More than three quarters of Australia’s real estate companies think technology will play a big role reshaping their portfolios over the next three years. Despite this, more than half of respondents to the second annual proptech survey by the Property Council of Australia and software company Yardi still depend on spreadsheets to assess the performance of their portfolios. The survey undertaken in November of 176 senior industry professionals – 92 per cent holding mid-level management positions or above – reveals the biggest barrier to technology adoption. Changing existing behaviour came in first, at 24 per cent, surpassing resources, costs, time or confidence in a project’s success. Just under half (49%) of respondents think Australia is trailing the rest of the world in proptech investment – up from 30 per cent in 2020. But Property Council Chief Executive Ken Morrison says the COVID-19 pandemic was a significant catalyst for change and digital transformation is underway across the industry. “The property industry has embraced new technologies to maintain business continuity and ensure the health and safety of workplaces during the pandemic,” Morrison says. “Now leaders are turning to technology to address long-term structural challenges like climate change, to respond to investor demand for real-time reporting and transparency, and to enhance the experience for people who live, work and play in buildings.” Yardi’s Senior Regional Director for Asia Pacific, Bernie Devine, agrees. “The pandemic has taught us the world is now consistently inconsistent. Leaders have learnt that preparing for ongoing unpredictability requires new systems and processes that can simplify complexity and enable flexibility.” The survey found business process automation was the technology most likely to be adopted over the next three years, with 32 per cent noting it was on their real estate radar. This was followed...

What are the biggest, boldest questions that everyone in real estate needs to answer? Last year, guests on Yardi’s Proptech Insights program shared their secrets to navigating the complex proptech ecosystem. Bernie Devine, Yardi’s Senior Regional Director, asked a lot of questions – and our guests offered many insightful answers. But to kick off 2022, Bernie and guest Adam Beck turned the tables by posing four provocative questions for the region’s property leaders to ponder over the year ahead. It’s a unique idea. But Devine and smart cities champion Adam Beck are unique thinkers. Beck, an urbanist who has championed smart and sustainable cities for more than 25 years, was most recently the Executive Director of the Smart Cities Council for Australia and New Zealand. He was also the architect of the Green Building Council of Australia’s Green Star Communities rating tool and has just launched a new platform, Urbanism.Live, which explores the edges of digital, data and urbanism. The edge of digital, data and urbanism are exciting. But Yardi’s latest research report, developed in partnership with the Property Council of Australia, found around half of Australia’s property companies are still reliant on spreadsheets to assess the performance of their portfolios. What is the barrier stopping these companies from moving beyond Excel? “Tech and data are not the challenge or the barrier. It is the people behind the tech and data,” Beck told Devine. Some quarters of the property industry are stubbornly resistant to change, but Beck – “the eternal optimist” – said big obstacles have been overcome before. Take the built environment’s response to sustainability. “It was considered too costly, too risky.” Fast forward 20 years, and markets now place a premium on green buildings. But this time, we don’t have 20 years,...

Sports arenas attract vast attention with their aesthetic qualities, luxurious amenities, association with high-profile teams and iconic imprint on city skylines. But did you know that beyond their opulence, many modern arenas represent leadership in sustainability? “Many sports venues have jumped on the sustainability bandwagon to construct or renovate their structure in a race to minimise their carbon footprint, preserve their green legacy and take the lead in innovation,” says London-based Climate Action, which partners with business, government and public entities on sustainability projects. Sports arena sustainability is a global trend. Examples include: The Johan Cruijff ArenA (formerly Amsterdam ArenA), home of the Ajax football club. The Netherlands’ largest stadium employs more than 4,200 solar panels and a wind turbine. Its main building includes an energy-generating escalator and an energy system powered by second-life batteries from used electric vehicles.Mercedes-Benz Stadium, where the NFL’s Atlanta Falcons play their home games. In November 2017, soon after it opened, Mercedes-Benz became the first professional sports stadium to receive a platinum Leadership in Energy & Environmental Design (LEED) certificate for meeting rigid standards for carbon, energy, water, waste, materials and other factors. The arena’s energy consumption is reportedly 29% less than what the average stadium consumes thanks to LED lighting and 4,000 rooftop solar PV panels. A stormwater management system can store over 2 million gallons onsite, preventing flooding in surrounding areas.Levi’s Stadium in Santa Clara, Calif. The home of the NFL’s San Francisco 49ers since 2014 has earned two LEED certifications, including the first Gold LEED certification awarded for a stadium that hosts a professional team, plus a second Gold certification for operations and maintenance. Levi’s also incorporates 1,000 solar elements and sources 78% of its food from within 150 miles of the stadium. Seattle’s Climate Pledge...

