13 minute read
Health, Wellness & The Internet
from CAM June 2021
by MediaEdge
Is your apartment equipped for success?
HEALTH, WELLNESS & THE INTERNET
By Erin Ruddy
The world has changed drastically since March 2020, and for those in the business of owning, managing and designing multiunit rental housing, keeping up with ever-changing demands of tenants and policymakers is a constant battle. Gone are the days of basic apartments that offered four walls and a trusted roof. New buildings are decked out with hotel-style amenities and services— and without the right technology, a building is as good as a dinosaur on the brink of extinction.
Of course, things were already headed that way before the onset of COVID-19, but now it’s mission critical. The need for technology that facilitates all aspects of a tenant’s life—working, learning, exercising, and socializing is here to stay.
“COVID-19 has ushered in significant changes in terms of the importance renters place on the value of strong, consistent connectivity within their homes,” said Andrew Freitas, Head of Canada, WiredScore. “Seventy-five per cent of respondents in a survey we recently conducted said that high-quality internet access was crucial for them to stay connected during the pandemic, and sixty-two per cent said that reliable internet access helped them to keep their jobs and work remotely.”
With apartments now doubling as offices, classrooms, gyms, and other social spaces, this comes as no surprise. As Freitas puts it, access to the internet is now as essential as the roof over renters’ heads.
“Apartment design must accommodate this increasingly techdependent way of life by, for example, ensuring that there are no “dead zones” in a renter’s living space and offering different connectivity options for them to choose the provider that best fits their requirements,” he said. “The multifamily space has planned and developed complexes to meet those needs.
And with the popularity of the co-living model rising, particularly among young professionals and city dwellers faced with affordability challenges, developers are striving to provide more community work areas in congregate living buildings equipped with robust WiFi to meet the demand of multiple tenants at once.
“Good connectivity has always been a priority for KingSett and this has only heightened as a result of the pandemic,” said Steven Gross, Vice President, Asset Management, Multi-Residential at KingSett Capital. “We work closely with WiredScore to look for ways to improve a building’s performance and continuously enhance the resident experience.”
Broadband consumption
In fact, according to Freitas, broadband consumption had already been increasing at a rate of 25 per cent year over year. Then, in Q1
2020 alone, the pandemic saw a 47 per cent increase—a trajectory that has continued ever since.
“Developers are working hard to meet this demand for larger data plans at home,” said Freitas. “One way they have done this is by building distributed antenna systems (DAS) to ensure cell phone data coverage from AT&T, Verizon, and Sprint/T-Mobile has been incorporated in the entire building and garage. Developers are also creating more communal areas within buildings to meet the demands of remote working and the desire to have other areas outside the home within the apartment complex to work.”
Calling all Canadian proptech innovators…
The National Association of realtors (NAR) is inviting Canadian proptech ventures to apply for a new round of the REACH Canada scaleup program. This is the second year NAR will search the Canadian market for promising new technologies that serve the commercial and residential real estate sectors.
“We are excited to open applications for REACH Canada’s 2021 class and we look forward to welcoming a new group of proptech innovators,” said Bob Goldberg, NAR’s chief executive officer and the president of NAR’s investment arm, Second Century Ventures. “Their ideas and entrepreneurial spirit help ensure realtors continue to have access to the latest technology.”
Through the REACH program, successful applicants are offered accelerator services for their products and innovations, building on NAR’s extensive membership and reach in the global real estate industry. The selected Canadian proptech ventures are promised direct mentorship from up to 50 real estate, mortgage, venture capital and technology influencers, along with NAR’s guidance and access to prominent real estate industry conferences, tradeshows and networking events. They’ll also join the growing ranks of REACH companies and alumni — including the eight inaugural REACH Canada designees from 2020 — presenting opportunities to forge alliances with entrepreneurs in a similar sphere and stage. Thus far, approximately 150 REACH companies have collectively raised more than $800 million in financing and garnered a 2,000 per cent jump in revenue. Many have inked deals with major real estate and/or technology players.
