We have written a number of posts on the fundamentals of real estate investment in New York City. Essentially, the means of creating new out of old can take many different forms and technology continues to play a major role in current and future developments. Smart technology continues to be an important amenity given how residential and commercial real estate tenants appreciate keyless entry, updated security features and voice controlled features that personify 21st century living.
In addition to informing residents of what may be happening in their buildings, smart technology is expanding into collecting data to help residents, building owners and developers make decisions about how their buildings are being used. For example, if energy use can be accurately measured, these parties can make informed decisions about how to spend money.
A recent globest.com report exemplifies this current trend. A growing number of municipalities are using smart sensors to collect data in a number of facets and sell such data as a revenue generating service. Cities such as San Diego and Portland are collecting data on streetlight use, and it is a matter of time before such sensors are put into streets and sidewalks.
For developers, such information can be invaluable. Data on foot traffic could potentially be merged with buying patterns to give developers critical insight on how to price space to be leased or purchased.
Before such data can be collected, proper contracts must be developed to accurately convey expectations. An experienced real estate attorney can help in this regard.