Using Technology as a Change Agent in Commercial Real Estate

    Commercial real estate is a complicated and diversified market – and commercial real estate firms often own a variety of buildings – from office buildings, data centers, warehouses, retail and more. Office buildings, in particular, are a focus of many current conversations as the concerns about how remote and hybrid work have changed the importance – or potentially even the need of the “office.”

    It would be a mistake to say that remote and hybrid working haven’t changed how we view the office. This is true. It is also true that more and more workers are going back into the office every day. In fact, a Gartner study forecasts that by the end of 2023 only 9% of global knowledge workers will be fully remote.[i] This means 91% of global knowledge workers will work in the office either full time or on a hybrid basis.

    The question is this: How do you create an office environment that rivals what people can create at home to entice them to want to come to the office? The answer lies in how companies use the combination of advanced technologies, amenities and overall building experience. 

    This means commercial real estate owners need to leverage technology in their buildings that helps drive outcomes to support their business goals. From meeting the changing demands of workers, and the companies that employ them, as well as a dynamic global economy, success depends on the ability to quickly adapt to changing needs and increasing pressures.

    Quick pivots are not new to the industry. What is new is rapid digitalization and adoption of IoT-based technologies over the past several years. Building owners that use technology to help outpace demands – and meet critical business outcomes – will be better positioned for long-term success as they turn challenges into opportunities.

    Honeywell Forge for Buildings is a comprehensive approach to building operations and management designed to help building owners achieve outcomes that matter: occupant experience, operational efficiency, sustainability, safety and security, resilience and compliance. We’re not envisioning the buildings of the future; this is what buildings can do today and buildings who utilize the technology available create a true point of differentiation between them and the competition.

    [i] Gartner, Gartner Forecasts 39% of Global Knowledge Workers Will Work Hybrid by the End of 2023, March 1, 2023 [Accessed July 16, 2023]