The self storage sector continues to weather economic conditions that are likely to become more challenging in the near term, attendees of a webinar presented this week by Yardi Matrix learned. “There are several headwinds that might be getting a bit stronger,” said Jeff Adler, vice president of Yardi Matrix, during the Wednesday presentation. Supply chain disruptions, a tight labor market and inflationary pressure, in addition to the geopolitical tensions between Russia and Ukraine, will all slow economic growth in the U.S., Adler said. A recording of the webinar and presentation materials are now available for download. However, despite the potential of a looming recession that Adler expects will arise by late 2024, the overall outlook for the self storage sector is healthy at present. “The outlook for self storage remains optimistic given persistent demand and a slow supply response. We anticipate growth will continue, but moderate,” Adler said. “Investor interest is incredible in the sector, given its performance and defensive nature, which has proven itself out.” Matrix analysts expect that self storage street rates will continue to grow in 2021, just at a more modest rate. Additional high level takeaways from the webinar include: Street rate growth will continue to be highest in favored migration areas, such as the Sunbelt and mountainous areas of the WestDriving forces of demand will continue, including: people are still relocating, just at a slower rate; Americans have accumulated “stuff” during the pandemic that needs to be stored; and self storage remains the cheapest way to store accumulated possessions Self storage street rates changed little sequentially in January, reflective of positive trends in the industry, and rents remain well above trend on a year-over-year basis, according to the latest Yardi® Matrix National Self Storage Monthly report. Year-over-year rent...

Yardi has launched Elevate Revenue, a CRE solution stack that streamlines the entire deal lifecycle from lead to lease. Specifically intended for owners, asset managers and leasing teams, the all-in-one solution was designed in collaboration with commercial experts and industry leaders. The end-to-end portfolio management suite, supported by decades of real estate research and software development knowledge, optimizes the deal workflow through powerful automation, enhanced team collaboration and extensive insights. Providing unmatched portfolio visibility, Elevate Revenue seamlessly integrates marketing, leasing system and commission management tools into one centralized platform. With Edge Marketing, real estate professionals can effortlessly market listings and generate verified leads through Yardi’s rapidly growing CommercialEdge Listing Network. From there, Deal Manager further streamlines leasing operations by enabling users to smoothly manage prospects and oversee each stage of the deal flow, while automatically comparing deal economics to approved budgets and prior leases. Additionally, to simplify the legal process and easily track legal documents, the Elevate suite includes Deal Manager Legal Module, an intuitive tool that allows users to automatically generate standard lease agreements directly in the application. And it doesn’t stop there. CommissionTrac, Yardi’s commission management tool, efficiently rounds out the leasing process by automatically tracking and paying the commissions of both in-house and third-party brokers. Elevate Revenue is fully integrated with Yardi Voyager thanks to Yardi’s built-in CRM — this smooth connection ensures maximum portfolio and deal pipeline oversight in real-time. Voyager clients can sync properties, spaces and availability across their portfolio. Listings are automatically published based on lease expiration dates or automatically unpublished once a tenant is activated for a specific space in Voyager. In October, Macerich — an owner, operator and developer of retail and mixed-use destinations throughout the U.S. — leveraged Deal Manager and Edge Marketing solutions to...

