PROPERTY, GROWTH AND LOCATION
Building Management Post-Pandemic The real estate sector’s efforts to mitigate the threat of the contagion by securing buildings have already put it at the forefront of the global response. However, the industry’s most important contribution will be in helping to create an operational framework, within which some semblance of normalcy can be restored.
TECHNOLOGY WILL BE A CRITICAL ENABLER
Innovative technology solutions will facilitate real estate owners and operators to navigate the new conditions and recover from the challenges posed in the post pandemic recovery phase. These are some of the most impending issues that rightfully need to be solved: Diligent and rigorous sanitation methods: It has been estimated that we are several months away from an effective vaccine to combat Covid-19. In the interim, prevention is the only viable strategy at our disposal. Tech-enabled hygiene management facilitates the automation of tailor-made and venue-specific disinfection and deep cleaning routines, which can be rolled out at a portfolio scale. Such digital tools also enable inventory management to ensure the availability of essential supplies, and platforms on which to share live sanitation and health updates with occupants. Contactless visitor check-in and occupant comfort controls: Restoring tenant and occupant confidence is perhaps the most significant role the real estate industry can play in
Photos courtesy of Cambridge Properties (left) and Culdesac (right)
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reviving economic activity. Contactless visitor entry with QRcode-enabled mobile sign-in, touch-free elevator entry and exit, app-based control of ambient comfort like temperate and lighting, and more, can help build trust with occupants. Portfolio-wide analytics, compliance and automation: Cloud-based analytics and compliance monitoring of building systems across properties will be crucial to respond with agility to the new HVAC guidelines and dynamic tenant needs when properties open. For instance, stakeholders can gain portfoliowide visibility of adherence to new HVAC guidelines and indoor air quality data, identify areas to act on immediately, and provide live dashboards to tenants on HVAC compliance. Operators are better equipped to deploy changes to multivendor building automation systems across properties such as bulk changes to schedules and overrides, automating triggerbased sequence, audit logs and more. Unified, Portfolio-wide Operational Command: Gaining a datadriven 360-degree view of operations, from a unified digital hub is a game-changing advantage in the current crisis. Such software platforms allow CRE businesses to simplify the implementation of custom solutions, and automate workflows ranging from sanitation and routine maintenance to tenant management and remote BAS operations, from a single command center. —Prabhu Ramachandran, founder and CEO of Facilio Inc. (facilio.com), an enterprise-wide platform for data-driven property operations and maintenance across real-estate portfolios
by Mike Hunter
Waterfall Villa Residences in Chandler
Car-Free Lifestyle for Culdesac Tempe Tenants
Models are open at Chandler’s newest lock-and-leave condominium community, Waterfall Villa Residences, by Ironwood Development Group. The private, gated, resort-style community featuring open and modern single-level villas is attracting buyers from all demographic groups. Villa layouts are designed with the flexibility of two- and three-bedroom floorplans ranging from 1,225–1,630 square feet, including an attached two-car garage. Behind the private gates, buyers are greeted with a palm-lined luxury pool with cabanas and firepit, ramadas and gathering areas and lush green community spaces. While adapting to new safety procedures, Waterfall sales offices remain open under the direction of Cambridge Properties, the community’s managing broker. The Sales Team is providing virtual and private, onsite opportunities to facilitate the home-buying journey while prioritizing the health and safety of buyers. liveatwaterfall.com
Planned to open in 2021, Culdesac is a $140-million project with 636 residential units, 24,000 square feet of retail and 35,000 square feet of amenities on 16 acres. Residents will not have private cars or parking spaces although the retail area will have ample parking with 150 spaces for retail visitors and resident guests. In typical developments, the parking lots often dictate the design — and without this constraint, Culdesac Tempe is able to offer three times the average amount of green space, along with friendly courtyards and community spaces, contributing to a walkable lifestyle. The development is designed around the mobility needs of residents, with on-site light rail station, dedicated rideshare pick-up zones, on-site scooters, bikes, and on-site carshares for weekend trips. Culdesac is appealing to residents all over the country. The national waitlist is comprised of 40 percent of people outside of Arizona. culdesac.com
Culdesac Tempe marks the nation’s first and only agreement between a city and a developer to build a neighborhood-scale community with zero residential parking. culdesac.com
Q1 OFFICE MARKET STRONG Colliers International reports the Greater Phoenix office market posted a healthy first quarter, being the 32nd consecutive quarter with positive net absorption. More than 100,000 square feet of positive net absorption took place in the first three months of 2020 and the vacancy rate remained below 13 percent. Leasing has declined during the coronavirus crisis, but experts anticipate a rapid improvement after the economy is reopened. Vacancy is expected to marginally increase during the year because of new supply coming online and businesses re-evaluating their space criteria. The economic impact of the COVID-19 outbreak is nearly impossible to estimate and data is emerging every day. colliers.com/en
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JULY 2020
INBUSINESSPHX.COM
