When the pandemic struck in 2020, nearly in a single day, workplace employees switched to distant working and PropTech rapidly turned a enterprise crucial. To handle the fallout of the disaster, landlords, property managers, and occupiers embraced instruments that enabled COVID-safe digital interplay akin to digital excursions, digital hire funds, customer administration methods, and automatic lease abstraction. When 2021 arrived, it ushered in a unique situation, which emphasised accommodating the ‘new regular’ and making ready firms for long-term hybrid working. The ‘new regular’ was merely turning into ‘regular’.
2021 was additionally the yr that PropTech attracted consideration past the same old actual property insiders and know-how buyers. This specialised know-how was on the broader enterprise group’s radar. Senior decision-makers throughout a breadth of industries started to acknowledge the shut hyperlinks between office and workforce, recognizing that this relationship performs an important function within the success of the hybrid mannequin. It wasn’t simply the actual property workforce and typically the finance division fascinated with how PropTech may very well be leveraged – human assets and the C-suite had been now in on the motion.
As we glance to 2022, many companies are nonetheless attempting to outline which hybrid mannequin will work greatest for his or her group in the long term. Because of this, PropTech shall be pushed additional into mainstream strategic enterprise conversations and encourage developments in three key areas:
Better collaboration between HR and actual property
No matter which hybrid mannequin companies select, their workplace house will have to be optimized to stability well being and wellness with worker efficiency. HR’s overarching function is to make sure staff really feel protected and motivated once they’re within the workplace. Facility managers can guarantee these goals are fulfilled by planning acceptable layouts, deciding on desk-reservation apps, and analyzing new house necessities whereas monitoring attendance, indoor air high quality, and entry. Silos between departments have to be damaged right down to facilitate true collaboration and create a protected and interesting surroundings.
AI strikes past lease abstraction
Uptake of synthetic intelligence (AI) pushed actual property applied sciences that assist give buyers, house owners, and occupiers a fast and detailed image of what’s going on with their property and lease portfolios will proceed by way of 2022. As soon as the true impression of the pandemic on retail areas, workplaces, and different workplaces turned clear, landlords and tenants wanted correct info that supplied quick solutions in areas akin to Power Majeure clauses throughout their lease portfolios and different sections referring to their rights, duties, and choices. No one had the time to manually sift by way of countless pages of lease agreements to find out who must pay hire when workplaces are unoccupied or partially occupied, or who does and doesn’t have the proper to renegotiate or terminate leases.
AI proved invaluable within the lease abstraction course of as a result of it might rapidly pinpoint the related info for landlords and tenants. Because of this, companies are actually turning to AI for duties past lease abstraction, together with utilizing it to digitalize contracts and different authorized paperwork together with automation and the elimination of dashboards – all of which help the collaborative efforts of actual property, finance groups, and administration as they make strategic choices about lease obligations.
Improved power effectivity
One of many main benefits of the hybrid workplace mannequin is that when managed well and effectively, it may well assist scale back prices – however there are different methods to streamline operations when rethinking the office set-up. It additionally presents a possibility to guage power utilization primarily based on house utilization. Sustainability is, fairly rightly, an necessary matter, and companies might want to change into extra acutely aware about their carbon footprint and search for methods to cut back it. Through the use of PropTech instruments, firms can scale back power payments and help sustainability, now a typical purpose for surroundings, social, and governance (ESG) applications. Information will be sourced from IoT sensors, badge swipes, and worker and customer check-ins to higher perceive precise utilization for utilities akin to air con and lighting.
If fewer staff are occupying an workplace due to hybrid work preparations, it might be doable to cut back utility utilization. Such concerns are now not the only real purview of actual property departments: Workers and buyers are demanding that firms meet excessive requirements of power effectivity. Addressing these calls for – together with the pressing environmental want to cut back carbon footprints – requires consideration and motion from all choice makers concerned in growing long-term technique. To make knowledgeable and astute strategic choices, a number of departments and stakeholders want knowledge and insights from throughout the group.
2022: The yr PropTech goes mainstream
For firms planning and implementing a hybrid work mannequin, it has change into clear that actual property administration has a serious affect on company tradition – from worker satisfaction to recruitment to ESG. Consequently, companies are realizing that PropTech doesn’t simply help actual property organizations – it has a wider impression on the enterprise and helps meet each instant and long-term strategic goals. Whereas PropTech is probably not a part of each group’s mainstream enterprise and know-how conversations but, 2022 will additional elevate it as enterprise leaders notice the way it will underpin deeper relationships between workforce and office.
Obtain the book to be taught extra about how PropTech may also help your small business put together for the workspace of the longer term and be sure that your workforce stays protected and engaged.
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