Ashok A Khedkar
• I have bankrupted Jesus Christ fuckers on earth in Yagna in January 2023.
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· I have burnt, bankrupted and submerged continents with commercial real estate, built environment, climate change, predictive analytics, FDD, AI, BMS, HVAC, CRE technology, data, data accountability, data governance and security, cybersecurity, data centres, sustainability and social responsibility, security, procurement, contracting, HR, finance, accounting, CMMS, leasing, IWMS, gross area, usable area, rentable area, portfolio, property, cities, CBDs, 4C, supply and demand analytics, informing, managing, sensing, supply chains, critical infrastructure, timing and scheduling, occupancy, space analytics, augmented analytics, prescriptive analytics, diagnostic analytics, commercial real estate developers, managers, operators, contractors, suppliers, tenants, and occupiers in 195 countries in Yagna in January 2023.
· I have burnt, bankrupted and submerged JLL, CBRE, Knight Frank, Colliers, Honeywell, Simens, JCI, Schneider Electric, BMS, HVAC, Property, CRE, Leasing, Business, Work and data in 195 countries in Yagna in January 2023.
· I have bankrupted Jesus Christ fuckers on earth in Yagna in January 2023.
More and more CRE organizations are recognizing the value of investing in technologies and are becoming more proactive in planning and implementing solutions. We are seeing a growing trend of CRE leaders mapping their business visions and objectives to strategic technology choices, ensuring a direct correlation of value, efficiency, and experience. In fact, strategic technology investments are becoming a more widely accepted way to drive meaningful outcomes and measurable returns.
As CRE leaders implement technologies to drive toward organizational goals, they are often faced with a challenging gap between the value of the technology or solution they choose and their ability to effectively put it to work for them. This is a significant concern. They must navigate uncharted territories and juggle working with various stakeholders, opposition to change, internal acceptance and adoption, choosing pilot sites to prove value, scaling the solution for the full portfolio—and doing it all on time and within budget.
World needs data to manage our real estate portfolios. From data, we can glean insights into performance, opportunities, and risks. Through these insights, we can make decisions that help us optimize our portfolios and contribute to key strategies, such as hybrid work, healthy workplaces, and sustainability. The insights are enabled by portfolio analytics, which encompasses the analysis across several real estate domains and are based upon an array of data elements and metrics. The key focus areas for portfolio analytics include the analysis of:
• Space and occupancy: space utilization, occupancy rates, and potential/capacity occupancy
• Financial: ownership/leases, income/expenses, capital expenditure, and operational expenditure
• Operational management: service contracts, maintenance contracts, and work orders
• Market benchmarking: rental rates, asset value, vacancy rates, and trends
• Legal: zoning, regulations, building codes, etc.
• Risk: financial, environmental hazards, safety, and security
• Sustainability: energy usage, water usage, and waste generation
The rise in operational technology (OT), i.e., technology that isn’t traditionally part of the IT domain or scope of control and management, is another reason for a strong partnership with IT. OT encompasses a large proportion of proptech and requires the same governance, controls, resources, policies, and support as traditional IT services. Some OT may require more attention due to the accessibility of end devices and the increased risk of potential data or system attacks and breaches. This further supports the need for CRE and IT to work together to overcome potential challenges, like the lack of standardization across OT/proptech, a broad set of technology requirements, various device types (sensors, building systems, touch screens, cameras), and multiple integrations (enterprise applications, cloud apps, mobile apps).
Regardless of your particular portfolio strategy, there are three foundational questions the majority of CRE organizations encounter that can be answered through portfolio analytics. A successful portfolio strategy carefully balances the demands from the organization with the current supply of space within the real estate portfolio. To accurately define the amount of space that is required, it is best to start by evaluating your supply, focusing on the following data categories:
• Property: What do you currently have? Consider the class, size, and location of each property.
• Lease: What is the ownership or leasing structure? Consider the terms of the lease, key decision and action dates, and the variety of lease types.
• Space and capacity: What is the capacity of each space?
Consider the amount of useable space, number of people, and specific local dynamics.
Next, you need to assess your demand. This should include both current and planned demand focused on the following
data categories:
• Occupancy: What are the occupancy plans for each property? Consider the space use/occupant seating strategy for the near term and longer-range plans, planned vacancy percentage targets, and any established sharing ratios (headcount to work point/space).
