![]() The idea is that the building will have a digital twin when data from the areas BIM, BAS, IoT, and AFM are bound together with, for instance, the following functional areas: To achieve the goal of a digitalized and efficient (operational, cost, and sustainability perspective), the industry must work in a digital and standardized ecosystem. This is not just an issue for property owners but a societal issue where the effects and lack of standards affect society and, ultimately, tenants and the bottom line. Where you coordinate to gain economies of scale and avoid unnecessary investments. These issues are attainable for each company, but the emphasis lies on industrial cooperation. Regulatory requirements depend upon certain conditions that are met, both in existing and future projects.Sustainability and ESG questions are more important, and it is increasingly challenging to meet the demands of governance from authorities and society. ![]() New technologies create new opportunities for the connected equipment, while the lifespan of existing equipment makes it difficult to change and integrate everything at once.When a property change ownership, further reinvestment is required to integrate the property into the new owner’s IT-infrastructure.It is demanding to create a portfolio with user-friendly views of the real estate portfolio.It often takes a lot of integrations to collect and quickly adapt data to central systems.It is common for systems to ignore data found in other systems in the properties.Systems are often built-in closed solutions that solve a subset of the challenges in the properties.Typical challenges in the digitization in Real Estate industry The organization proposes to use open standards such as REC. REDI.city is an initiative that acts to make real estate ready for the connected society of the future and support the change process in the industry. One factor that complicates the picture further is that the properties are often seen as stand-alone units. What makes this environment both exciting and challenging is that there is a wide range of technologies and areas in real estate that are being digitized. Several new PropTech companies are popping up, ranging from start-ups to established companies that develop solutions to essential problems in the Real Estate industry. New solutions are continuously developed and installed in buildings and properties. The digitalization of real estate has been taking quantum leaps during the last few years. The organization is being launched in Sweden, and among foundation members, they have managed to gather several of the largest property owners in the country. REDI is a think tank supporting the real estate industry in working with real estate standards and new technologies like Proptech. The digitalization of Real Estate will have a significant impact on society.
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