The technological world has evolved over the years. The use of the same now can be seen in all industries. You can find the use everywhere in healthcare, real estate, the food industry, etc.
AI technology and automation have transformed the industry, and commercial real estate is similar. Thus, investors are starting with the help of AI and automation. But it is highly beneficial for improving efficiency in the industry.
The pandemic situation, labor shortage, future of work, and the weaker economy are all factors that heavily pressure the property owners planning to look for a quick cut cost or improve the asset value.
Herein the use of the technology will be highly beneficial for improving efficiency and bringing in some labor cost reduction. The owners can use automation technology, robotics, and machine learning for facility management, supply management, securities, attracting new tenants, and inventory.
However, if you need to be made aware of using automation and AI in the real estate industry, then the guide will provide precise insights.
Use of AI technology and automation in CRE
The industry over the years has changed dramatically, but automation and AI are now included, bringing in a significant change. The list will provide you with insights into how the use of automation robotics and AI technology will benefit the industry’s property owners.
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Better property management with data analysis
The covid situation has brought in a lot of changes in the industry. Consolidation of corporate offices and commercial real estate has been seen after covid. This is why it is essential to have better insights into the occupancy rates and the buildings across the business.
Besides, the use of AI technology and robotics here will be helpful for the property managers to collect all the required data and measure them for making a decision. The data here will be beneficial to know.
- The spaces that are being used and not viable or usable.
- The way to get control over the visitor and employee check. There can be facial recognition, security check, etc., to help know who was in the office and who wasn’t. Also, it helps to know about the outsiders who visit the office frequently.
- A good map plan for the entire building structure. With the use of robotics and AI, the owners can get the geospatial layout of the office and the atmospherics. This can include everything from environmental conditions to sound lighting throughout the day.
- The extra services, which can include concierge. Herein the robots can access with navigating the office and visitor management.
- Inventory office supplies and food use. With the help of the right AI technology, the manager should be able to protect the reserve required for the operation and the food orders needed based on the number of people and the location.
- The place to increase the security level. For instance, the robots that are integrated with the camera system will help with patrolling the blind spots in the office.
- Ways to efficiently manage the energy by using robot cameras and sensors integrated with the HVAC system. You will have better management of energy usage for the employees who are actually in the office.
Even when you have multiple properties, the use of AI and automation tool will be highly advantageous as you can manage all of them right from one place. In addition, this makes it comfortable to provide the tenants same level of experience in all the properties.
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Reducing cost for handling lower occupancy rate
After the covid situation, there has been a significant increase in hybrid and remote work-from-home models. Thus, you will now see a lower occupancy rate in the corporate office.
The companies are now right-sizing the office space and getting more satellite offices to fit the changing needs of the workforce. As a result, the occupancy rates have dropped dramatically while the facility management increased by 7.1% in 2022. It is expected to increase by 3.8% in 2023. This will put a more significant squeeze on the property owners.
However, there is a way to cut costs by bringing in security and facility management automation. The corporate offices still need maintenance and security for intellectual and personal properties.
But only some of the tasks need not be performed by the security guards. AI will be advantageous because of how expensive the posts can be to fill.
For example, with the robotically delivery of remote concierge service, the companies will have a better picture of the facility for all the inspections, completing the security and facility task at a much lower cost. This will include everything from checking the door alarms to checking for PII.
By automating routine guards and mundane tasks, one can respond better to more severe issues that require human judgment. While companies that come with a hoteling workspace model, the employees will reserve the amount of office space during their work.
In addition, the rewards can provide escort and concierge services for the employees to navigate different workspaces.
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Uniformity across the properties
The property owners generally have a setback when it comes to inspection, and most of them are measuring if the owner’s site has the same feel and look across all the locations. For instance, some property owners will want to have a similar entry in all of the organization, physical security right in one place, etc.
So building office uniformity will also include how you can handle the areas of the office that will open to the public while those that will be only meant for the employees with badges and visitors.
Also, one needs to pay attention to how to deploy security guards or automated services throughout the business, likewise handling visitor management across the office to ensure better consistency.
Automation technology here will be highly advantageous to make the procedures easy. In addition, it will replicate across various building sites and offices, making the job comfortable.
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Better appeal to tech-savvy tenants
After the covid situation, the tenants are returning to the office. But they now have mobile technology right at their fingerprint, and thus they will look for the same level of convenience when they are working.
This means you must incorporate mobile check-ins on the devices instead of the security badge requirement at the entrance. For immediate customer support, you can also get digital kiosks with information and maps about the buildings.
Further addition of intelligent robots responsible for escorting the visitors, riding the elevators, performing security, etc. sector will be fun and a cool factor for the employees to see in the office. This will keep them engaged and also encourage them to work better.
Including technology in the office space will be highly advantageous as it will not only bring in more tenants to your property but will also make the job of the companies easier.
It would be best if you researched to understand the needs of the companies and then came up with the proper plan or strategy to understand and include all the essential things the businesses require for better job management.
While the CRE industry is still affected by the impact of covid and the down economy, there are multiple things that property owners need to focus on. For instance, the slow return to the office, occupancy rate, etc., are creating trouble for the property owners.
Here the use of technology innovation will help improve overall efficiency. From streamlining facility maintenance to enhancing the area’s security, one can use the technology correctly to get maximum benefits.
Herein automation will be highly advantageous in reducing costs and helping the property owner achieve their bottom line quickly. But one needs to understand automation and AI correctly to get maximum benefits.
Conclusion
The covid-19 pandemic has brought in a significant change in the CRE industry. The use of AI and automation thus has become essential for the better success of property owners. If you want to bring automation into your sector and require financing, consider connecting with Private Capital Investors.
We are the most trusted ones to get help with your funding. They will understand your specific needs and help you quickly get the funding. Our experts are experienced and can make the process absolutely comfortable. Moreover, we will maintain complete transparency with you and guarantee the interest rate is low and you get maximum benefits from the financing. So, connect with them to get the right help.