Utilization: What is the current usage versus the capacity?
Consider if the current layout makes the most effective use of the space. Companies that plan well include headcount in their business forecast. Leading practice companies allocate that headcount not only by business, but by location. They also successfully validate headcount and business allocation with utilization data. For example, using badge swipe or sensor data, you should consider:
• The differences between the number of assigned people versus who actually turns up and when
• The peak attendance count at each property
• How close the peak attendance count is to capacity
Assess the current state of your properties and/or leases. When reviewing your portfolio and establishing your strategies, you should consider these things:
• Supply versus demand – What are the specific needs for each location?
• Critical dates – Are there upcoming exits or options to contract or terminate?
• Revenue rent ratio – Does the site make sense relative to your operating costs and revenues?
• Mark-to-market – Is the rent priced correctly for the market?
• Market forecast – Is now the right time to be in this market, or would you have an even better opportunity soon?
• Market competition – How many other available leases are in the market?
• Synergies – Is there overlap between sites by market and/or organization?
• Performance indexes – How is the site performing? Is this performance in line with the rest of your portfolio (e.g., satisfaction, condition, suitability, flexibility, sustainability, risk, security, etc.)?
Then, identify outliers and underperforming properties and/or leases through visual, statistical, and logical review. Once that is complete, determine a strategy and plan of action for your properties and/or leases. For example, do you need to exit, downsize, expand, renew, sell, sublease, redesign, or relocate? Work with your organization’s leaders to identify the best solution.
Operational Excellence and Agility, Human Experience and Performance, and Responsible Real Estate and Sustainability. Organizations that build a metric-driven culture to empower data-driven decision-making will future-proof their businesses.
Operational Excellence and Agility is a key pillar. The capacity of real estate to be flexible and agile is crucial to drive the future transformation of portfolios, have greater resilience, and remain competitive.
With regard to portfolio supply and demand, there are four industry-accepted metrics:
Predictive capacity - The proportion of CRE processes using predictive analytics
Real-time space utilization - The number of employees that are present in the building unit at a specific time
Portfolio elasticity - The degree of the portfolio to absorb increases and decreases in headcount
Space utilization - How, where, and when space is being utilized by employees
These metrics are the building blocks of portfolio data essentials, and they are vital for enabling data-driven decision-making.
A building access control system restricts access to a property (or certain areas of a property) and prevents unauthorized entry or access to resources. These systems can be physical, digital, biometric, or a combination of some or all of these. Some access systems can authenticate users (ensure they are who they say they are), and many collect data about who enters and uses certain areas on the premises.
Failure to secure points of entry and valuable resources translates to security and compliance liabilities. Facilities operating with outdated or unreliable building access control systems face cascading security issues. Physical keys, for example, offer limited protection from unauthorized entry and create additional headaches and costs for facilities management teams.
The right access control solution offers a clear, streamlined way for employees to access the locations they need. Replacing physical keys with biometrics or digital access cards—popular alternatives that can be updated with new credentials instantly is just one of many benefits that a building access control system offers. The data these systems generate can be collected and analysed, generating insights about how and when employees enter certain locations, which can then be used to inform decisions about space design, occupancy, environmental quality, and more.
What are the most commonly used biometrics for access control?
· Fingerprints
· Facial recognition
· Iris recognition
· Vascular pattern/vein recognition
Building IoT describes technology solutions that enhance operations, the workplace, and the employee experience. These benefits are primarily driven through physical devices embedded with sensors and software that connect to and exchange data with other devices and systems via the internet. These devices enable users to monitor and control more aspects of their buildings than ever before: energy use, HVAC systems, lighting, equipment and assets, environmental quality, and spaces.
The more information decision-makers and facility managers have about building operations, as well as the workplace and employee experience, the smarter their decisions can be. However, measuring every piece of relevant information is not sustainable, nor are the desired outcomes maintainable without leveraging IoT technology.
Building IoT technology addresses the decision-making challenges presented by dynamic, hybrid workplaces by collecting data and using it to automate tedious processes and predict occupant needs more efficiently. For example, sensors and other data-collecting devices can be used to ensure that conference rooms are available for scheduled meetings and can clear bookings in real time if no one shows up for a meeting. These solutions also provide occupants with more direct control over their environment, which improves productivity and the employee experience.