“Many REACH companies have become household names,” said Lynette Keyowski, REACH Canada managing partner. “On the heels of our first successful program, we are extremely excited to continue working with companies that are not only providing immense value to the practitioner and consumer, but empowering solutions, companies and founders alike that are bringing new solutions, perspectives and strength to an evolving market and a new societal norm.”
The application intake is open until July 31. The eight-month REACH program, in virtual format, will run from October 2021 to May 2022.
Health & Wellness
If COVID-19 has put a lens on anything, it’s the importance of occupant health and wellness. Achieving higher hygienic building standards have become central to how buildings are managed today, with developers focusing more on features like air quality monitoring and lighting, temperature, and ventilation adjustment than in the pre-pandemic years.
“The multifamily space has seen this acceleration firsthand and have adapted their developments to meet these new health and wellness demands,” says Freitas. “Meeting the current needs and remaining engaged with evolving technologies in areas like touchless access control, building wide IoT deployments, and smart home automation tech are being offered by the leading developments to differentiate in a hyper competitive market.”
Forward-looking trends
The way we socialize, learn, work and relax is all built upon a foundation of technology, and according to Freitas, we are seeing more people subscribing to (and demanding) large “Gigabit” data plans.
“A distributed antenna system (DAS) will be essential to ensure cell phone data coverage from multiple providers and allow for 5G technologies to operate,” he said. “Multiple access points for fiber and cable will be required to service the growing number of devices connected to the IoT in the home.”
And with the work-from-home trend proving a successful model for many,
ARE YOU CONTEMPLATING THE SALE OF YOUR APARTMENT PORTFOLIO/PROPERTY?
Consider the following: • Who will represent your best interest? • Who will give your property maximum exposure? • Who will deliver the highest value for your property? With over 30 years of experience, tens of thousands of units sold, and hundreds of clients represented, we have consistently delivered superior results. Through our local and national coverage, we create maximum exposure, ensuring maximum value for your property.
CBRE Limited, Real Estate Brokerage National Apartment Group – Toronto
DAVID MONTRESSOR* Executive Vice President (416) 815-2332 david.montressor@cbre.com
* PROFESSIONAL REAL ESTATE CORPORATION
Over $6.9B Sales Volume Over 54,000 Suites Sold 30 Years of Experience
$391,000,000 QuadReal Portfolio - 8 Properties Halifax, NS 1,503 Suites - $260,146 Per Suite $78,500,000 301 Dixon Road Toronto, ON 225 Units - $348,889 Per Suite $64,000,000 2801 Jane Street Toronto, ON 234 Suites - $273,504 Per Suite $9,650,000 1911 Bayview Avenue Toronto, ON 22 Suites - $438,636 Per Suite
This disclaimer shall apply to CBRE Limited, Real Estate Brokerage, and to all other divisions of the Corporation (“CBRE”). The information set out herein, including, without limitation, any projections, images, opinions, assumptions and estimates obtained from third parties (the “Information”) has not been verified by CBRE, and CBRE does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information. CBRE does not accept or assume any responsibility or liability, direct or consequential, for the Information or the recipient’s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the Information prior to placing any reliance upon the Information. The Information may change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from CBRE. CBRE and the CBRE logo are the service marks of CBRE Limited and/or its affiliated or related companies in other countries. All other marks displayed on this document are the property of their respective owners. All Rights Reserved.
Freidas envisions that a hybrid workforce will emerge, combining remote work opportunities with in-person office work. For example, Google announced it will allow its employees to apply for a permanent hybrid workweek model, with some workers spending three days in the office and two days teleworking. This blended approach, along with the learned experience that things could change in an instant, means that connectivity at home will remain supremely important.
Wiredscore North America Home
In a recent survey by WiredScore, 80 per cent of renters said they agreed that having a home with high-quality internet access is essential and that they expect their WiFi connectivity to work like any other utility, inlcuding gas and electricity. On the flipside, over half of all business executives (55%) say they have had issues with employees struggling with reliable internet at home.
Recognizing these challenges, WiredScore has launched WiredScore North America Home to ensure a “best-in-class renter experience” by helping residential landlords in North America navigate the complicated world of in-building technology. Find out more at: www.wiredscore.com.
