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'Smart' is starting to become the newest normal. The term itself has changed slightly in meaning over the past A decade, as new technologies emerge boasting a lot more features which help us manage and maintain us on a regular basis. Now it's more widespread to meet someone which has a mobile phone absolutely nothing, while watches, TVs, washers and lighting systems in your homes are all increasingly becoming connected and attuned to your needs. Now, these real estate trends take on the bigger target, and we're starting to go to a new modern phenomenon emerge: the smart city.

Exactly what is a smart city?
The U . n . has predicted that the global population will hit 9.7 billion in 2050, with 66% of men and women projected to reside in cities. The smart city is part of this vision: our metropolises can be increasingly urbanised and more tech-heavy, with drones, autonomous vehicles and robots already being introduced into today's service structures today.

These future cities will leverage data and technology to generate life more at ease for residents. Frost & Sullivan define the word as “cities built on ‘Smart’ […] solutions and technology that will lead to the adoption with a minimum of five with the eight […] smart parameters”.

These parameters include smart energy - which we’ve already seen beginning, with heating systems controlled from the phone - and also smart buildings, transport, healthcare, infrastructure, technology, governance, education lastly, the rather mysterious smart citizen. When it comes to property trends, the ‘smart buildings’ parameter can have, and is also having, the greatest implications and opportunities to the industry.

What exactly is already happening?
Smart cities - or in other words, the very first incarnations of them - exist already. Barcelona and Singapore have a base level of connectivity and integrated municipal services. Amongst other things, Barcelona has one of the cleanest surface public transport fleets in Europe, a bike sharing network and impressive green energy credentials. Its pneumatic waste management system automates rubbish collection in some districts, while underground delivery chutes decrease truck and environmental noise.

In america, Denver and Panasonic have been working together to designate a mixed-use development centre, Pena Station Next, as a hyper-connected community: a ‘smart city’ of sorts. Pena Station Next already has smart city solutions such as street lights mounted with security camera systems and sensors, along with smart bus stops and parking meters. Here, Road X, an ‘intelligent’ Interstate 70, is underway.

Simply what does this suggest for real estate trends?
Connected, smart buildings have the possibility to lessen energy use, trigger preventative maintenance, and reduce operating costs. Utilising sensor technologies to track information for example motion, light, temperature and water flow, then automatically analysing your data to identify inefficiencies, and responding in a non-intrusive manner could all end up part of how buildings function around us. As outlined by JLL, smart buildings could improve general efficiency levels by 15-20% in the newbie. In-depth building and occupant data means that greater transparency in real estate transactions, allowing potential renters and buyers to improve understand assets and commercial investors to improve analyse the likely footfall.

The property industry has lots of opportunities here to embrace smart city solutions and shape the evolution of the areas. The most apparent initial benefit for the property industry will be the enthusiasm and clamour of eco-conscious tenants, buyers and businesses to buy an integral part of these efficient structures with lower running costs. Equally, however, the industry will need to move using the times and keep on top of these changes while they come, to keep knowledgable and up-to-date with your increasingly common futuristic properties.

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