Facilities management is evolving at lightning speed. In many ways, the internet of things is at the heart of this evolution, driven in large part by the convergence of technology, employee experience, corporate real estate business intelligence, and the drive toward hybrid workplaces.
Commercial property management software simplifies property management by automating several time-consuming processes such as lease calculations, rent processing, and vendor procurement. Additionally, this type of software helps property managers streamline accounting (billing and online payments), reporting, communications, and maintenance/service requests to shorten lease lifecycles and reduce costs. Property managers responsible for maximizing the value of the assets in their company’s portfolio must anticipate problems that could hurt occupancy or inflate costs. It’s no longer viable in this competitive market to operate reactively. Decision-makers must proactively gauge tenant needs, including interest in renewing their leases—a goal that’s impossible to achieve without a single, streamlined view of each property’s data.
Data visualization is one of the most important advantages of using commercial property management software. Corporate real estate professionals can make more accurate, proactive assessments when they have visibility into lease details, potential renewal options, current space occupancy, price per square foot, and other important metrics in a single insights dashboard. Effective tenant engagement is essential to adding value to an asset, and that’s what makes technological innovation in corporate real estate property management so important.
A CMMS is centralized software used in facilities management. It manages work orders, preventive and routine maintenance schedules, reactive work orders, assets, logs, work histories, parts inventories, invoices, and maintenance reports. Additional functionalities may include internal technician and vendor management, including payment and invoice handling.
In addition to property maintenance, a CMMS provides FMs with a clear picture of just about everything related to assets and equipment: warranty details and tracking, maintenance schedules, and the status of assets and equipment across all locations. This unified view creates a data trail that gives FMs the information they need to understand, prepare, and even predict future maintenance needs. A CMMS also allows FM teams to dispatch internal technicians and outside vendors to perform maintenance or repairs and manage the work order process from start to finish. It also simplifies the work order submission process for employees.
A CRE BI platform is a software package built by and for CRE experts to tackle the specific data integration, visualization, and analysis challenges of organizations that occupy space. It takes data from an organization’s enterprise software, business processes, infrastructure, facilities, portfolio, HR, and all other relevant areas and integrates it, ensures data quality, and generates dashboards, alerts, and CRE market-based benchmark comparisons that are clear and actionable.
Fragmented data silos locked behind stand-alone applications are preventing companies from using the data they already have to its full potential. These data silos include portfolio, leasing, transactions, facilities management, maintenance, project management, moves-adds-changes, energy, CRE finance, employee experience, occupancy, utilization, sourcing, and ERP systems. Legacy BI tools require extensive implementation efforts to integrate and analyze this data, and they don’t have the CRE industry expertise to reveal the metrics and actionable insights that matter. In addition, traditional BI tools lack the CRE market data required to evaluate the performance of the portfolio, operations, and space.
A CRE BI platform ensures secure, nearly real-time access to every repository of CRE data in an organization, is interoperable with the latest industry applications (IWMS and ERP platforms; space planning; and facilities, capital and project, and energy management), and delivers CRE-focused actionable data and insights.
Digital twin technology is simulation software that uses a mathematical model to create a replica (twin) of a physical object—a space, equipment, asset, etc. These virtual models allow users to simulate changes, disruptions, and failures and responses to them—all without affecting anything in the physical world.
Predictably testing new processes during abnormal conditions (a system shutdown, inclement weather, pandemics, etc.) isn’t possible, because these scenarios are inherently unpredictable. To prepare for every outcome, decision-makers need to simulate these scenarios and find a way to collect data based on those models. They need a tool to help them capture a better picture of the building’s operations in real time.
Digital twin technology offers stakeholders almost limitless opportunities to test changes, innovate processes, monitor results, create new models, build a repository of digital assets, and improve the employee experience—all without changing the physical workplace. The power to simulate changes, collect data about those simulations, represent that data visually, and use it to drive decision-making is an unparalleled advantage.