A premier real estate services company in Canada
DMS Property Management is one of Canada’s leading apartment managers with a portfolio of over 20,000 units
www.dmsproperty.com 416-736-2524
If you want to extend the life and improve the performance of your HVAC equipment, having the right specs to maintain it counts. Specific types of equipment and technologies require different maintenance approaches, and a program that ignores these different needs could cost building owners/managers in the long run.
“Every building or facility manager has a portfolio of HVAC equipment to maintain, and they rely on their HVAC service contractor to get the job done,” says Sam Soltani, President of Trace Consulting Group Ltd. “That being said, providers typically prepare generic procedures, which at times lack the detail and additional maintenance steps required for different types of equipment.”
The challenge, he adds, is that HVAC maintenance requirements are highly technical, and most property teams don’t always know exactly what’s required to keep them working in peak condition. As a result, they entrust the design and execution of their maintenance programs to HVAC service providers who, despite their best intentions, may not be taking the most effective approach as they work from a general set of procedures that do not consider the type of equipment.
Getting the right specs
Everyone benefits when HVAC equipment is properly maintained. Residents stay comfortable, managers add value with improved operating performance, and asset value is preserved. However, property teams rarely have the resources to research
the requirements and set out the required procedures to determine these specs on their own. Here’s where partnering with a third-party expert can fill the gap.
“Hiring an experienced engineering team like ours is an extra step, but it’s worth it,” notes Soltani. “The advantage is that we can come in, examine your equipment, and use our expertise to create a comprehensive maintenance specification package that can be used to tender a customized service contract.”
Think of these packages as a blueprint, he adds. By inspecting and assessing each piece of HVAC equipment, teams like Trace Consulting can help property teams zero in on a tailored maintenance routine with detailed processes that, if completed regularly, will ensure boilers, air conditioners, ventilation systems, and other equipment that provides a safe and comfortable indoor environment receives the most cost-effective care possible.
“Now, you can go to tender with a specific set of procedures and ask the contractors who will maintain your equipment to bid on a set scope of work, not just how the contractor decides they’ll be maintained,” adds Soltani.
“For example,” he adds. “A service provider who doesn’t have engineered specs to guide them might not complete proper building switch over and replace sensors only when they fail, according to their internal practices. On the other end, an engineer like myself will be able to take a closer look at the specific make and model of equipment and determine the work required for the type of boiler installed, and provide directions to calibrate a sensor to operate efficiently long before it fails”.
With these insights already baked into the specification package, property managers can tender a more precise maintenance plan, obtain competitive pricing.
“When you can go to market with an exact scope of work, you can make an apples-to-apples comparison and choose a service provider who is going to look after your equipment on your terms and budget,” says Soltani.
Added accountability
Tendering an all-inclusive specification package has other advantages. In addition to giving property teams the ability to compare their offerings fairly, the HVAC maintenance specifications allow property teams to hold HVAC service providers to set expectations.
“Let’s say you go to tender with these maintenance specifications and enter a contract with a vendor who says they’ll follow them. If you are three years into a fiveyear contract and your equipment is falling apart, you now have a document you can use to hold your contractor accountable,” says Soltani.
Moreover, the same engineering firm that you retain to put together the maintenance specs can also look back over past work to determine where previous maintenance programs may have fallen short and make recommendations to get things back on track.
Return on investment
At the end of the day, having engineered specifications allows property owners, condo corporations, and managers enter into maintenance contracts with confidence, knowing that the work they’re paying for will ensure the best care for their equipment.
“Getting that maintenance specification package is an extra cost, but it leads to lower overall costs through more competitive bids in the tendering process and an extended lifespan for a building’s HVAC equipment,” says Soltani, adding, “Not only does that pay for itself, but that peace of mind alone is worth the investment.”
ENGINEERS. PROJECT MANAGERS.
Trace Consulting Group is a Toronto-based Mechanical and Electrical Consulting Engineering firm specializing in retrofits and tenant improvements for high and low-rise residential, commercial, retirement/long-term care, and retail applications. We’re engineers and project managers. For more, visit www.traceconsultinggroup.com.
