{"id":30714,"date":"2021-11-24T11:59:58","date_gmt":"2021-11-24T19:59:58","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=30714"},"modified":"2021-11-24T12:02:23","modified_gmt":"2021-11-24T20:02:23","slug":"transparent-data","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/transparent-data\/","title":{"rendered":"Transparent Data"},"content":{"rendered":"\n

How will transparent data revolutionise real estate?<\/p>\n\n\n\n

This was the underlying question for Ben Robinson, CEO of Raffles Quay Asset Management in Singapore, when he sat down with Yardi\u2019s Bernie Devine recently for the latest instalment of Yardi Proptech Insights.<\/p>\n\n\n\n

Ben oversees the largest integrated mixed-use development at Singapore\u2019s Marina Bay. In real estate terms, One Raffles Quay and Marina Bay Financial Centre constitute 4.5 million square feet of prime Grade A office and 179,000 square feet retail space. In human terms, the precinct is usually the workplace of 26,000 people.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Four years ago, RQAM realised digital technology was the key to engaging with this 26,000-plus workforce. \u201cWe had no brand with the individuals who worked in our precinct, and we needed to communicate with them directly. That\u2019s where we started our digital transformation,\u201d Robinson says.<\/p>\n\n\n\n

By the Bay<\/a> was launched in 2019. More than a tenant app, By the Bay is also a booking system for RQAM\u2019s BaySpace flexible workplace solution. It is a connector that gives people access to BayFit exercise classes and education. It is a platform to support BayDine and the array of food and beverage options, rewards and discounts at Marina Bay. And it puts BayGreen, with information and ideas to live and work more sustainably, into the palm of people\u2019s hands.<\/p>\n\n\n\n

Fast forward to 2021. With just 15% of people at their desks each day, due to work-from-home orders, By the Bay has proved an invaluable tenant engagement tool. Among the current benefits are mindfulness classes, a national steps challenge, complimentary gym passes and health assessments, as well as dining vouchers and exclusive perks. \u201cWe’ve got a great playground at our disposal,\u201d Robinson noted.<\/p>\n\n\n\n

By the Bay supports RQAM\u2019s vision to deliver \u201cpremium\u201d hospitality experiences, Ben added. By the Bay\u2019s digital access controls, for example, not only allow occupants to enter and exit their building safely in a few smart phone clicks. People can also invite guests into the space, which means concierge can \u201ccome out from behind the desk and act as experience ambassadors\u201d rather than \u201ctaking numbers and handing out cards.\u201d<\/p>\n\n\n\n

By the Bay\u2019s anonymised data, complemented by data from building information systems, is stored in a data lake dubbed BayWatch. The data lake will take time to fill, Ben said. Understanding future trends is dependent on a solid history of past data. But with the right tools, we can \u201cforecast the future of space \u2013 and this is something we haven\u2019t been able to do before,\u201d Devine added.<\/p>\n\n\n\n

Devine, who is responsible for Yardi\u2019s growth in Asia, said the pandemic had forced a rethink of how people use space right across the region. Real estate organisations now realise they aren\u2019t space providers \u2013 they are service providers, he said. \u201cI’m seeing base rent as a percentage of total revenue getting smaller \u2013 not because base rent is going down but because the proportion of value add is increasing.\u201d<\/p>\n\n\n\n

\u201cBut that brings complexity\u201d and demands more sophisticated back-end systems. Yardi is on a journey of \u201cconnecting the property to the business,\u201d Devine added. In June, Yardi acquired UK-based Forge Bluepoint, a cloud-based visitor management solution that connect turnstile, elevator and parking data to other Yardi platforms, like its all-in-one co-working management system, Kube.<\/p>\n\n\n\n

While RQAM expects some \u201crationalisation,\u201d Robinson does not predict a \u201csignificant\u201d drop in space requirements. Tenants will be looking for more room for collaboration and projects, for example, and will need more overflow space on peak days of the week. This is where BaySpace can step in.<\/p>\n\n\n\n

BaySpace is more than a flexible workspace offering. It is an \u201centerprise solution\u201d that can support tenants with everything from fully-designed and fitted space to financing, Robinson noted. RQAM\u2019s analytics capabilities already provide rich insights into this flexible workspace offering and \u201cforward indicators of growth and contraction requirements are going to be very powerful.\u201d<\/p>\n\n\n\n

Robinson suggests starting with \u201cquick and dirty experiments\u201d to uncover indicators of where value really lies. \u201cBreak down the different personas of your portfolio \u2013 both individuals and corporate tenants \u2013 to understand their needs and develop solutions to address those needs.<\/p>\n\n\n\n

\u201cWe are constantly experimenting,\u201d Robinson added. RQAM continues to build businesses cases for new functions on By the Bay \u2013 \u201cand we are testing those business cases every day\u201d.<\/p>\n\n\n\n

Rolling building data \u201cup into a single view\u201d will provide deeper insights into portfolio performance and the health assets, Devine added. But most importantly, \u201cthat information allows you to create a better experience.\u201d<\/p>\n\n\n\n

Watch the webinar recording here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

How will transparent data revolutionise real estate? This was the underlying question for Ben Robinson, CEO of Raffles Quay Asset Management in Singapore, when he sat down with Yardi\u2019s Bernie Devine recently for the latest instalment of Yardi Proptech Insights. Ben oversees the largest integrated mixed-use development at Singapore\u2019s Marina Bay. In real estate terms, […]<\/p>\n","protected":false},"author":442,"featured_media":30715,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2844],"tags":[546,2223,3017],"class_list":["post-30714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global","tag-data","tag-proptech","tag-yardi-apac"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"How will transparent data revolutionise real estate? 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