Tom Perdergast and Joann Michalik, managing directors of Deloitte Consulting eloquently described what is intended to be covered by this Chapter Meeting as follows:
Commercial real estate owners will be among the earliest adopters of widescale Internet of Things, but will encounter significant integration, data, and security challenges along the way.
Internet of things (IoT) technology is in its relative infancy, but internet-connected sensors and devices may quickly become a competitive requirement for commercial real estate owners. In fact, smart commercial buildings will be the biggest users of IoT technology through 2017, according to Gartner, which predicts the installed base of IoT sensors in commercial buildings will grow from 377.3 million in 2015 to well over a billion in 2018.¹
The commercial real estate industry is uniquely positioned to benefit from IoT not only because it will improve building efficiency, but also because it will create customer value, increase market differentiation, and uncover new revenue opportunities. Building owners are advancing rapidly from interest in IoT to action, driven in large part by the decreasing expense of sensors. And this early embrace of IoT will open the doors to a new era of usercentric building design and operation, resulting in happier, healthier, and more productive building occupants.
Implementing IoT, however, requires more than just purchasing new sensors, systems, or smart products. Commercial real estate owners must address disparate technologies, data issues, and increased cybersecurity risk in order to develop truly intelligent commercial buildings.
Carina Reyes, JLL
Francisco Ruiz, Oracle
Garry Yeung, WeWork