John Petrovski, SVP and managing director of US commercial real estate for BMO Harris Bank.

CHICAGO—Real estate used to be about location, location, location, but now you can add “technology” to that list. So says John Petrovski, SVP and managing director of US commercial real estate for BMO Harris Bank, who oversees the bank's commercial real estate lending activities throughout the US. “Technology plays a large part in where people choose to live and stay, and companies are turning to a variety of new technologies to attract residents and customers.”

In the exclusive guest commentary below, Petrovski discusses several technology trends that are dominating the commercial real estate industry, impacting how residents interact with their environment, how hotel staff caters to customers and how healthcare workers care for patients.

The views expressed below are the author's own.

New Levels of Convenience and Control in Apartment Living

To see how technology is impacting apartment living you have to go no further than the front door. Some developers are designing buildings that use keyless fobs, making it more convenient for residents to enter their units with the click of a button.

“We've incorporated fobbed unit entries in certain developments and residents love it,” says Andrew Morcos of Charleston, SC-based Greystar.

According to Morcos, keyless technology benefits aren't limited to residents.

“Electronic door locks reduce the costs and time required for property managers to replace manual locks,” he says. “The associated cost savings could be significant depending on the number of units in a complex.”

Developers are also harnessing technology developments, such as the Internet of Things (IoT), to make apartment living more convenient than ever before. IoT technology enables residents to control almost every aspect of their living environment, from climate, lighting, security, and more directly from their mobile devices.

Greystar's Marcos admits there is a learning curve to any new technology but his company's goal is to make introductions to new systems as seamless as possible.

Staying Connected on the Road

Mobile connectivity isn't just making life easier for apartment owners. Hotels understand that guests want to be as connected on the road as they are at home, which is why in some hotels, guests can use their mobile devices to check in and check out, unlock their rooms, order meals, and view their statements.

Hotels are also harnessing technology behind the scenes to glean deep customer insights, improve guest satisfaction, and create an unforgettable guest experience.

Technology can offer hotels greater insight into their customers, enabling concierge services to recommend preferred entertainment activities, hotel foodservice operations to predict the most popular menu items, reservation departments to establish optimal room rates, and sales and marketing teams to create personalized email and social media campaigns. All of these activities translate into a better guest experience and greater customer loyalty.

Taking Patient Care to New Heights

While hotels are using technology to provide a better guest experience, the senior living industry is demonstrating how to use technology to create a better customer experience by enhancing patient care and resource allocation.

Imran Javaid, head of BMO Harris Bank's Healthcare Commercial Real Estate Group, says developers are beginning to design the next generation of senior housing product with variety and flexibility in mind.

He explains developers are working with senior living facilities to ensure they have the technology framework in place to support electronic healthcare records and foster the ability to share critical patient data with doctors, hospitals, or other clinicians.

Senior living facilities are also harnessing technology to better track patient and staff analytics so they can more accurately report to regulators and family members.

Technology is also helping senior living facilities manage resources. By understanding peaks in patient demand, management can better schedule certified nursing assistants to be available when needed.

Technology in the commercial real estate sector is constantly changing and what's hot today might be ancient history next year. But, by understanding the current technology trends, developers can be better prepared to design properties to meet their customers' needs and expectations.

Instant Insights /

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