If you’ve been keeping up with commercial real estate news in the last two years, you’re already familiar with the increased application of sensor technology within the industry. 2018 and 2019 were buzzing with conversations about how the implementation of sensor tech was set to transform CRE forever.
But then what happened? Now that we’re in 2020, it’s time to push predictions aside and analyze the results of all the talk.
Let’s take a look at what’s really happening regarding sensor technology’s application in 2020:
Sensors Are Powering the IoT
IoT, or the Internet of Things, create a fully-automated network of tech tools within a greater conglomerate. Be it a building, office space, or even an entire Smart City; sensors are a major player in manifesting all the IoT-related capacities in CRE.
However, IoT isn’t just one single tech-powered entity. It’s a full system of technological infrastructures. IoT needs WiFi, satellites, cables, and most importantly - sensors. Sensor technology is what enables IoT to be basically ‘hands-free’, meaning it doesn’t require a human operator to input certain data bites.
Instead, it uses sensors to perceive for itself. Whether it’s monitoring where people are in a multifamily or office building or zeroing in on an internal commercial property issue, sensors are the key behind IoT’s advanced capabilities that we’re seeing in CRE today.
Smart Tech Needs Them
Besides the all-encompassing IoT networks, basic Smart Technology tools also rely on sensor tech. Security systems, smart lights, and even voice assistants use sensor tech to operate.
Sensors are what activate and deactivate the automatic lighting in warehouse spaces. It’s what sets off a multifamily asset’s security system in case of intruders or suspicious activity. Sensors are being used by big-name retail innovators such as Amazon to power their fully-automated store locations like Amazon Go.
Between tracking activity and collecting data, sensor technology is propelling many CRE advances in 2020 and beyond.
Don’t Forget About Drones
Going beyond how CRE clients are applying sensor technology within their properties, the industry itself is also benefiting from this contemporary tool.
One such example is drones. Drones are being used to take breathtaking imagery for commercial marketing, to access hard-to-reach spots during property inspections, and much more. Thanks to sensors, drones can operate with greater awareness than by relying solely on the man-powered remote control.
As you can see, sensor technology is already at the forefront of CRE’s latest advancements. However, that doesn’t mean that every prediction has come to pass.
Where Predictions Fell Short
The idea that the commercial arena has already achieved a fully-automated property layout isn’t yet the case. 2 years ago, 2020 felt like a far-off future where anything could happen - even a wide-spanning shift like this. As we’re making headway into the year, the sensors haven’t permeated every commercial asset around the country.
As of now, their integration is mostly being applied to big metro areas. So, the prediction for a sensor-tech takeover by 2020 didn’t exactly come true.
But, who knows what the future has in store? All there is to do is wait and watch. Let the RealNex team help you keep up with the latest CRE news by tuning into our blog.