World Water Day has continued to draw attention to the importance of conserving fresh water since our report on the annual observance four years ago. With the United Nations reporting that 2.2 billion people lack access to safe water, preserving the 0.5% of the world’s water that’s available fresh is a more urgent priority than ever. Created by the UN and observed on March 22 every year since 1993, World Water Day focuses on sustainable management of freshwater resources, with a different theme every year: groundwater this year, valuing water last year, water and climate change in 2020, leaving no one behind in 2019. “These observances aim to highlight that water and sanitation measures are key to poverty reduction, economic growth, and environmental sustainability,” notes the Indian Express news service. Like many conversation efforts, small efforts close to home can yield big results. Consider these tips from the U.S. Environmental Protection Agency and other experts: Repair leaky faucets, indoors and out. The EPA says installing water-efficient fixtures and applicants can cut water use by at least 20%. Check your meter, don’t running water in the house then check two hours later. If the reading moved, there’s a leak. Monitor your water bill for unusually high use. Consider replacing old washing machines, dishwashers and other equipment with more efficient models. Look for appliances and systems with ENERGY STAR® or WaterSense® labels.Eliminating just one load of dishes per week can save nearly 320 gallons of water annually. Replacing a clock-based irrigation controller with a WaterSense-labeled one can reduce an average home’s use of irrigation water by up 30% and save up to 15,000 gallons of water annually. Just turning off the tap while brushing your teeth can save eight gallons per day.WaterSense showerheads can save $70...

Should you grow your own team or hire an outside firm? Explore the pros and cons. Multifamily marketers have spent much of the last two years evaluating, reevaluating and adjusting to the changing behaviors and needs of our renters. How can we reach them? How can we engage them? What do they want from us? (Functioning websites, accurate pricing and anytime communication, for starters.) With a new year comes a new set of opportunities. Ideally, we’ll all take the lessons learned during the pandemic and continue to improve on our marketing. But realistically, do we have the time? Imagine, your company has just unveiled exciting plans to grow the portfolio. Better still, it recognizes the importance of a strong digital marketing presence when it comes to attracting prospects. As the marketing manager, you have an important decision to make: Do you grow your in-house team or hire an outside agency? Both options are common in multifamily marketing, as is the choice to use a combination of the two, with the in-house team managing one set of projects — such as creating lease-up flyers — while an external agency oversees other projects — such as managing SEO and PPC ads for the lease-up. If you’re struggling with this decision, or wondering how to find the right balance, it’s important to consider the strengths of each approach, as well as the budget and bandwidth of your operations. When to keep marketing in-house (or not) Wondering if your in-house team can meet the needs of your properties? Digital marketing can be like a web, as you layer additional strategies, the overall strength and reach should increase. That begs the question, if you build your in-house team, how many people will you need? Will you hire generalists and/or...

It’s nearly time for this year’s NIC conference, an important gathering of operator, investor and health care decision makers. If you’re ready to explore the latest trends and data in senior living — while discovering new models of care — the NIC Spring Conference is the place for you. The conference will take place in person on March 23-25 in Dallas, Texas. We look forward to seeing you there! Connect with Yardi Team Yardi can’t wait to speak with you at NIC 2022. We’ll be available to chat about the Yardi Senior Living Suite, our integrated software solution built for the unique needs of operators like you.   And since the conference is data-focused, we’ll show you how our business intelligence solution offers metrics that matter for your business. Senior IQ presents actionable information in attractive, sharable dashboards to help your teams work smarter. Plus, we’ll explore how this uniquely-designed tool allows operators to gauge performance using industry comparison data from NIC. That’s right — Senior IQ uses anonymized NIC MAP data from nearby providers to present benchmarks like occupancy, average rent and more. Ready to schedule time to connect? You can fill out this form to meet us at NIC 2022. We’re also pleased to sponsor NIC Café at the conference, where attendees access complimentary, all-day service of breakfast, lunch and snacks. More info on NIC 2022 The National Investment Center for Seniors Housing & Care (NIC) supports access for America’s seniors by providing data, analytics and connections that bring together investors and providers. This mission is the foundation of the 2022 NIC Spring Conference.   NIC 2022 offers an opportunity for all attendees to build strategic partnerships and discover new models of community. Don’t miss your chance to connect with forward-thinking leaders...

