Market at a Pivotal Moment in Time
Shifting Expectations of the Next Generation The shift to Intelligent Buildings is heavily influenced by social norms and represent a generational change in expectations of how a building should enable them to do the best work of their lives. It is anchored in the absolute conviction that the building environment's highest priority is in the service to the occupant. When done right, it culminates in the consumer and built environment coming together as one. These themes within the context of this generational shifting of social norms stand out: 1. User Experience. The pandemic forever changed where work takes place and hybrid work is here to stay. The race is on to develop the technologies for collaboration, connectivity, and community, while accommodating varying corporate driven occupancy rates, presents a complex yet vital challenge for today's real estate industry. 2. Digital Transformation. Embracing emerging technologies to further automate and optimize the myriad of antiquated building management systems will finally unlock the full potential of digitized real estate and enable the creation of environments that enhance quality of life, optimize resource utilization, increase productivity, and mitigate environmental impact. 3. Sustainability. The pressure to build, renovate, and operate more sustainable, energy-efficient buildings to conform with government mandates on sustainability goals and stringent environmental regulations is a strategic imperative for long-term success, and will require new thinking and models of economic viability. 4. Health and Wellness. With real estate professionals being tasked to prioritize occupant well- being while simultaneously navigating evolving regulations, standards, and user expectations, Health and Wellness has moved to the forefront of building design, construction, and operations .
Office space vacancy rates dramatically increased from 2019 to 2023 in large cities including Houston, San Francisco, and Shanghai
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