Three trends in mobile access that are driving CRE evolution
The allure of mobile access — and the enviable simplicity that comes from swapping card credentials and keys for phones and smart watches — has impacted commercial real estate (CRE) arguably more than any other industry. And it's easy to see why.
Rising competition, empty buildings, lower revenue and a slowing global economy are just some of the many challenges facing CRE firms today. From the United State, Europe to Australia, HID has helped some of the most innovative large-scale commercial real estate developers deliver exceptional experiences to tenants and building owners through seamless and secure mobile access technology.
We want to share with you what we've learned from our partners, clients, and the CRE industry at large about what to watch for in mobile access and how it can set your organization apart.
The Top Three Mobile Access Trends Affecting CRE
From increasing the efficacy of security measures to offering more sustainable options for end users, mobile access technology can provide numerous solutions to CRE challenges. That said, here are the top three ways developers are using mobile access and exactly why they work.
1. Mobile Access is Being Used to Safeguard Business Interests
According to JP Morgan's 2023 Business Leaders Outlook: Commercial Real Estate, "mobile credentials and cloud-based access control can help increase occupants' safety, limit owners' liabilities and streamline building operations." Mobile access combined with prop-tech building applications or simple location services allows building management to accurately track usage patterns around things like heating, electricity and amenities — and make better decisions based on real data.
2. Mobile Access Helps Meet Sustainability Requirements
For CRE, sustainability is more than a passing trend. From Green Circle to LEED (Leadership in Energy and Environmental Design) to BREEAM (Building Research Establishment Environmental Assessment Methodology) to the Net Zero Carbon Buildings Standard — requirements and certifications that limit environmental impact are a huge deal. Mobile access not only makes buildings more operationally efficient but also eliminates the need for plastic cards, reducing waste and lowering a building's carbon footprint.
3. Mobile Access Makes for Leading-Edge Experiences
CRE is one of the most innovative and rapidly evolving verticals out there. Competition is fierce, and mobile access is a powerful way for developers to give themselves an edge against less forward-looking competitors. Australian Charter Hall, British Land, Ghelamco Poland and 7 World Trade Center's Silverstein Properties are some of the many CRE leaders that use HID Mobile Access to elevate their access experience. Employees and tenants in these buildings can access practically anything they need without even unlocking their phones.
Smart Spaces, Smarter Access: Top Benefits of Mobile Access
So why is mobile access so critical to this industry in particular? We've compiled some of the biggest pain points facing CRE firms and paired them with a key benefit that mobile access addresses.
Building management must provide and supervise access to the building itself, the tenant spaces and shared amenities — in many cases, using several different software platforms or multiple access systems. It's costly, ineffective and time-consuming to manage traditional credentials in such conditions.
Mobile access allows all kinds of access use cases to be integrated into a single credential — and over-the-air provisioning makes it a snap for administrators to issue, revoke or modify a mobile credential. People always have their devices with them, so using them to access places and move around different parts of the building makes sense.
Many large and prestigious buildings have existing office mobile applications for tenants.
Integrating mobile credentials into your organization's existing app via a software development kit (SDK) can help to drive repeated usage and increase the user experience
Millennials and Gen Z are the largest generations in the world. By 2025, millennials will comprise nearly 75% of the workforce, with Gen Z coming in at around 27% — a number that will skyrocket in the coming years. Most of these people grew up with a mobile device in their hands. It's how they pay for lattes, enter concert venues and board aeroplanes.
Mobile access, especially when integrated into digital wallets, meets the expectations of the new generations of top talent.
Environmental, social and governance (ESG) mandates and corporate social responsibility will be key differentiators for CRE in 2024 and beyond. According to Deloitte's 2024 Commercial Real Estate Outlook report, "Many real estate firms aren't ready to meet environmental, social, and governance (ESG) regulations. Nearly 60% surveyed say their firms lack the data, processes, and internal controls necessary to meet compliance standards."
Support ESG goals and decrease your carbon footprint and the amount of plastic in circulation by replacing plastic cards with mobile access credentials.
As you can see, mobile access has and will continue to have an incredible impact on commercial real estate for years to come. The security, convenience, operational efficiencies and opportunities for engagement it provides are an integral part of attracting and retaining tenants in this highly market.
