We have more data at our fingertips than at any other point in history. This presents a tremendous opportunity for innovation. Commercial real estate developers and owners need information on how their properties are performing on a variety of levels, from rental rates to energy efficiency.
This data can be easily gathered, tabulated, and turned into actionable insights. A variety of startups, including Bowery, Enertiv, and Buildium, help property managers make smarter decisions based on actual data rather than projections. This leads to faster and more accurate appraisals.
Buildings can also use data gathered through smart technology to automatically adjust to the number of people in the building, the weather, and other factors that maximize tenant comfort while minimizing energy costs.
Big data can be used to create 3D models and virtual reality simulations that let developers, construction teams, architects, and lenders tour a building in detail before they even break ground. This can prevent costly mistakes and help future tenants visualize their new space.