Space is being deprioritised as the commodity of value. The traditional business model of providing exclusive access to square footage is being challenged by a new model, one that provides access to services enabled by that space. And the traditional real estate company is being challenged to think like a technology company, linking service delivery and value to revenue.
Modern commercial real estate (CRE) is an engine of data generation, with buildings and their occupants generating hundreds of gigabytes of performance data every day. Yet much of this data is going to waste. CRE organisations should aim to move up from data collection to insights, and finally to augmented behavior. By amplifying capabilities to leverage the power of data, CRE organisations can activate portfolio optimisation, develop properties and portfolios with precision, and reimagine tenant and end-user experience.
To thrive in the long term, Canada’s CRE organisations will need to see their properties as evolving, agile systems that use data intelligence to make better decisions and help tenants and end users make the best use of the space. Those that do, will be well positioned to face the inevitable disruptions and to lead their industry into the future.
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