXA and InfoTrack offer remote settlement solutions to the real estate industry.
2. Digital Twins and Asset Management
As the world seeks ways to achieve sustainable development goals, digitization plays an increasingly vital role in protecting the environment and using limited resources and infrastructure better. Digital twins are a vital ingredient in this journey. Today's asset managers must operate assets efficiently and grow their value while meeting organizational goals in an increasingly complex, disruptive, and uncertain world.
Digital twins merge asset management with business and information technology, allowing you to make more effective decisions that are more consistent with your organization's goals. In a nutshell, they're designed to maximize the value of each asset and provide tools for remotely managing and operating the facility. Asseti's asset performance management solution is a global leader alongside the work Siemens does for digital twins.
3. High-Quality Data
We now have access to massive volumes of data. High-quality data improves property insight for the leasing business process and leads to more educated decisions. This includes data acquired by property management from building operations using smart technology.
On the other hand, it could consist of data about properties, submarkets, or neighbourhoods obtained from a third party. This data informs prospective buyers' and tenants' purchasing and leasing decisions.
In addition, data assists property managers in better managing their properties. At the same time, brokers must stay up to date on the latest data for their and their client's benefit. A key player in this space is CoreLogic.
4. Artificial Intelligence
Artificial intelligence is another emerging technological trend in real estate. Smart tools and machine learning are already transforming many sectors. For example, several businesses already employ AI for marketing. AI provides some significant advantages for commercial and industrial real estate holdings.
AI may assist with jobs such as assessing building functions and layouts, system management (lighting, HVAC, data systems, and so on), and organizing duties in property and facilities management. Real estate executives may use AI to automate safety, security, and efficiency tasks.
AI could also help industrial brokers produce leads and prospects in content strategies and ads. At Asseti, we're using AI to power rapid insights on the condition of properties while companies like Archistar are using AI to deliver insights into new development sites and other aspects of real estate.
5. Using Technology to Increase Property Value
Nowadays, everyone expects a certain degree of technology. People, for example, expect free WiFi in public places like office buildings, airports, and even public parks. Property developers and owners also include as much technology as possible in their properties. Due to this, a property's value is becoming increasingly linked to the level of technology. Companies like Optus and Telstra work with owners to implement scalable wireless solutions onsite.
The Bottom Line?
Technology has revolutionized the way we interact with the world, and it is changing industries at a rapid pace. As a result, new ways of managing industrial real estate are emerging as companies turn to software solutions to streamline their operations. High-quality data, telecommuting, privacy, and increased property value prove that technology's role in managing industrial real estate can't be overemphasized.