Commercial Breakfast: Space Utilization Trends

At the Commercial Caffeinated Networking Breakfast event this morning, I got a chance to hear Speaker Eric Wittman of JLL Spark talk about technology in commercial real estate; in particular using computer vision for tracking utilization of space.

Attendees at the Commercial Real Estate Session at NAR's Annual Conference

© Veronica Malolos

Eric Wittmann of JLL Spark talks tech for commercial pros.

According to Eric, true utilization derived from imaging is the new true metric for workplace utilization. Utilization rates may now drive “large tenant” decisions instead of occupancy rates.

Trends:

  1. Providing community experience for big space occupiers addresses the needs of the workforce change (millennial generation) and impacts “amenitization” of space. Office tenants are looking at hotels for examples of amenities that provide social engagement and sense of community.
  2. Technology apps - the smartphone is going to be the experience interface of building users. For instance, entering the lobby of a building and using an app for security access instead of waiting in line at the lobby speaks to the importance of the improved tenant experience
  3. Using data to help tenants be more efficient. Having a clear data strategy - using AI to find opportunistic advantages in real estate