Facility Management as a Catalyst: Driving Growth in the Real Estate Sector in 2024
By Shareen Bhatia
Facility Management Services (FMS) are increasingly serving the important role of enhancing the end-user experience while helping developers extract more operational efficiencies. The use of advanced technologies, sustainable materials, and green energy in building management is expected to grow significantly in 2024 as real estate owners lean towards partnering with FMS providers to transform their properties into future-proof smart offices and living spaces. As we step into 2024, here are some major catalysts that would drive growth in real estate.
An Integrated Approach to Property Management
In the coming year, we expect a rise in investments in smart technologies and sustainability initiatives within facilities. These investments align not only with the growing demand for eco-friendly and technologically advanced spaces but also significantly contribute to enhancing the overall appeal and value of the property. Forward-thinking facility management practices will focus on implementing energy-efficient solutions, integrating smart building technologies, and adopting sustainable practices, creating a mutually beneficial situation for property owners and the environment.
Recognizing the advantages of professionally managed spaces, real estate owners are increasingly favouring Facility Management service providers for day-to-day operations. By consolidating processes such as sourcing, energy management, and space tracking, FMS firms can help real estate developers and owners reduce maintenance costs through the synergies of their integrated approach to facilities management.
Tenant Satisfaction: A Cornerstone of Facility Management
With an increasing tribe of millennial and GenZ professionals choosing to go solo, the need for flexible workspaces and other office solutions is rising in major urban centres. These collaborative work environments consist of digital collaboration rooms, open dining-cum-recreational spaces, zone-wise climate and lighting controls, in addition to private workstations and workspaces that can cater to a wide range of requirements.
Managing such spaces will require a team of trained housekeeping and front office staff to efficiently manage everyday operations. Not only will they be tasked with ensuring the upkeep of all internal facilities and equipment, but they will also have to ensure professional and consistent service delivery standards. FMS providers will need to tap into these opportunities and deliver exceptional value by maintaining world-class hygiene and safety standards at these premises.
In 2024, facility managers must innovate beyond conventional norms to meet evolving occupant expectations. This involves incorporating wellness features, communal spaces, and advanced security systems for a comprehensive and secure living or working experience. Striking the ideal balance between physical and digital offerings will be a crucial factor influencing tenant satisfaction in 2024.
Leveraging Technology for an Immersive Experience
Smart office spaces and warehouses increasingly embrace AI-driven automation for enhanced efficiency. IoT solutions, utilizing data for accurate decision-making through ML, facilitate tracking capabilities, replacing guesswork. These technologies empower facility management, prompting FMS providers to optimize operations and enhance service quality. Examples include employing smart energy and water meters for tracking consumption, requiring FMS providers to implement result-oriented changes aligning with occupancy levels for resource optimization in commercial real estate.
Sustainable Practices to Reduce Carbon Footprint
The paramount trend in 2024 is expected to centre around sustainability and environmentally friendly practices. Beyond adopting energy-efficient lighting and integrating solar panels for clean energy, FMS firms must explore recyclable alternatives for various consumables. Initiatives such as reducing single-use plastics, implementing paperless operations, and substituting natural alternatives for chemicals like detergents and air fresheners can significantly contribute to a positive environmental impact. The measurable results in decarbonization, coupled with increased energy efficiency and cost reduction through the use of smart technology in buildings, underscore the importance of these initiatives.
Anticipated Trends and Developments in Facility Management
As we look forward to the trends that will shape facility management in the real estate sector in 2024, several key developments are poised to make a significant impact.
Focus on Health and Wellness: The COVID-19 pandemic has heightened awareness of health and wellness concerns. Facility managers will prioritize creating environments that prioritize the physical and mental well-being of occupants, incorporating features like air quality monitoring, touchless technology, and wellness spaces.
Enhanced Safety & Security Measures: In response to escalating threats to both physical and digital security, facility managers are set to make investments in security measures. This includes the implementation of biometric access control, advanced surveillance systems, and robust cybersecurity protocols to safeguard the well-being and privacy of occupants. Additionally, the evolving emphasis on air quality is prompting facility managers to adopt measures. Government agencies and industry regulators are actively establishing standards and guidelines to ensure safe air within buildings.
FMS firms will spearhead the adoption of eco-friendly materials and sustainable practices in response to real estate businesses aiming to reduce their carbon footprint. This proactive stance is crucial for maintaining high ESG standards. In 2024, the Facility Management Services industry must embrace a multi-faceted approach to assist real estate developers in cost reduction, elevated service standards, and the transition to sustainable operations..
(The author is Shareen Bhatia, Country Head – Business Solutions & Marcom, Embassy Services Private Limited, and the views expressed in this article are his own)
