8 billion dollar
The development and implementation of ideas for intelligent (or 'smart') buildings currently focuses primarily on the office market. However, according to Greystar Europe, this concept is also applicable to residential construction. But the real estate investor does not want to confine themselves to the technological aspects of 'smart' building; they also want to integrate the impact of social cohesion and sustainability. This study required a more holistic perspective, which is why Greystar partnered up with Arcadis.
The Greystar and Arcadis research focused on the potential benefits of smart buildings. Our consultants investigated the current best practices in the global housing market, with the focus initially on identifying residential requirements for tenants and end users. During additional 'design thinking' sessions with the Greystar teams, further requirements for intelligent development and management were established. Then, together with the Greystar teams and external stakeholders (tenants, various suppliers and IT specialists), we explored the potential benefits of a range of solutions for smart building in more detail.
An important focus area was the impact of digital transformation on the tenant/customer experience and system integration requirements. To add value in all phases of the life cycle, several options were formulated for cooperation with other parties.
The study eventually led to the creation of four strategies that Greystar can use to develop or redevelop smart buildings. Each strategy delivers value at each specific life cycle stage for individual buildings and their wider campus environment. The strategies are summarized in an evaluation matrix. This matrix will be used to support decision-making on smart building developments and investments for Greystar.