Artificial Intelligence (AI) and automation have sparked a technology arms race in commercial real estate. Owners once hesitant to adopt new technology tools have suddenly developed an insatiable appetite for advanced technologies.
With multiple verticals and tenant sectors, mixed-use properties stand to gain tremendous advantages from the integration of AI and automation. However, while the appetite for technology is infinite, implementation has proven challenging. Mixed-use owners struggle to decide how to invest in new technologies and what types of tools will be the most effective for a property.
Technology investment requires rigor and vision; it is not a matter of simply checking boxes. Rather, mixed-use owners should take a solutions-oriented approach to technology integration first, and then choose the tools and programs that are the best fit for the property, tenants and users. Here are three ways that technology can transform a mixed-use property.
A frictionless environment for tenants
Smart technologies and automation are revitalizing the user experience at mixed-use properties. These front-facing and interactive tools can be integrated at every user touchpoint to create an easy and frictionless environment.
Facial recognition software, biometrics, smart elevator access, automated air conditioning and smart parking are all examples of tools that can be integrated to create a smooth experience for users to enter and effortlessly move through the property. With these tools, a user can enter the property without pulling a parking ticket and walk onto an elevator that recognizes their face and their floor. Before they even enter their suite, technology can prepare for their arrival by turning on the lights, air conditioning or heat and other building features. That is truly a transformative experience for the user. No more punching in codes, turning dials or fumbling about a darkened room for light.
London’s 22 Bishopsgate is a prime example. The property has smart technologies integrated throughout the property to create a people-first experience. The property uses facial recognition as part of its security program. It provides user access, automated building features from lights to blinds and air conditioning, and a building-specific app that tenants can use to navigate through the property and control features.
An efficient experience for management
Technology should be both experiential and functional. Behind the scenes, smart technologies are streamlining property management and adding greater value and convenience to the user experience. Automation and machine learning capabilities are at the center of functional and back-office features that can transform and elevate the function and value at a property.
Such as the Plaza Coral Gables, these technologies can handle a wide range of administrative tasks to reduce the paperwork burden for property managers. This includes processing maintenance requests and managing contracts and invoicing for vendors.
Smart technology can also improve tenant communications through the building app, such as promoting building events and programming, or using tenant engagement data to inform future programming, further enhancing their experience.
Venture firms like Rise are investing in apps and software programs that optimize building performance. As a result, mixed-use building managers have more time to focus on critical tasks that enhance the user experience and create value at the property, rather than pushing paperwork.
Using data to monetize the user experience
Experience and function are the cornerstone of a successful tech program, but once an owner has accomplished an integrated tech experience, there is an additional benefit: data and analytics.
The data collected through smart technology tools can create value, monetize the user experience and maximize investment outcomes. For mixed-use buildings that have retail tenants, the data bank can track consumer behaviors and habits, and owners can use this information to improve the retail experience, events and programming by creating a bespoke experience for the user.
One example is integrating consumer data with retailer point of sale (POS) systems. When a person enters the parking garage, for example, it can trigger the POS system in the building’s coffee shop and send a message to the person asking if they want their standard coffee order. That is a seamless experience for the user, who can then simply walk up and grab their coffee without even placing an order. This also provides a monetization opportunity for both the retailer and the property owner.
Mixed-use property owners are rapidly adopting AI and automated solutions to transform experiences and increase efficiencies—but strategic adoption is the key to success. By focusing on user experience, function and monetization, owners will truly revolutionize the real estate experience.
