Commitment to smart building tech sustained despite subdued outlook

Technology solutions, even in a downcast economic outlook, are a priority for developers investing in smart technologies. Smart tech has become an essential part of premium office space, with landlords able to command higher rents and tenants remaining for longer, according to a report by Moody’s and WiredScore. Highlighting the trends in the data collected during the certification process, sustainability solutions are increasingly popular – landlords are aware of the need to retrofit existing assets and make new ones future-ready in order to meet tough regulations and rising social consciousness.

Thomasin Crowley, global director of Apac at WiredScore, emphasises the importance of following projects from design to completion to understand the maturity of particular solutions with the best use cases in different markets. She says, “We know that premium office spaces tend to hold their value better in a recession, and we can already see this happening. High-quality, energy-efficient buildings with in-demand amenities are still commanding strong rents, while demand for lower-quality space is declining. Today, smart technology is almost a defining characteristic of a prime office: it is what underpins that quality, efficient and premium, amenity-rich occupier experience.”

Sustainability solutions are popular, with new regulations and growing social consciousness giving landlords strong incentives to engage. Metering and advanced analytics for building performance in real time are two solutions being implemented, with asset managers looking to improve the office experience to make it as appealing as being at home. According to a report, landlords investing in future-proofing their buildings via technology can expect to see vacancy rates drop by 3.8%, higher rents, and tenant retention growing by an average of nine months.

Overall, smart technology is no longer being taken out of building projects to minimise costs, with developers continuing to invest in order to future-proof their The Myst assets. The fear of empty floors in a world where occupier demand and working patterns are changing has prompted owners and operators to understand the importance of investing in solutions that will maintain the value of their assets and attract tenants in a challenging market.