A look into how Smart cities aided by Ai could impact the property industry and what business need to do to be ready.
We love looking at future trends and what’s to come in the Real Estate business, so today we look at what Smart cites enabled by advancements in Artificial Intelligence would mean for Real Estate companies and how they should react.
- Millennials will make up 75% of the workforce by 2025
- Smart cities will allow access to property much more seamless and safe.
- Big Data Will continue being the key.
When thinking about the technology that could potentially change a market you have to think about the demographics of that market, this is the utmost importance. ‘Millennials will make up 75% of the workforce by 2025’, so they will be the primary market for real estate. Millennials are unlike any generation that has been before them, growing up in a world completed changed by the evolution of technology and social media, this means they prioritise being connected digital and want smartly designed workplaces and homes. Convenience will be the key to most millennials, it is important to recognise Millennials response to environmentally and socially responsible developments which include Homes and office space. Having the same progressive value of millennials is key when trying to build a successful business based in real estate.
Seamless and Safe
The word seamless is now so quintessential apart of modern life, everything we do from using our smartphones to sending emails, ordering online to smart products in our homes, if it isn’t quick and easy then it’s not good enough. Future smart cities will be designed around seamless technology, we are seeing this with such brands as Google’s owned Nest who design products around seamless technology in the Home with digital thermostats, smoke alarms, doorbells that can be connected to your phone, these are the products that will drive the advancements of smart cities. This will be the same for commercial property as well, with the experience of the worker being improved for better productivity, well-being and a more energy efficient office space with more connectivity between workers. So Real estate companies are expected to design commercial properties that can accommodate this.
Over the past 10 years we are now seeing the impact big data solutions is having on how business work, from increasing efficiency to understanding and solving problems this will transcend into how Smart cites work in the future, small examples from today’s age come from The South Korean City of Songdo who uses big data at the core of there city from how traffic is measured to waste management to parking problems. All are monitored to make sure the city runs efficiently, this will only progress further as the technology evolves. Big data will allow Real Estate companies to run their properties better by dealing with problem tenants and tenants problems at a much faster rate.
Influences and inspiration.
Hopefully, we’ve given you a brief insight into smart cites and its effect on the property industry, check out all the sources below from where the inspiration for the blog came.