What's new in CRE tech?
Every quarter, we gather insight from BOMA OEB members regarding a current issue or topic. Who better to answer your industry or BOMA-related questions than your peers? AT&T's Jean de Paul Eustache answers a question on the next big thing in tech and how it can affect our industry.Every quarter, we pose questions to our members--questions we've heard you ask, questions we're asking ourselves, even-- and have them answer. Who better to answer your industry or BOMA-related questions than your peers? This question concerns the next innovation to impact the industry and AT&T's Jean de Paul Eustache answers.
What is the latest technological innovation impacting commercial real estate?
Jean de Paul Eustache's Answer: The innovation I believe is the true game-changer for Commercial Real Estate is the Internet of Things (IoT). The term was coined in the late nineties to describe smart devices capable of sensing, monitoring and communicating data. What makes that so innovative and game-changing in CRE is that IoT is the foundation of Smart Buildings, which according to this report from Deloitte is a smart play. Rather than bore you with techno jargon, specs, and break-even analysis, I'll just ask you to use your imagine and take a journey into the future with me.
Imagine a commercial building so safe that it always knows exactly how many people are in the building and where to find them in the event of an emergency, reducing security and insurance costs as well as legal liability. What about knowing how and when water is used? From flushes, to fountains, you know where to focus your efforts, and your actual ROI. What if you could understand how effectively your tenants actually use their space? Maybe you're over-building your suites, and the value of the spaces you pour so much money into aren't actually used as frequently as other spaces. That could mean a justification for higher density, or simply a more user friendly space design request from your architect informed by actual data!
Much of what I mentioned already exists. In fact this wasn't a trip into the future at all. It's the present, however the technology adoption rate for CRE owners is amongst the lowest in the industry. Rising real estate building expenses, and Smart Buildings powered by increasingly less expensive IoT are proving that building and business owners are more likely to lose money if they don't adapt. So, here's to IoT allowing the CRE industry to make more intelligent and informed business and investment decisions!
Jean de Paul Eustache, USMC Veteran is a Global Fiber Executive at AT&T Business. Jean Paul leads a team that optimizes CRE building and business IT and Telecom infrastructure. Jean Paul, is responsible for the sale, infrastructure development, and deployment of AT&T's Fiber Network to CRE buildings, and business clients Nationwide. Providing the platform for technologies ranging from edge technologies to IoT to SDN/SD-WAN to blockchain to data centers and beyond. Prior to joining AT&T, Jean Paul was a Vice President, Private Banker with Bank of America where he began as an IT Systems Administrator, from there becoming a Partner at a Business Consultancy where he helped businesses and non-profit organizations grow by designing, building and implementing technology, operational and marketing infrastructure. While serving in the United States Marine Corps, Jean Paul pursued a Business Economics degree at UCLA through the Enlisted Education Program and was certified in Information Systems and Networking at the Marine Corps Communications and Electronics School.