Reputation: It’s created from what people think and, more importantly, say about your communities. “Negative or false comments about your building can affect how others view your site, sometimes even before seeing it in person,” says Kings III, a Texas-based provider of emergency communication service solutions for property managers. That perception can translate to lost traffic, prospects and, ultimately, money. “Put yourself in your tenant’s shoes. What will you do when looking for a property? You’ll aim straight for online reviews and social media pages to see what you’re getting into. You’ll be turned off if you find one-star reviews and inactive/barely active social media accounts. The same applies to your prospective tenants,” notes the Los Angeles Property Management Group (LAPMG), which serves commercial and residential property owners. Industry research bears out these sentiments. For example, 69% of respondents to the 2022 Renter Preference Survey Report said they referenced property ratings and reviews in their most recent rental-home search, while 79% said ratings and reviewed stopped them from visiting specific properties. Recent reviews and an active, updated Google Business Profile can help place communities in the Google Local 3-Pack and rank them higher than competitors in search engine results. In fact, according to search marketing research groups Redshift and Moz, 15% of the ranking factors that determine whether you get into the “Local 3-Pack” — the listing of three businesses you see first in the results of searches using keywords — come from the quantity, quality, recentness and response to reviews. About 25% of the weight of your Local 3-Pack ranking signal comes from your Google Business Profile, so it’s important to optimize and maintain it. Here are a few tips from LAPMG and other experts on the best ways to, as Kings III...

Yardi Director of Health Care Solutions Fil Southerland has been appointed to the Health Information Technology Advisory Committee (HITAC). The Comptroller General of the United States and head of the U.S. Government Accountability Office announced the appointment of Southerland, along with 6 other members, to serve a 3-year term.   Southerland brings extensive experience and perspective to the HITAC, where he’ll be a strong advocate for implementing health information technology in senior living. Members in other health care industries that were recently appointed include Hans Buitendijk, Steven Eichner, Rajesh Godavarthi, Hung Luu, Aaron Neinstein and Eliel Oliveira. The HITAC was established in 2016 under the 21st Century Cures Act. The committee provides recommendations to the National Coordinator for Health Information Technology on policies, standards, implementation specifications and certification criteria. Specifically, relating to the implementation of health information technology that advances the electronic use of health information. “I’m  honored to serve on the Health Information Technology Advisory Committee,” said Fil Southerland, director of health care solutions at Yardi. “The opportunity gives myself, and my fellow appointees, a platform to discuss pressing issues and advise the National Coordinator for Health Information Technology accordingly. I’m pleased to bring my experience to advocate for the electronic access, exchange and use of health information in the LTPAC industry.” Fil Southerland has been involved with the LTPAC industry for over 15 years and currently serves as director of healthcare solutions at Yardi, where he leads initiatives in electronic health care records and interoperability. Prior to his time at Yardi, Fil served as Founder and CTO of ALMSA, Inc., a nationally recognized cloud-based electronic health provider in the assisted living industry. With expertise in health information technology, digital privacy, LTPAC policy and interoperability initiatives, Fil is passionate about using technology to...

