Trends Commercial Real Estate is Witnessing Right Now
The real estate industry is not just about constructing buildings anymore. Today, in these changing times, the commercial real estate industry is adapting itself to a new dawn of technological wonder. It is more human-centric today than it ever was! Keeping the needs of organisations and its employees in mind, commercial real estate is shaping up for a promising future.
Here are five trends that commercial real estate industry in witnessing right now
Dynamic and Adaptable Spaces
Be it a commercial or residential space; real estate industry is shaping up towards creating more dynamic and adaptable spaces. Gone are the days of standard office spaces that looked dull and full of cubicles. Today, the trend is such that offices are shifting towards more flexible areas where employees collaborate and work more efficiently. The growing needs of the workforce and the shift in processes is leading the real estate industry in adopting various changes.
All companies undergo changes that can range from business decisions and industry focus to a new product direction. They not only reshape their organisation structure and the processes in place but also align workforce in diverse ways. However, to support such transitions, revamping their office can do wonders and give that newfound energy a much-needed direction. It is a potential prospect to redesign and refurbish the entire space.
One such change is the adoption of LED lights. These semiconducting diodes are lighting up every commercial sphere imaginable because of their added advantages such as energy-efficiency, minimal maintenance costs and more illuminance per watt. Not only this, but LED lights are also inherently compatible with Internet of Things, making automation more accessible and adaptable in the commercial real estate.
Pollution is reaching epidemic levels in the country. The need of the hour is to adapt and implement solutions that will minimise the effect on our planet. The commercial real estate industry is moving fast towards the adoption of practices that are environmentally friendly. There are green initiatives taking place in both public and private sector. In fact, the Government of India even initiated the ‘World’s Largest Street Light Replacement Programme.' A number that amounts to a total of 15.58 lakh street lights were refurbished to LED streetlights throughout the country. Not only this helped in saving 20.66 kWh of energy, but it also led to a reduction in greenhouse gas emissions by 1.71 lakh tons. An LED street light, when compared to a traditional street light, is up to 10 times brighter.
Furthermore, the real estate industry is focusing on making the spaces greener by planting more trees around the area. Not only does this help in reducing carbon footprint, but it also keeps pollution away.
The Future of Real Estate Industry, Upgradation of Technological Infrastructure and IoT Applications
IoT is the future! It enables and automates a host of processes and is the underlying framework for smart buildings that will ultimately pave the path towards smart cities. Concerning the commercial real estate industry, offices must adapt and upgrade their infrastructure to leverage the latest technologies. With the use of IoT, the operation of an entire building can be automated, from HVAC and security to lighting and parking. A facility manager can control all these operations through a single dashboard. All devices connected to the IoT network can be monitored individually and as a grid. The data collected can be analysed which can provide feedback on performance, operational efficiency and help in better management of the resources. Moreover, the use of intelligent lighting controls such as microwave sensors and occupancy sensors can further make office spaces more adaptable.
Real Estate’s Human-Centric Approach
Organizations are continually trying to improve the quality of life of their employees. They realise the importance of the well-being of their workforce and curate the environment accordingly. Such organisations are building adaptable offices that bring people closer for collaboration. A human-centric environment boosts creativity and productivity of employees which has a direct effect on organisation’s business. Utilizing colours that promote harmony and increase happiness and productivity is one such way of aligning offices for the workforce. Furthermore, the use of human-centric lighting is also rising. It mimics the natural lighting cycle of our planet which improves productivity by a considerable margin.
The way commercial real estate is adapting to modern technologies is something we are all excited about! We at Wipro Lighting, strive in being the leaders in green building lighting. We promote not only environmentally-friendly lighting solutions that are energy-efficient but also take proud in the fact that we are the only lighting company in India to build more than 55% of Green Buildings in the country.