Organizations looking for a way to create innovative and unique projects are finding lots of interesting opportunities available to them. Today’s industry leaders are redesigning and reimagining real estate, moving away from the traditional urban environment to creating spaces that people actually want to spend time in.
The use of real estate technology is perhaps one of the most advanced updates and changes, but there’s more. Take a look at 5 ways property development is innovative across the world.
Building Information Modeling
One of the most interesting of the new methods for property development is the use of building information modeling. It is a method that allows for computer files to be exchanged and extracted and then networked.
“Imagine cutting out all of the back and forth that typically happens in the design phase of property development to create a solution that is more streamlined and efficient.” says Ooi Kee Liang, founder and executive chairman of Ideal Property Group, a property development company in Malaysia. “This technology allows for architects, engineers, and even the general contractors on the project to work together on the design and operation.”
This speeds up the process significantly, enabling real estate developers the ability to do more with their time and investment. In 2021, this industry reached $140 million in value.
Solar Panel Installation Everywhere
In many areas, there has been a lack of development and growth in urban areas since so many people have not turned to the traditional office environment. That has created ample space and development for new projects in many larger cities. Some organizations are putting solar energy at the forefront in these areas, taking advantage of parking garages, transportation hub buildings, and much more to make solar arrays more accessible. That’s one way to take advantage of the urban island effect.
Many new projects are also building from the ground up using solely solar. Since new solar power systems are more efficient than ever, it has become easier for organizations to do this. Not only are they more efficient, but they are also more affordable and reliable long-term, making them a solid investment for projects with a large number of flats or commercial outlets.
A Future of Flying Cars
Though organizations are still focused on perfecting self-driving cars, many organizations are building toward the next invention – self-driving passenger drones and flying vehicles. Some property developers in some of the largest cities (including Miami) are building real estate developments that include a landing pad for these types of flying cars.
Commercial drone activity is expected to increase in the coming years. As a result of that likely demand, organizations are building infrastructure to support these drones (of all sizes and styles). One of the first such projects is at the Paramount Miami Worldcenter. It is installing a large landing pad dedicated to sky taxis that, when finished, is sure to be one of the first of its kind in the world.
For many other developers, the inclusion of charging ports for electric vehicles is increasing in demand. As more incentives for not just residential but also commercial development of these properties occur, there’s no doubt opportunities exist. Citywide investments in charging stations are also changing the way projects are built.
Virtual and Augmented Reality
Another innovation that is being used in the design process and in the inclusion of new projects is the demand for virtual and augmented reality. From a design phase, this type of technology is making it possible for property developers to visualize projects not only more thoroughly but also faster, allowing for the creation of a virtual building within a matter of hours that a person, wearing the appropriate gear, can walk through, interact with, and experience fully. That enables faster designs that people can agree on and move forward with.
There’s also an increasing demand for more tools like this to be available within residential environments as well as office spaces. Developers are finding it necessary to build AR and VR technology that allows companies or individuals to engage in these types of technology on a routine basis. Instead of a meeting happening in person, teams can connect through VR from their desks with the appropriate design in place.
Smart Homes and IoT
Property developers are also seeing an increase in the number of projects requiring more smart home-like features built into the home from the ground up. That includes everything from security systems to highly sensitive smoke alarms. Rather than these components being added on later, they are being included in the design process from the start, creating truly innovative and unique smart homes.
IoT is a big component of that process. It allows for the connection with companies and service providers to fine tune everything from when a milk delivery is needed to how the temperature in the attic is managed. It is this type of technology that enables better understanding and feedback for companies as well.
These are a few of the property development innovations taking place around the world. You can expect to see more of them occurring, with a heavy focus on sustainability, technology, and connectivity throughout the world as developers continue to reach for new levels.
