DIGITALIZING THE COMMERCIAL REAL ESTATE INDUSTRY: THE BOMA BEST EFFECT

With the unprecedented technological advancements and an urgent need for sustainable practices, commercial real estate is undergoing a transformative shift.

The key to revolutionizing this industry lies in digital transformation, a process that encompasses the integration and leverages the use of advanced technologies and data-driven strategies to optimize building operations. Embracing digital transformation in buildings not only increases operational efficiency and cost savings, but also holds the promise of significantly reducing the environmental impact.

This transformation is fundamentally changing how properties are managed, experienced, and valued. One initiative that puts these factors at the forefront is the BOMA BEST Smart campaign.

THE IMPACT OF BOMA BEST SMART

In 2022, BOMA BEST  embarked on a mission to establish a program aimed at empowering building owners and managers with advanced analytics and automation, fostering informed and efficient decision-making by facilitating the exchange of data between various systems. This initiative seeks to elevate well-being, promote sustainability, and craft customized, distinctive user experiences, all driven by the foundation of technology. From this came BOMA BEST Smart certification.

Since its inception, this certification program has enabled business owners and managers to augment operations and generate economic benefits for both owners and tenants. Connected technologies, including HVAC, lighting, security, and more, play a pivotal role in enhancing sustainability, lowering operational expenses, and optimizing space utilization, all while mitigating risks.

With the shift towards sustainability, numerous building owners and property managers have made the change to acquire this certification for their smart buildings, including:

• Place Ville Marie, a 61-year-old, 47-storey cruciform office tower and retail complex in Montreal, owned and managed by Ivanhoé Cambridge
• The Livmore, built in 2018, a 43-storey purpose-built rental tower in Toronto, managed by GWL Realty Advisors
• 745 Thurlow Street, built in 2013, a 25-storey office tower in Vancouver, managed by QuadReal Property Group

Certifications like BOMA BEST Smart serve as a valuable tool for benchmarking continuous improvement, encouraging the adoption of smarter and more sustainable buildings that benefit both the environment and owners’ bottom line. By adhering to such standards, commercial or residential property owners and developers demonstrate their commitment to creating structures that are environmentally responsible, energy efficient, and equipped with cutting-edge technologies.

ADAPTING THE INDUSTRY

Digital transformation is not just a buzzword; it’s a necessity for the progression of commercial real estate. By enhancing sustainability, improving the tenant experience, enabling data-driven decision-making, and ensuring adaptability, digital transformation is shaping the future of the industry.

As commercial real estate embraces these changes, it also plays a vital role in promoting environmentally responsible practices. The combination of technological innovation and smart building certifications creates a win-win scenario for both property owners and the planet.