Smart Buildings: The Future of the Real Estate Industry

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Technological advancements are transforming real estate, with smart buildings enhancing user experience, sustainability, and efficiency, says MIPFM president.

KUALA LUMPUR, 21th May 2024 – The Malaysian Institute of Property and Facility Managers (MIPFM) reports that technological advancements, including artificial intelligence and advanced data analytics, are transforming the real estate industry through the development of smart buildings. Certification bodies such as SmartScore define these buildings as utilizing a blend of technologies, such as seamless digital security and intelligent building management systems, to enhance user experience.

“Smart buildings represent the future of real estate,” stated MIPFM president Ishak Ismail during his speech at the MIPFM Smart Building Conference 2024. “What was once a futuristic concept has now become a reality, revolutionizing how we live, work, and interact within our built environments on a daily basis,” he added, distinguishing smart buildings from intelligent buildings.

Ishak added that these advanced built environments not only boost comfort and productivity but also contribute significantly to sustainability, energy efficiency, and urban resilience. “Viewing urban landscapes as dynamic, responsive ecosystems will undoubtedly elevate everyone’s quality of life,” he said.

He noted that smart infrastructure, digital governance, sustainable urban planning, and active citizen engagement are key to helping real estate players transition to smart cities. He highlighted the Tun Razak Exchange as a successful example, showcasing design integration and optimization for smart buildings.

“Consumers are increasingly expecting smart buildings to be sustainable, emphasizing the importance of eco-friendly features such as energy efficiency and waste reduction,” he added.

Ishak mentioned that sustainability in the real estate sector is gaining momentum, driven by Millennials and younger generations who prioritize these issues.

“The younger generation definitely wants their homes to be fully equipped with network connectivity and smart home technology,” he added.

The MIPFM Smart Building Conference 2024 addresses topics related to smart buildings, aiming to educate property and facility managers on the maintenance of these advanced infrastructures.

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