Written by Shaleen Bhatia
Facility Management Services (FMS) are increasingly playing an important role in improving the end-user experience while helping developers further drive operational efficiency. The use of advanced technology, sustainable materials and green energy in building management will increase in 2024 as property owners lean towards partnering with FMS providers to transform their properties into future-proof smart offices and living spaces. is expected to increase significantly. Looking ahead to 2024, here are some key catalysts for real estate growth.
An integrated approach to property management
Next year, we expect to see increased investment in smart technology and sustainability initiatives within our facilities. These investments not only meet the growing demand for green and technologically advanced spaces, but also significantly contribute to increasing the overall attractiveness and value of real estate. Advanced facilities management practices focus on implementing energy-efficient solutions, integrating smart building technologies, and implementing sustainable practices to create a win-win situation for property owners and the environment.
Recognizing the benefits of professionally managed spaces, property owners are increasingly preferring facility management service providers for their day-to-day operations. By integrating processes such as procurement, energy management, and space tracking, FMS companies can help real estate developers and owners reduce maintenance costs through the synergies of an integrated approach to facility management.
Tenant satisfaction: Fundamentals of facility management
As more Millennial and Gen Z professionals choose to work solo, there is a growing need for flexible workspaces and other office solutions in metropolitan centers. These collaborative environments consist of private workstations and workspaces that can accommodate a wide range of requirements, as well as digital collaboration rooms, open dining and recreation spaces, and zonal climate and lighting controls.
Managing such a space requires a team of housekeeping and front office staff who are trained to manage day-to-day operations efficiently. Not only are they tasked with ensuring that all in-house facilities and equipment are well-maintained, they are also required to ensure professional and consistent standards of service delivery. FMS providers must capitalize on these opportunities and deliver superior value by maintaining world-class hygiene and safety standards in these facilities.
In 2024, facility managers will need to innovate beyond traditional norms to meet evolving tenant expectations. This includes wellness features, common spaces, and advanced security systems to create an inclusive and safe living and working experience. Striking the ideal balance between physical and digital services will be a key factor influencing tenant satisfaction in 2024.
Leverage technology to create immersive experiences
Smart office spaces and warehouses are increasingly adopting AI-powered automation to increase efficiency. IoT solutions leverage data for accurate decision-making with ML and facilitate tracking capabilities that replace guesswork. These technologies enhance facility management, helping FMS providers optimize operations and improve quality of service. Examples include adopting smart energy meters and water meters to track consumption, and requiring his FMS provider to implement result-oriented changes in line with occupancy levels to optimize resources for commercial real estate. Includes:
Sustainable practices to reduce carbon footprint
The most important trends in 2024 are expected to center around sustainability and eco-friendly practices. FMS companies should embrace energy-efficient lighting and integrate solar panels for clean energy, as well as explore recyclable alternatives for various consumables. Initiatives such as reducing single-use plastics, going paperless, and replacing chemicals such as detergents and fragrances with natural alternatives can go a long way toward making a positive impact on the environment. The tangible results of decarbonization, coupled with improved energy efficiency and cost savings through the use of smart technologies in buildings, underscore the importance of these efforts.
Expected trends and developments in facility management
As we look forward to the trends that will shape facilities management in the real estate sector in 2024, several major developments are poised to make a big impact.
Focus on health and wellness: The coronavirus disease (COVID-19) pandemic has heightened health and wellness concerns. Facility managers prioritize creating environments that prioritize residents’ physical and mental health by incorporating features such as air quality monitoring, touchless technology, and wellness spaces.
Strengthening safety and security measures: In response to increasing threats to both physical and digital security, facility managers plan to invest in security measures. This includes implementing biometric access controls, advanced surveillance systems, and robust cybersecurity protocols to protect resident health and privacy. Additionally, the increasing importance placed on air quality is prompting facility managers to take action. Government agencies and industry regulators are actively establishing standards and guidelines to ensure safe air inside buildings.
FMS companies will lead the way in adopting environmentally friendly materials and sustainable practices in response to real estate operators looking to reduce their carbon footprint. This proactive stance is critical to maintaining high ESG standards. In 2024, the facilities management services industry will need to adopt a multi-pronged approach to help real estate developers reduce costs, improve service standards, and move towards sustainable operations.
(The author is Shareen Bhatia, Country Head, Business Solutions & Marcom, Embassy Services Private Limited. The views expressed in this article are his own)