The Yardi Advanced Solutions Conference, which gives real estate industry practitioners valuable insight into software innovations and industry issues, adapted to pandemic conditions with successful interactive virtual presentations in 2020 and 2021. That new tradition will continue March 8-10 with YASC Global, presented free to all Yardi clients. YASC Global delivers education and business growth with hundreds of on-demand classes and executive spotlight sessions. All class content from the May 2021 event is being recreated for YASC Global. Attendees can interact with colleagues and direct questions to Yardi experts via a proprietary live chat feature. All clients are automatically preregistered in YASC Global, making it easy for them to connect, innovate and grow in their business. As with previous virtual YASCs, the event will feature customized education content from the Yardi® Aspire platform. The virtual YASC presentations in 2020 and 2021 drew tens of thousands of participants from more than 60 countries. Along with YASC Global, Yardi is planning to offer in-person YASCs in San Diego, Sydney, London and Singapore in 2022. Learn more about YASC activities. Read client feedback on the value of...

Despite a slight seasonal dip in occupancy, the self storage sector is beginning the year with a continuation of the strong fundamentals that fueled its success in 2021. Self storage street rates changed little sequentially in January, reflective of positive trends in the industry, and rents remain well above trend on a year-over-year basis, according to the latest Yardi® Matrix National Self Storage Monthly report. Street rates for 10×10 non-climate-controlled (NON CC) units were unchanged at $128 in January. National street rates for 10×10 climate-controlled (CC) units decreased by $1 in January to $145. Year-over-year, street rates for 10×10 NON CC units grew 7.6 percent in January, while rates for 10×10 CC units grew 7.4 percent. “Operators report that occupancy rates have dipped slightly as move-outs have increased in recent months, but that is not worrisome because properties were unusually full going into the traditional winter lull,” say Matrix analysts. Year-over-year rent growth remains positive in all major metros, with 11 of the top 32 metros at 10 percent or more growth and 25 of the top 32 at 5 percent or more growth for NON CC units. Rent increases continue to be highest in the Sun Belt and the Southwest, with demand fueling notable jumps in Texas, Florida and the Carolinas. “Rates are holding firmer than historically is the case” in the winter, said John Good, CEO of NexPoint Storage Partners, during an industry webinar. Yardi Matrix tracks a total of 3,831 self storage properties nationwide in various stages of development — including 731 under construction, 1,287 planned and 520 prospective properties. Matrix also maintains operational profiles for 27,298 completed self storage facilities across the United States, bringing the total data set to 31,129. Learn more about the state of the self storage...

Are you ready for new ESG regulatory requirements and increasing investor demands? OSCRE Innovation Forum’s recent webinar, Constructing an ESG Framework for the Future, provided expert insight into this critical initiative. Moderated by Lisa Stanley, CEO at OSCRE, the panelists were Dan Winters, Head of Americas at GRESB, The Global ESG Benchmark, Naseem Wenzel, Strategy + Innovation Lead Partner at Cohn Reznick and Daniel Egan, Senior Vice President, Energy and Sustainability at Vornado Realty Trust. Read on for some important takeaways. Top ESG challenges A polling question during the webinar asked participants to identify the top challenge they face for ESG initiatives. 42% cited inconsistent data across platforms, tied with 42% that stated building skills to implement ESG initiatives are the top challenges. In its January e-newsletter, OSCRE responded to the polling results, “Inconsistent data across platforms is not a new phenomenon for organizations…While investment funds report their activities including zero-carbon targets and other environmental impact initiatives through their Annual Reports and GRESB benchmark reports among others, the information that’s reported is gathered at the property level. This need for information confirms common ground — the need for standardized information for property owners, occupiers and investors that inform decisions and provide insight for risk assessment.” Clearly, there’s a need for not only impeccable data from a centralized location (a single source of truth), but also the ability to automatically extract and properly analyze it for meaningful application. This applies to ESG efforts as for all other operational processes. Good corporate governance Organizations must assess where they are today — including the level of responsible corporate leadership, to create a roadmap for where they want to go. Having an “ESG culture” across your business is key, meaning ESG is part of everyone’s job, as is...