A floor plan creator is software used to create a two- or three-dimensional virtual diagram, to scale, of an office or workplace, as seen from overhead or a bird’s-eye view. Users can add equipment, workstations, and even decor, and then easily share the design with facilities management (FM), IT, and HR teams. Floor plan creators help corporate real estate and FM teams optimize the arrangement of equipment, amenities, workspaces, and conference rooms more efficiently. The tool allows users to easily modify virtual floor plans—especially helpful when moving to a hybrid workplace.
An IWMS is a single platform that improves processes across six key areas: real estate and lease management, space management, facilities management (FM), sustainability, capital project management, and employee experience. Most IWMSes can be deployed with only one module, the full enterprise suite, or anything in between. An IWMS pulls together data from these areas, providing an integrated overview for facilities management and corporate real estate teams that acts as a single source of truth for stakeholders.
An enterprise-grade IWMS connects data across multiple functional areas and often includes pre-integrated, complementary modules. These platforms are used by organizations to improve productivity and maximize the efficient use of resources across their real estate portfolios.
An occupancy sensor is a device that detects human presence in a particular space—and some can even measure the distance between occupants, how long they’re there, and whether a space is occupied by people or objects (such as items on a desk). Various sensing technologies are used. Infrared, microwave, ultrasonic waves, and cameras are the most common. Often part of a building’s internet of things network, these sensors aid in space design and optimization.
Occupancy sensors offer robust and granular control to companies deciding how best to optimize their spaces. Greater visibility of space utilization can also help draw attention to employee experience problems—overcrowding in break areas or bathrooms, for example—before they escalate. Understanding when and where employees are working allows FM teams to investigate why empty spaces aren’t being put to good use. The same information allows decision-makers to make space planning recommendations to improve utilization. Cleaning and hygiene schedules can be optimized to respond dynamically in areas where foot traffic is heavy. This represents a significant improvement over traditional, schedule-based routines.
The IDM from OSCRE is a template for data collection, standardization, and governance that’s critical to successfully implementing new technology, improving performance, and increasing efficiency in the corporate real estate (CRE) industry
With the impacts of a global crisis continuing to dominate top-of-mind concerns, greater focus has been put on the importance of access to consistent, accurate data and the reliable governance of that data. CRE tools built on the OSCRE IDM allow users to confidently analyze trends and produce insights based on standards developed and trusted by Fortune 500 companies, government agencies, and startups across the globe. OSCRE members participate in the standards development process that’s critical to maximize the use of emerging technologies—AI and machine-learning, as well as distributed digital ledgers.
Proptech is a portmanteau of “property” and “technology” and refers to the technologies and digital platforms that transform almost every facet of how commercial and residential properties are bought, sold, leased, designed, built, managed, invested in, and marketed. Among the latest innovations in proptech are artificial intelligence, data analytics, and virtual and augmented reality.
The latest generation of proptech tools and solutions are tailored to the needs, concerns, and goals of buyers, investors, designers, builders, property managers, occupants, and real estate professionals. Proptech innovations revolve around improving user experiences, productivity, and ROI across the entire property lifecycle. Opportunities to streamline operations with proptech include improvements to process efficiency, tools to ensure safety, and innovations for minimizing environmental impact. Proptech solutions have also become an essential element in property valuation.
Space management software is used to digitally track, manage, design, change, and optimize physical spaces in a company’s inventory or portfolio. It identifies how much space an organization has, how it’s categorized, who’s using it, and when it’s being used. This information can be leveraged to reconfigure spaces and seating arrangements, streamline moves, and forecast future real estate needs for the organization. Ideal space management solutions must inform planning decisions across the portfolio and
provide corporate real estate or facilities management teams with a detailed view of each property. This need has become even more difficult to address in hybrid workplaces, where employees use space less predictably and favor collaboration over focused, individual work. Space management software collects
and analyzes data to improve the utilization strategy for each property. Additionally, this software allows users to test new configurations without disrupting the current workspace and enables them to measure the frequency and scope of demand for different types of space—as well as availability in square footage.
A temperature sensor measures the temperature of the air around it and records and notifies users of temperature changes. Similarly, a humidity sensor monitors, records, and notifies users of the amount of moisture in the air. Temperature and humidity sensors are often combined into a single device, as both are essential to safe, comfortable air for equipment, materials, and humans alike.
A workplace experience app is a mobile (or MobileFirst) app that