In the ever-changing world of proptech, short for property technology, there are a number of trends and buzzwords that are worthy of your attention. If you are a commercial property owner or manager who is looking to gain and maintain that competitive edge in the commercial real estate game then “digital twin” is a term you should learn and possibly even love. Here’s why we think digital twin is a proptech term commercial property owners should know.
What is a Digital Twin and Why is it Important?
A digital twin is a virtual recreation of an actual brick-and-mortar building (in the context of real estate). However, it’s not just a one-off model. This virtual 3D model is entirely driven by an onslaught of data. It’s a real-time mirror of everything that makes that building hum.
From building systems and equipment to maintenance, tenant behavior and energy usage, it’s all there to help you more effectively understand the true real-world dynamics, expenses and potential return on investment. Your digital twin even evolves as your commercial property does and this is reflected in the constant stream of unending data.
How Can a Digital Twin Help Commercial Property Owners?
It’s important to keep in mind that a digital twin is a living replica of a property that you own or manage. This means it can give you an on-the-spot view of everything about your building in real time. Do you wonder about the HVAC system and its usage? What about lighting and water usage? When you know exactly how much energy a property consumes, you’re able to address energy efficiency concerns and actively manage maintenance issues before they become a problem.
A digital twin can also help commercial property owners to address tenant issues more effectively. Your digital twin will be able to track environmental factors and, again, it happens in real time. This is data that you can use to make adjustments that will enhance a tenant’s appreciation of your building and services. As you know, an appreciative tenant is the key to tenant retention.
Your digital twin will also help commercial property owners to better understand space utilization and asset management including common area maintenance (CAM). This is also a cost-saving benefit. The more informed you are, the more confident you will be with your day-to-day investment decisions.
Don’t Get Left Behind
Many REITs and investors in the smart building development game are already accessing this amazing bit of commercial real estate technology and you can be sure that it is quickly changing how commercial real estate is managed. While this is an evolving tech, those early adopters are already getting an upper hand when it comes to properly maintaining their property’s efficiency and valuation.
Here at Quarem, we welcome your questions, thoughts and insights into all things proptech, especially when it comes to the evolving world of the digital twin. Quarem stays ahead of the game with our award-winning, cutting-edge commercial lease management software that saves commercial property owners time and money. When you’re ready to streamline your portfolio, schedule a demo of our next-generation software.