We’re always searching for inspiring stories in senior living. And today’s story, brought to us by Yardi client Sagora Senior Living, is one you don’t want to miss. We’re here to spotlight Sagora’s blog series — Breaking Boundaries: Meet the Athletes of Sagora Senior Living — which recognizes resident athletes in Sagora communities. And while the series was inspired by the 2021 Summer Olympics, with the 2022 Winter Olympics in full swing, there’s no better time to feature these distinguished seniors. Breaking Boundaries: Meet the Athletes of Sagora Senior Living In an effort to help their residents shine, Sagora kickstarted a spirited blog series last summer. Each post follows a different resident and their exercise-related accomplishments. And while some residents are retired coaches or athletes, some simply found a passion for exercise within Sagora communities. Walking with Kay Meet Kay, a resident from Bristol Park at Cypress, a Sagora community in Texas. Kay’s blog post focuses on her inspirational journey: walking on her own. Since having a stroke over two years ago, Kay hasn’t been able to walk without assistance.   After a conversation with the community’s lifestyle director, voicing her dream of walking again, Kay began a specialized exercise program. With the right equipment, Kay started reaching new personal records each day. And she’s no stranger to dedication. Her mantra is, “I believed I could, so I did!” Photos and videos were shared with Kay’s family, as well as on the community’s Facebook page. Ready to feel inspired? Watch Kay’s progress.   Coached by Arlene Say hello to Arlene, who resides at Sagora’s Ansel Park community in California. This exercise guru was a competitive badminton player and winner of the Arizona singles, doubles and mixed doubles tournaments. From there, Arlene went on to...

Big data, artificial intelligence and business process automation may be real estate industry buzzwords, but property companies should start with small data. That’s the key takeaway from the latest Mingtiandi-Yardi proptech survey, which captured the insights of senior leaders from across Asia. Yardi and Mingtiandi first teamed up to track changing attitudes to proptech in 2017. Since then, we’ve captured the accelerated adoption of technology to guide data-driven decision-making, transform business processes and enhance the experience for people who live, work and play in buildings. But we can see that pockets of the real estate industry remain stubbornly resistant to change, and some leaders continue to rely on ‘gut feel’ to make decisions. As one business leader told me recently: “I didn’t need data 20 years ago to make decisions, and I don’t need it today.” This ‘digital divide’ is very clear in our survey. For instance, nearly a third (32 percent) of survey respondents expect big data analytics to have the biggest impact on Asia’s real estate sector over the next five years. Conversely, 33 percent of property companies are still using spreadsheets for accounting, benchmarking and performance analysis, 26 percent for budgeting, 28 percent for valuations, and a massive 46 percent to manage their portfolio financing. Of course, there are some companies that are investing in technology and data at speed. But there is also a propensity for property players to throw around the ‘big data’ buzzword, when they should be focused on getting their simple back-office functions in order. Why, when the data clearly shows a growing gap between the leaders and laggards, are some companies choosing not to invest? The simple truth is change is hard work. Resistance to change remains the biggest barrier to proptech adoption across the region,...

The pandemic has been a challenging time for seniors. But we’re here to show the brighter side, focusing on how resilient they’ve been through it all. We’re excited to share this Age Well Study by the Mather Institute. It’s full of interesting findings, but best of all, it highlights seniors’ strength during the COVID-19 era. See below for a summary: Study highlights seniors’ resilience during COVID-19 Shared by McKnight’s Senior Living, the latest release from the Mather Institute’s Age Well Study examines seniors’ stress levels and resiliency during the pandemic. The findings — gathered from year four of the five-year study — are based on responses from 3,441 residents at 122 different Life Plan Communities across the U.S. Taking a step back, the initial goal of the study was to assess the impact of residing in a Life Plan Community. Respectively, the impact on residents’ health and wellness over time. And since year four took place during the pandemic, the Age Well Study took a slight pivot. How has COVID-19 affected seniors’ health and wellness? Have seniors become more resilient during this worldwide health crisis? What strategies help them mitigate stress? To find out, the Mather Institute analyzed: Individual characteristics (personality, personal resources, demographics)Organizational characteristicsChanges in the quality of social relationshipsCoping strategies during the pandemic The findings At a glance, the Mather Institute’s research shows:   Residents, on average, exhibited low levels of stress and high levels of resilience during the pandemicThose who were open to new experiences, who exhibited higher levels of extroversion and agreeableness, were less likely to exhibit stress and more likely to exhibit resilienceResidents who maintained quality relationships with children exhibited greater resilienceResidents who meditated during the pandemic were less likely to exhibit stressResidents who lived in smaller communities were...

