How IoT is set to transform the Real Estate industry

By Ross O’Toole, Head of Real Estate Technology

The Internet of Things (IoT) has the potential to impact virtually every industry. But what does it mean for Commercial Real Estate – for developers, owners, facility managers, tenants and space users?

In a new report released by Optus Enterprise, we explore the upside of a Smart Building to manage the different occupant’s requirements in any property.

IoT-enabled Smart Buildings offer benefits to all, including cost reductions, enhanced security and operating efficiencies, not to mention a better tenant and space user experience – critical in a competitive property market that’s challenged by the impact of COVID-19.

Why does Commercial Real Estate need to change – now more than ever?

So, what’s wrong with our existing buildings? Look inside the fabric of many of today’s buildings and you may discover a mess of expensive cables, hastily devised point solutions and siloed, disparate systems that are slow, inefficient and pose a very real cyber security risk.

Traditionally, Commercial Real Estate didn’t incorporate a common Connectivity Plan – for all building users, tenants and operational equipment to work to. A connectivity plan is important for all Commercial Real Estate – with an emphasis on wireless.

What’s needed is some way to connect all the building’s users, systems and spaces. This is where IoT shines.

“Connectivity will increasingly influence the value of space” Ross O’Toole, Head of Real Estate Technology, Optus Enterprise
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What’s the clear path forward?

As the report notes, this means putting connectivity at the core of the building - not necessarily through ‘wired’ connections, but rather wirelessly - using Wi-Fi, 4G / 5G mobile in-building coverage and more.

This enables connections to be made between people, places and things, including users and employees, IoT devices, BMS and OT systems and even data drawn from beyond the building.

As well as exploring some of the many potential use cases – from reducing operational costs to providing a better in-space customer experience – the report highlights why IoT will be the must-have factor that will set quality Commercial Real Estate apart.

IoT is not just about the latest technology or smart use cases, no matter how clever they may be. It’s all about adding value, streamlining operations and making people’s lives better.

Download the full report here, contact your Optus Account Manager for information on the solutions we’re talking to our customers about.