2A — July 27 - August 9, 2018 — M id A tlantic
Real Estate Journal
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M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Account Executive ........................................... Steve Kelley Account Executive ............................................. Kim Brunet Account Executive ........................................ Marisol Chase Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnists: .......................Beth Mattson-Teig Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 30, Issue 14 Subscription rates: $99 - one year, $148 - 3 years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 | Fax: 781-740-2929 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
M id A tlantic Real Estate Journal
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Beth Mattson-Teig
The Convergence of Technology and Corporate Real Estate C oreNet Global, one of the leading profes- sional association for the corporate real estate profes- sion, has released a new report on The Convergence of Technol- ogy and Real Estate. “Technology that people used to talk about moving into the workplace “someday” is no longer just around the corner. Augmented and virtual reality, the Internet of Things, machine learning and artificial intelli- gence and autonomous vehicles are here and now in the present with a barrage of innovations that are being delivered at a rapid-fire pace,” according to the report. “Corporate real estate ex- ecutives are leveraging big data, analytics and new tech- nologies to transform the built environment, making it more productive and efficient and enhancing the overall employee experience," said Angela Cain, CEO of CoreNet Global. The report details the effects and implications for corporate real estate: • The common entry point for many firms has been using technology to improve energy efficiency and maintain equip- ment and systems; as well as occupancy and space optimi- zation level or engineering, where they can see hard value outcomes. • The history of smart build- ings or building management systems (BMS) stretches back to the 1980s with tech that was very focused on building controls that aimed to optimize equipment and reduce energy
use, with common features such as timers and sensors that managed lighting and HVAC systems. • The broader proliferation of data and the ability to organize it in a more meaningful way, via the cloud or other means is the newest development. CRE can now use better analytics tools and look toward artificial intelligence and machine learn- ing as potential ways to learn from data and better under- stand employee behaviors in the workplace. • The business case for the digital workplace is being driv- en by efforts to improve col- laboration, productivity and create an environment that helps attract and retain talent and boost brand image. • The convergence of technol- ogy and real estate demands more collaboration within or- ganizations. • It is not going to be just a decision of whether to buy or lease space, but how do compa- nies control that space so they can drive changes to the space that can impact and benefit business operations. “Real estate is the second- or third-largest expense for most Fortune 500 companies, which means that space utilization,
operating efficiency and man- aging real estate costs is still a high priority. But increasingly the task for Corporate Real Estate (CRE), especially as it relates to knowledge workers, is how to improve the employee experience of being in the space,” the report states. But technology is not a magic bullet. “People think that technology is the panacea or cure-all, when the reality is that you can get the technology implemented, but it is going to take you more money and more effort to get companies to change their processes and then do change management on the people,” said D. Edward Wagoner, in- ternational director and global chief information officer, Corpo- rate Solutions for JLL. “That is probably where CRE needs to focus and help their C-suites along is to understand that to go on this journey you have to impact and drive effectual change in all three of those areas and your process change and your people change are probably going to be the most complicated.” Beth Mattson-Teig is a freelance business writer and editor based in Minne- apolis, MN.
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