How should providers maneuver the latest roadblocks in senior Living? From staffing to compliance, there’s a lot to unpack. And it’s a crucial time for industry leaders to discuss these issues — and offer solutions for the year ahead. Fortunately, that’s exactly what’s happening on February 23. Get ready for an informative McKnight’s Power Panel — Pandemic Year III: Keys to Success — sponsored by Yardi. The virtual roundtable starts at 1 p.m. EDT and you don’t want to miss it.   Pandemic Year III: Keys to Success The McKnight’s Power Panel will feature top experts from different verticals across long-term care. They’ll explore the latest issues in senior living, including staffing, compliance, reimbursement, technology and other vital subjects, then they’ll focus on tactics for the future. Join the webinar to see firsthand. You’ll learn from panelists like Yardi expert David Bellew, with takeaways on: Controlling labor costs through staffing analysisAutomating investor reportingProperty acquisitions: data planning and conversionOptimizing care service billingGoing mobile: enterprise mobile device strategies The webinar will also feature panelists TJ Griffin, chief pharmacy officer at PharMerica, Brendan McNamara, chief executive officer at Sound Physicians and Jesse Coiro, general manager and director of health and healthcare at Erlab, Inc. More on panelist David Bellew David Bellew is an accomplished leader in the healthcare industry. Currently serving as the Director of Client Services here at Yardi, David has over 20 years of experience implementing enterprise software systems. Through years of dedication, he has become highly skilled in requirements analysis, as well as managing implementations for ERP and clinical systems. Register today We hope you’ll join the conversation on February 23! Mark your calendar now and register for the McKnight’s Power Panel. To explore Yardi solutions in senior living, check out our Senior Living...

It’s never too late to give an existing structure a greener lease on life. Retrofits offer commercial building managers an opportunity to improve efficiency and drive cost savings. If you’re just getting started, the four retrofit methods below are a great starting point for sustainable practices. Observe, benchmark and improve your energy consumption. Monthly bills are not enough to accurately determine the efficiency of a commercial site. Retrofits connected to the internet of things (IoT) provide real-time insights into energy consumption. Explore usage based on subleased portions or the entire building. What’s best, you can implement IoT retrofits at a speed that matches your budget. Commercial managers often begin with submeters. Submetering offers insights into building performance while facilitating average savings of 2-5%. Implement supportive technology such as energy benchmarking to help you meet compliance regulations for ESG platforms like ENERGY STAR®. Promote water efficiency regardless of your location. Dry, arid regions have long prioritized end-user water conservation. Interest has grown nationwide: efficiency offers economic benefits to all managers regardless of the site’s location. Retrofits for cooling towers and chillers are a great place to implement efficiency measures. Such retrofits will have the most notable impact since they can consume tens of thousands of gallons each day. Smaller projects, such as fixtures, may follow. Streamline HVAC operations to reduce waste and increase comfort. The efficiencies of HVAC systems decline naturally over time. Promoting optimal operation and occupant comfort requires consistent maintenance and smart controls. Networked controllers and cloud-based management software enable you to monitor and manage usage. Smart thermostats and monitoring technology can offer up to 30% energy savings while slashing future maintenance costs. Improve indoor air quality (IAQ). Americans spend about 90% of their time inside. Indoor air contains a higher concentration of...